Business Context and Reporting Period
This Form 8-K filing by Sacks Parente Golf, Inc. (trading as SPGC on Nasdaq) reports a corporate governance event dated December 29, 2024. The filing details the appointment of a new Chief Financial Officer effective January 6, 2025.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment terms.
Material Changes
The primary material change is the appointment of Ryan Stearns as Chief Financial Officer. Mr. Stearns brings over two decades of experience, including recent roles as CFO at JTB Strategic Services (2021–present) and Medical Innovations (2017–2021). He will report directly to the Executive Chairman.
Compensation and Terms
- Base Salary: $225,000 per year.
- Bonus: Eligible for discretionary bonuses determined by the Company.
- Equity Grant: Subject to Board approval, an option to purchase 36,000 shares of Common Stock at fair market value on the grant date.
- Vesting Schedule: 3-year vesting period; 1/3 vests 12 months after commencement, with the remainder vesting monthly (1/36 per month).
- Employment Status: At-will employment; either party may terminate at any time.
Investor Verification Checklist
- Confirm the Board of Directors' approval of the 36,000 share option grant.
- Review the full Offer Letter attached as Exhibit 10.1 for complete terms and conditions.
- Verify the exact vesting commencement date to calculate the first vesting milestone.
- Monitor future filings for the official grant date and exercise price of the stock options.