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# ChronoScale Director Scott Davis Leaves Board After Ekso Sale With $709,500 Cash Release Payment
- URL: https://www.bullished.co/chronoscale-director-scott-davis-leaves-board-after-ekso-sale-with-709-500-cash-release-0ecc1e2c/
- Published: 2026-10-06T21:37:58.000Z
- Updated: 2026-10-06T21:37:58.000Z
- Description: The 8-K says no disagreements prompted the exit, and Davis also received 51,626 fully vested restricted stock units.
- Author: Matteo Parrino
- Tags: SEC Filings, CHRN, Industry: Industrials

ChronoScale Holdings director Scott Davis, who ran the Ekso Bionics unit the company just sold, resigned from the board effective October 3, according to an [8-K filed Tuesday](https://www.sec.gov/Archives/edgar/data/0001549084/000149315226046010/form8-k.htm?ref=bullished.co). He is entitled to a $709,500 cash release payment, and the filing says no disagreements led to his decision.

## What the 8-K says

The company completed the sale of Ekso, its wholly owned subsidiary, on September 30, according to the filing. Davis, a board member and Ekso's chief executive, resigned in connection with that sale. The company says there were no disagreements between it and Davis behind the resignation.

On Friday, the company granted Davis [51,626 restricted stock units](https://www.sec.gov/Archives/edgar/data/0001549084/000149315226046010/form8-k.htm?ref=bullished.co), which fully vested on the grant date. Restricted stock units are promises of company shares. The same day, the company signed a Release Agreement with him.

Under that agreement, Davis gets a lump-sum cash payment of $709,500, less withholdings and deductions. It is payable within 30 days of the agreement's execution. In exchange, he agreed to a general release of claims against the company and its parents, subsidiaries and affiliates, past, present and future.

## What it changes

The payment is conditional. It depends on Davis complying with the agreement and with his continuing restrictive covenants, which are limits on his future conduct.

The agreement replaces any payment or benefit Davis might have received under his Change in Control and Severance Agreement with ChronoScale Intermediate, dated November 5, 2025\. It does not change the terms of a Phantom Performance-Based Restricted Stock Unit Agreement he signed with that subsidiary on the same date.

The Ekso sale was [announced](https://finance.yahoo.com/technology/ai/articles/chronoscale-announces-agreements-bringing-total-214000583.html?ref=bullished.co) alongside new AI infrastructure customer agreements. CEO Cenly Chen said the sale lets the company focus its resources on what he sees as the significant opportunity ahead in AI infrastructure. The company's target is an annualized revenue run rate of $1 billion by calendar third quarter 2027 from new and expanded customer agreements.

In Tuesday trading, as of 5:32 p.m. ET, CHRN shares were $19.28, up 3.66%, for a market cap of $2.7 billion.

## What to watch

The release payment is due within 30 days of the agreement's execution, subject to Davis's compliance with its terms and covenants.

The filing is signed by Chief Financial Officer Jerome Wong and dated October 6, 2026.

### Sources

- [8-K Filing — ChronoScale Holdings Corp (CHRN)](https://www.sec.gov/Archives/edgar/data/0001549084/000149315226046010/form8-k.htm?ref=bullished.co) — SEC EDGAR
- [ChronoScale Announces Agreements Bringing Total Company Contracted Run-Rate Revenue to $1 Billion and Sale of Ekso Bionics Business Unit](https://finance.yahoo.com/technology/ai/articles/chronoscale-announces-agreements-bringing-total-214000583.html?ref=bullished.co) — Yahoo Finance