Serve Robotics Appoints New Directors, Reports Officer Compensation
Ticker: SERV · Form: 8-K · Filed: Jun 3, 2024 · CIK: 1832483
Sentiment: neutral
Topics: governance, board-changes, compensation
TL;DR
Serve Robotics swapped a director for two new ones and updated exec pay details.
AI Summary
Serve Robotics Inc. announced on May 28, 2024, a change in its board of directors. Specifically, the company reported the departure of Director David A. Miller and the appointment of two new directors, Dr. David L. King and Mr. David J. Miller, effective May 28, 2024. The company also disclosed compensatory arrangements for its officers.
Why It Matters
Changes in board composition can signal shifts in strategic direction or governance, while details on officer compensation provide insight into management incentives.
Risk Assessment
Risk Level: low — This filing primarily concerns routine corporate governance changes and compensation disclosures, with no immediate financial distress or significant operational shifts indicated.
Key Players & Entities
- Serve Robotics Inc. (company) — Registrant
- David A. Miller (person) — Departing Director
- Dr. David L. King (person) — Appointed Director
- Mr. David J. Miller (person) — Appointed Director
- May 28, 2024 (date) — Effective date of director changes
FAQ
Who has departed from Serve Robotics' board of directors?
David A. Miller has departed from Serve Robotics' board of directors.
Who has been appointed to Serve Robotics' board of directors?
Dr. David L. King and Mr. David J. Miller have been appointed to Serve Robotics' board of directors.
When were the director changes effective?
The director changes were effective as of May 28, 2024.
What other information is disclosed in this 8-K filing?
The filing also discloses compensatory arrangements of certain officers.
What is Serve Robotics Inc.'s state of incorporation?
Serve Robotics Inc. is incorporated in Delaware.
Filing Stats: 940 words · 4 min read · ~3 pages · Grade level 11.3 · Accepted 2024-06-03 08:55:04
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share SERV The Nasdaq Capital M
- $50,000 — Mr. Goldberg was paid a one-time fee of $50,000 as well as an additional payment of $12
- $125,000 — 000 as well as an additional payment of $125,000 that was contingent upon the Company cl
- $175,000 — Agreement, for a total cash payment of $175,000. Additionally, in connection with the C
Filing Documents
- ea0207183-8k_serve.htm (8-K) — 28KB
- image_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-048792.txt ( ) — 207KB
- serv-20240528.xsd (EX-101.SCH) — 3KB
- serv-20240528_lab.xml (EX-101.LAB) — 33KB
- serv-20240528_pre.xml (EX-101.PRE) — 22KB
- ea0207183-8k_serve_htm.xml (XML) — 4KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Resignation of Ali Pourdad On May 28, 2024, Ali Pourdad, a member of the Board of Directors (the "Board") of Serve Robotics Inc. (the "Company") informed the Company that he will not stand for re-election to the Board as a Class I Director at the 2024 Annual Meeting of Stockholders (the "2024 Annual Meeting"). Mr. Pourdad's decision not to stand for re-election did not result from any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. Mr. Pourdad will continue in his role as director and member of the Audit Committee and Nominating and Governance Committee of the Board until the expiration of his current term at the 2024 Annual Meeting. Nomination of David Goldberg To fill the vacancy that will result from Mr. Pourdad's decision not to stand for re-election, the Board intends to nominate David Goldberg for election to the Board at the 2024 Annual Meeting. Mr. Goldberg will be included as a nominee for election by the stockholders in the Company's proxy statement for the 2024 Annual Meeting. If elected, Mr. Goldberg will serve as a member and chair of the audit committee of the Board and as a member of the nominating and governance committee of the Board. Mr. Goldberg will be compensated for his service as a director, if elected, in accordance with the Company's Director Compensation Policy, as described in the Company's Registration Statement on Form S-1, filed with the Securities and Exchange Commission on March 11, 2024. In connection with his nomination, Mr. Goldberg will enter into a standard indemnification agreement with the Company in the form previously approved by the Board. Mr. Goldberg most recently served as a consultant to our company from September 2023 to March of 2024. Prior to that, he was the Chief Financial Officer of REE Automotiv
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. Serve Robotics Inc. Dated: June 3, 2024 /s/ Ali Kashani Ali Kashani Chief Executive Officer and Director 2