Marchex, Inc. entered into a settlement agreement to resolve a civil action for a previously accrued amount, requiring total payments of $2.0 million to be paid in installments through May 2027.
Key takeaways
The Company settled the civil action Chris Barnard and Sinc McEvenue v. Marchex, Inc. for the expected amount previously accrued in the 2025 financial statements.
Total settlement consideration is $2.0 million, comprising a $750,000 cash payment and the release of $250,000 from escrow.
The settlement includes two additional installment payments of $500,000 each, due in November 2026 and May 2027.
The agreement resolves all claims related to the matter pending in the United States District Court for the District of Delaware.