François Garcin sues MARA for €11M over unpaid Exaion fees

François Garcin, the executive that MARA Holdings (NASDAQ: MARA) hired to build its European business and win French sign-off to buy EDF’s Exaion, has sued the company in a New York federal court. 

Garcin filed a 40-page complaint, claiming more than €11 million in unpaid fees. The case was filed in the Southern District of New York and reported by the French Bitcoin institute INBi. 

Why is Francois Garcin suing MARA Holdings?

François Garcin was hired as an executive by MARA Holdings (NASDAQ: MARA) to lead its European expansion and secure French approval for the Exaion takeover, but now he is suing the company for more than €11 million ($12 million), which he claims it refused to pay after terminating his contract in March.

Garcin’s contract was signed on June 22, 2025, and it gave him exclusive authority over what the filing calls “Project Nebula.” This included the Exaion purchase and planned joint ventures with French energy firms. His pay package included an advisory fee of €2.4 million and a success commission of 4% of MARA’s total investment in Exaion.

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