Business Context and Reporting Period
This Form 8-K is a current report filed by Sacks Parente Golf, Inc. (trading symbol: SPGC) on September 9, 2024. The filing discloses the appointment of a new Chief Financial Officer effective as of the report date.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
- New CFO Base Salary: $225,000 per year.
- Equity Grant: Option to purchase 36,000 shares of Common Stock.
- Exercise Price: Fair market value as of the grant date.
- Vesting Schedule: 1/3 vests 12 months after commencement; remaining 2/3 vests monthly (1/36 per month) over the subsequent 24 months.
Material Changes
The primary material change is the appointment of Douglas Samuelson as Chief Financial Officer, effective September 9, 2024. Mr. Samuelson, age 65, brings over 25 years of finance and accounting experience, including previous CFO roles at Kairos Pharma, Ltd., Genelux Corporation, and Wellness Center USA, Inc.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of market risks. The employment agreement is on an "at-will" basis, allowing either party to terminate employment at any time for any reason. Discretionary bonuses are possible but amounts are not specified.
Investor Verification Checklist
- Verify the exact grant date and fair market value of the stock options to determine the total potential equity compensation.
- Review the attached Offer Letter (Exhibit 10.1) for specific terms regarding the discretionary bonus structure.
- Confirm the vesting commencement date to calculate the precise vesting schedule.
- Check subsequent filings for any changes to the executive team or financial reporting timelines resulting from this transition.