AYRO, Inc. (NASDAQ: AYRO), an electric vehicle company, announced the departure of its Chief Financial Officer, David E. Hollingsworth, effective immediately. The company stated on Thursday that the separation, which took effect on March 1, 2024, was amicable and not due to any disagreements on operations, policies, or practices.
Under the terms of the separation agreement, Hollingsworth will receive $225,000 in severance pay, to be distributed in 12 monthly installments, subject to standard withholdings. He retains the right to revoke his acceptance of the agreement within a seven-day period following its signing.
Hollingsworth has also agreed to a waiver of claims related to his employment and resignation and will adhere to confidentiality and non-disparagement obligations.
Concurrent with Hollingsworth's departure, AYRO's board of directors appointed Joshua Silverman, the current Executive Chairman and principal executive officer, as the interim principal financial officer and principal accounting officer. Silverman's annual compensation has been increased to $280,000, retroactively effective from December 1, 2023, to reflect his expanded responsibilities.
The details of these executive changes are based on a press release statement. The full text of the separation agreement is included as an exhibit in AYRO's recent SEC filing, providing a complete reference for the announced changes.
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