Firefly Neuroscience to terminate CFO Sept. 24
Firefly Neuroscience is terminating its CFO and has hired a new Chief Accounting Officer with equity-based compensation and standard officer protections.
Rhea-AI Filing Summary
Firefly Neuroscience, Inc. (AIFF) reported that its board of directors terminated Chief Financial Officer Paul Krzywicki, effective September 24, 2026, stating that the termination was not due to any disagreement regarding operations, policies, or practices. On September 8, 2026, the board appointed Jessica Paz as Chief Accounting Officer and approved her employment terms.
Under her offer of employment, Ms. Paz will receive an annual base salary of $215,000 and a stock option to purchase 50,000 shares of common stock at the fair market value on the grant date, vesting over four years, subject to continued employment. She entered into the company’s standard indemnification and confidentiality/non-compete/non-solicitation agreements and will be covered under any directors’ and officers’ liability insurance on the same basis as other senior officers.
Positive
- None.
Negative
- Termination of CFO Paul Krzywicki effective September 24, 2026, representing a change in the company’s senior financial leadership, though the company states it is not due to any disagreement on operations, policies, or practices.
Insights
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8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Effective date of CFO termination: September 24, 2026
Effective date of Chief Accounting Officer employment: September 8, 2026
Chief Accounting Officer base salary: $215,000 per year
+4 more
7 metrics
Effective date of CFO termination
September 24, 2026
Date on which the termination of CFO Paul Krzywicki becomes effective
Effective date of Chief Accounting Officer employment
September 8, 2026
Date on which Jessica Paz’s employment as Chief Accounting Officer began
Chief Accounting Officer base salary
$215,000 per year
Annual base salary for Jessica Paz under her offer of employment
Stock options granted to Chief Accounting Officer
50,000 shares
Option grant to purchase common stock under the 2024 Long-Term Incentive Plan
Initial vesting portion
25%
Portion of option shares that vest on the first anniversary of the vesting commencement date
Remaining vesting period
12 quarters
Number of quarterly installments over which the remaining option shares vest
Age of Chief Accounting Officer
46 years
Age of Jessica Paz as disclosed in the background section
Key Terms
at-will, Indemnification Agreement, directors’ and officers’ liability insurance policy, non-competition provisions, +2 more
6 terms
at-will regulatory
"Ms. Paz’s employment is at-will"
Indemnification Agreement regulatory
"Under an Indemnification Agreement between the Company and Ms. Paz"
An indemnification agreement is a contract in which one party promises to cover losses, costs, or legal claims that another party might face, acting like a tailored safety net or private insurance policy. For investors, it matters because such agreements shift potential financial risk away from a company or its officers and onto the indemnifier, which can affect a company’s future liabilities, cash flow and how risky the investment appears during deal-making or litigation.
directors’ and officers’ liability insurance policy financial
"if the Company or any of its subsidiaries maintains a directors’ and officers’ liability"
non-competition provisions regulatory
"contains a general assignment of rights to inventions and intellectual property rights, non-competition"
non-solicitation provisions regulatory
"non-competition provisions that apply during the term of employment, non-solicitation provisions"
A non-solicitation provision is a contract clause that prevents a party from actively trying to hire away a company’s employees or poach its customers and vendors for a set time. Think of it as a “no-steal” promise that protects relationships a business relies on; for investors it matters because such clauses can preserve workforce stability, revenue streams, and the value of an acquisition, while their absence or enforcement risk can affect future costs and growth.
non-disparagement provisions regulatory
"non-solicitation provisions that apply during the term of employment and for one year after"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What leadership change did FIREFLY NEUROSCIENCE, INC. (AIFF) announce in this 8-K?
The company’s board terminated Chief Financial Officer Paul Krzywicki, effective September 24, 2026. The company stated his termination was not due to any disagreement regarding its operations, policies, or practices, and appointed Jessica Paz as Chief Accounting Officer.
When does the CFO termination at AIFF become effective?
The termination of CFO Paul Krzywicki becomes effective on September 24, 2026. The decision was made by the board of directors and was described as not stemming from any disagreement on the company’s operations, policies, or practices.
What position did Jessica Paz assume at FIREFLY NEUROSCIENCE, INC. (AIFF) and when?
Jessica Paz was appointed Chief Accounting Officer of Firefly Neuroscience, Inc., effective September 8, 2026. Her appointment was recommended by the Nominating and Corporate Governance Committee and approved by the board of directors.
What is the base salary for AIFF’s new Chief Accounting Officer, Jessica Paz?
Under her offer of employment, Jessica Paz receives an annual base salary of $215,000 as Chief Accounting Officer of Firefly Neuroscience, Inc. She is also eligible to participate in the company’s standard employee benefits and flexible paid time off policy.
What equity compensation did AIFF grant to Jessica Paz?
Jessica Paz received a stock option to purchase 50,000 shares of Firefly Neuroscience common stock under the 2024 Long-Term Incentive Plan, at an exercise price equal to the stock’s fair market value on the grant date, vesting over four years subject to continued employment.
How do Jessica Paz’s stock options at AIFF vest over time?
Her option to purchase 50,000 shares vests over four years: 25% of the shares vest on the first anniversary of her vesting commencement date, and the remaining 75% vest in equal quarterly installments over the next twelve quarters, subject to continued employment.
What protections and restrictions apply to Jessica Paz in her role at FIREFLY NEUROSCIENCE, INC. (AIFF)?
Jessica Paz has a standard Indemnification Agreement providing advancement and indemnification to the fullest extent permitted by law, and a Confidential Information and Inventions Assignment Agreement with confidentiality, invention assignment, term-long non-competition, one-year post-employment non-solicitation, and ongoing non-disparagement provisions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
