Form 4: SurgePays CEO Kevin Brian Cox Acquires 83,334 Restricted Shares
SEC Form 4
SurgePays CEO and Chairman Kevin Brian Cox reports the acquisition of 83,334 restricted shares on May 1, 2024, as part of a pre-defined vesting schedule.
Summary
- Kevin Brian Cox, CEO and Chairman of SurgePays, Inc., reported the acquisition of 83,334 restricted shares of common stock on May 1, 2024.
- The acquisition is part of a series of RSA Grants outlined in the SurgePays, Inc. 2022 Omnibus Securities and Incentive Plan.
- These RSA Grants are fully vested on each grant date, contingent upon Cox's continued employment with the company.
- The company will grant Executive 500,000 Restricted Shares each year for a minimum of five years.
- Additional RSA Grants are scheduled for July 1, 2024, August 1, 2024, September 1, 2024, October 1, 2024, November 1, 2024, December 1, 2024, June 1, 2025, June 1, 2026, June 1, 2027 and June 1, 2028.
- Following the reported transaction, Cox beneficially owns 5,537,094 shares, including shares owned by BLC Family Investments, SMDMM, LLC, and BC Family Holdings, of which he is a beneficial owner.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive as it reflects standard executive compensation practices and aligns management incentives with shareholder value. The vesting schedule promotes long-term commitment.
Positives
- The grant of restricted shares aligns the CEO's interests with those of the shareholders.
- The vesting schedule incentivizes continued employment and performance by the CEO.
Future Outlook
The company shall grant Executive 500,000 Restricted Shares each year for a minimum of five years.
Industry Context
Equity compensation is a common practice for aligning management's interests with those of shareholders in publicly traded companies.
Stakeholder Impact
- The grant of restricted shares aligns the CEO's interests with those of the shareholders, potentially leading to increased shareholder value.
- The vesting schedule incentivizes continued employment and performance by the CEO, which could benefit employees and other stakeholders.
Key Dates
| Date | Description |
|---|---|
| 05/01/2024 | Transaction date of the acquisition of restricted shares. |
| 05/03/2024 | Date of signature of the Form 4 filing. |
| 07/01/2024 | Date of next RSA Grant of 83,334 RSAs. |
| 08/01/2024 | Date of next RSA Grant of 83,334 RSAs. |
| 09/01/2024 | Date of next RSA Grant of 83,333 RSAs. |
| 10/01/2024 | Date of next RSA Grant of 83,333 RSAs. |
| 11/01/2024 | Date of next RSA Grant of 83,333 RSAs. |
| 12/01/2024 | Date of next RSA Grant of 83,333 RSAs. |
| 06/01/2025 | Date of next RSA Grant of 500,000 RSAs. |
| 06/01/2026 | Date of next RSA Grant of 500,000 RSAs. |
| 06/01/2027 | Date of next RSA Grant of 500,000 RSAs. |
| 06/01/2028 | Date of next RSA Grant of 500,000 RSAs. |
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