authID Inc. Appoints New CFO, Elects Directors
Ticker: AUID · Form: 8-K · Filed: Mar 26, 2024 · CIK: 1534154
| Field | Detail |
|---|---|
| Company | Authid Inc. (AUID) |
| Form Type | 8-K |
| Filed Date | Mar 26, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.0001, $120,000, $2,000, $2,500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo-appointment, board-election
TL;DR
authID Inc. got a new CFO and new board members, signaling a potential shake-up.
AI Summary
authID Inc. announced on March 25, 2024, the appointment of Mark K. Smith as Chief Financial Officer, effective immediately. Smith previously served as the company's interim CFO and brings extensive financial leadership experience. The company also reported on the departure of its previous CFO, Jeffrey A. Cohen, and the election of new directors.
Why It Matters
The appointment of a permanent CFO and new directors signals a potential shift in financial strategy and corporate governance for authID Inc.
Risk Assessment
Risk Level: medium — Changes in key executive and board positions can indicate underlying strategic shifts or challenges within a company.
Key Players & Entities
- authID Inc. (company) — Registrant
- Mark K. Smith (person) — Appointed Chief Financial Officer
- Jeffrey A. Cohen (person) — Departing Chief Financial Officer
- Delaware (jurisdiction) — State of Incorporation
FAQ
Who has been appointed as the new Chief Financial Officer of authID Inc.?
Mark K. Smith has been appointed as the new Chief Financial Officer of authID Inc.
When was the appointment of the new CFO effective?
The appointment of Mark K. Smith as CFO was effective immediately as of March 25, 2024.
What was Mark K. Smith's previous role at authID Inc.?
Mark K. Smith previously served as the interim Chief Financial Officer of authID Inc.
What other significant corporate actions were reported in this filing?
The filing also reports on the departure of the previous CFO, Jeffrey A. Cohen, and the election of new directors.
What is the state of incorporation for authID Inc.?
authID Inc. is incorporated in Delaware.
Filing Stats: 1,225 words · 5 min read · ~4 pages · Grade level 13.1 · Accepted 2024-03-26 16:30:16
Key Financial Figures
- $0.0001 — ich registered Common Stock par value $0.0001 per share AUID The Nasdaq Stock Mar
- $120,000 — or is a proposed participant exceeding $120,000. The Company considers Mr. Mehta to be
- $2,000 — ve months; and (d) cash compensation of $2,000 per quarter (or $2,500 per quarter for
- $2,500 — compensation of $2,000 per quarter (or $2,500 per quarter for committee chairs), paya
Filing Documents
- ea0202605-8k_authidinc.htm (8-K) — 30KB
- ea020260501ex10-1_authidinc.htm (EX-10.1) — 37KB
- image_001.jpg (GRAPHIC) — 5KB
- ex10-1_002.jpg (GRAPHIC) — 3KB
- ex10-1_001.jpg (GRAPHIC) — 5KB
- 0001213900-24-026066.txt ( ) — 273KB
- auid-20240325.xsd (EX-101.SCH) — 3KB
- auid-20240325_lab.xml (EX-101.LAB) — 33KB
- auid-20240325_pre.xml (EX-101.PRE) — 22KB
- ea0202605-8k_authidinc_htm.xml (XML) — 4KB
02 Departure
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Agreements of Certain Officers On March 25, 2024, Kunal Mehta was appointed as a member of the Board of Directors of authID Inc. (the "Company"). There is no understanding or arrangement between Mr. Mehta and any other person pursuant to which Mr. Mehta was selected as a director of the Company. Mr. Mehta does not have any family relationship with any director, executive officer or person nominated or chosen by us to become a director or an executive officer. Mr. Mehta has not had direct or indirect material interest in any transaction or proposed transaction, in which the Company was or is a proposed participant exceeding $120,000. The Company considers Mr. Mehta to be an independent director as such term is defined by Nasdaq Rule 5605(a) and, as a result, the Company now has a majority of independent directors on the Board and is in compliance with Nasdaq Rule 5605(b)(1). On March 25, 2024, Mr. Mehta entered into a letter agreement with the Company pursuant to which he was appointed as a director of the Company in consideration of (a) an initial equity award of an option to purchase 12,500 shares of common stock ("Shares"), subject to annual vesting of one-third of the Shares over three years on the date of each Annual Meeting commencing with the 2025 Annual Meeting; (b) an initial equity award of an option to purchase 782 Shares, subject to monthly vesting of one-third of the Shares over three months following the date of appointment; (c) commencing following the Company's 2024 Annual Meeting, assuming Mr. Mehta is re-elected to office, an annual equity award in such amount as is determined by the Board to be the annual award for each non-employee director, subject to vesting over twelve months; and (d) cash compensation of $2,000 per quarter (or $2,500 per quarter for committee chairs), payable quarterly in arrears. The Company is current
01 Financial
Item 9.01 Financial Exhibit No. Description 10.1 Letter Agreement between Kunal Mehta and authID Inc. 104 Cover Page Interactive Data File (embedded within the Inline XRBL document) Certain personal information in this Exhibit has been omitted in accordance with Regulation S-K Item 601(a)(6). 1
SIGNATURES
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. authID Inc. Date: March 26, 2024 By: /s/ Edward Sellitto Name: Edward Sellitto Title: Chief Financial Officer 2