Inseego Corp. Appoints New Directors, Adjusts CFO Compensation
Ticker: INSG · Form: 8-K · Filed: Aug 5, 2024 · CIK: 1022652
Sentiment: neutral
Topics: board-changes, executive-compensation, management-changes
TL;DR
Inseego adds two directors and gives CFO a new pay package.
AI Summary
On July 30, 2024, Inseego Corp. announced changes to its Board of Directors and executive compensation. The company elected two new directors, Ms. Mary G. Huse and Mr. Robert J. W. Stark, to its board. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Ms. Susan L. Miller, effective July 30, 2024, which includes a base salary of $375,000 and potential performance-based bonuses.
Why It Matters
The appointment of new directors and changes to executive compensation can signal strategic shifts or efforts to improve governance and financial performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate underlying issues or strategic realignments that may impact future performance.
Key Numbers
- $375,000 — CFO Base Salary (New annual base salary for CFO Susan L. Miller.)
Key Players & Entities
- Inseego Corp. (company) — Registrant
- Mary G. Huse (person) — Newly elected director
- Robert J. W. Stark (person) — Newly elected director
- Susan L. Miller (person) — Chief Financial Officer
- $375,000 (dollar_amount) — CFO's new base salary
FAQ
Who were the new directors appointed to Inseego Corp.'s Board?
Ms. Mary G. Huse and Mr. Robert J. W. Stark were elected as new directors.
What is the effective date of the new employment agreement for the CFO?
The new employment agreement for CFO Susan L. Miller is effective July 30, 2024.
What is the base salary for Inseego's CFO under the new agreement?
The new employment agreement sets the base salary for CFO Susan L. Miller at $375,000 per year.
What other compensation components are mentioned for the CFO?
The agreement also mentions potential performance-based bonuses for CFO Susan L. Miller.
What is the jurisdiction of incorporation for Inseego Corp.?
Inseego Corp. is incorporated in Delaware.
Filing Stats: 499 words · 2 min read · ~2 pages · Grade level 11.6 · Accepted 2024-08-05 16:05:10
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share INSG Nasdaq Global Select
- $20,000 — rm. Mr. Brace will continue to receive $20,000 per month for his service as Executive
Filing Documents
- inseego_8k.htm (8-K) — 25KB
- 0001683168-24-005272.txt ( ) — 194KB
- insg-20240730.xsd (EX-101.SCH) — 3KB
- insg-20240730_lab.xml (EX-101.LAB) — 33KB
- insg-20240730_pre.xml (EX-101.PRE) — 22KB
- inseego_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 30, 2024, the board of directors (the "Board") of Inseego Corp. (the "Company") extended the appointment of Philip G. Brace as Executive Chairman, effective immediately, for a six (6) month term, which will automatically renew for an additional six (6) month term unless either the Company or Mr. Brace provides notice of non-renewal at least 10 days prior the end of the initial six-month extension term. Mr. Brace will continue to receive $20,000 per month for his service as Executive Chairman. In addition, the Board awarded Mr. Brace 32,397 fully vested RSUs as compensation for his service as Executive Chairman of the Company since February 2024, and 100,000 RSUs, which shall vest 50% in six months and 50% in 12 months, SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. INSEEGO CORP. Date: August 5, 2024 By: /s/ Steven Gatoff Name: Steven Gatoff Title: Chief Financial Officer 2