UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Effective November 27, 2023 (the “Effective Date”), Gayle Jardine will step down from her position as Interim Chief Financial Officer of Coda Octopus Group, Inc. (the “Company”), in connection with the appointment of a new Chief Financial Officer as disclosed below.
(c) On August 30, 2023, the Company appointed John Price to be the Company’s Chief Financial Officer effective as of the Effective Date.
Mr. Price has over 25 years of experience in accounting, financial planning and analysis, and business process improvement. He is also highly experienced in capital raise and debt financing, M&A, accounting operations, compliance, and system implementations. Mr. Price’s prior positions include serving as Chief Financial Officer of Assure Holdings Corp. (since November 2020), Chief Accountant of National Beverage (December 2019 to November 2020), Chief Financial Officer and President at Alliance MMA (August 2016 to October 2019), and Chief Financial Officer at MusclePharm (March 2015 to August 2016) and in various accounting and finance roles in high growth technology companies in the Silicon Valley. Mr. Price spent the first seven years of his career at Ernst & Young (October 1995 to July 2003). Mr. Price earned a Bachelor of Science in Accounting from Pennsylvania State University. He is a Certified Public Accountant.
Mr. Price will be paid an annual base salary of $250,000 and will be issued shares of common stock of the Company, valued at $50,000 under the Company’s existing stock incentive plan that will vest in three equal annual installments commencing on February 27, 2024. He is also receiving a sign-on bonus of $20,000 to assist in his relocation.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are filed with this report:
| Exhibit No. | Description | |
| 10.39 | Employment Agreement dated August 30, 2023, between the Company and John Price. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 5, 2023
| Coda Octopus Group, Inc. | ||
| By: | /s/ Annmarie Gayle | |
| Chief Executive Officer | ||