Volato Group (NYSE American: SOAR) names David Allen director, sets CFO pay
Rhea-AI Filing Summary
Volato Group, Inc. announced that its Board of Directors appointed David Allen as an independent Class III director, with a term expiring at the 2026 annual meeting of stockholders. He will chair the Audit Committee and serve on the Nominating and Governance and Compensation Committees.
The Board also approved an Executive Employment Agreement with Chief Financial Officer Mark Heinen. The agreement provides a base salary of $310,000, an annual bonus opportunity targeting 100% of base salary with a maximum of 200%, and severance equal to 12 months of base salary for certain qualifying terminations, with additional protection after a change in control. Heinen is also eligible for a one-time $50,000 cash performance bonus and a $100,000 retention bonus upon closing a Board‑approved strategic business combination, subject to continued employment.
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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, and exhibit attachments filed with this report.
Key Figures
CFO annual base salary: $310,000
CFO target annual bonus: 100% of base salary
CFO maximum annual bonus: 200% of base salary
+3 more
6 metrics
CFO annual base salary
$310,000
Base salary under Executive Employment Agreement for CFO Mark Heinen
CFO target annual bonus
100% of base salary
Target annual incentive opportunity, subject to performance objectives
CFO maximum annual bonus
200% of base salary
Maximum incentive opportunity under the Employment Agreement
Severance period
12 months of base salary
Severance for certain qualifying terminations of the CFO
One-time cash performance bonus
$50,000
Performance bonus approved for the CFO upon specified conditions
One-time retention bonus
$100,000
Retention bonus payable upon closing a Board‑approved strategic business combination
Key Terms
Emerging growth company, Executive Employment Agreement, change in control, Audit Committee
4 terms
Emerging growth company regulatory
"Emerging growth company Item 5.02 Departure of Directors"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Executive Employment Agreement financial
"approved an Executive Employment Agreement with Mark Heinen, the Company’s Chief Financial Officer"
change in control financial
"in connection with certain qualifying terminations following a change in control, such severance"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
Audit Committee financial
"qualification for membership on and Chair of the Audit Committee of the Board"
A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What board role did David Allen assume at Volato Group (SOAR)?
David Allen was appointed an independent Class III director at Volato Group, Inc. with a term expiring at the 2026 annual stockholders’ meeting. He will chair the Audit Committee and also serve on the Nominating and Governance Committee and the Compensation Committee.
What are the key terms of CFO Mark Heinen’s employment agreement at Volato Group (SOAR)?
The CFO’s agreement includes a $310,000 base salary, an annual bonus targeting 100% of base salary with a 200% maximum, and severance of 12 months of base salary for certain terminations, plus additional benefits following a change in control under specified circumstances.
How large is the annual bonus opportunity for Volato Group (SOAR)’s CFO?
The CFO’s annual incentive bonus opportunity targets 100% of base salary, with a maximum of 200% of base salary. Actual payouts depend on performance objectives established by the Board or Compensation Committee for each fiscal year.
What severance benefits does Volato Group (SOAR) provide its CFO?
For certain qualifying terminations, the CFO is entitled to severance equal to 12 months of then‑current base salary. Following a change in control, qualifying terminations also trigger an additional amount equal to the prorated portion of 100% of the targeted annual bonus.
What special bonuses can the Volato Group (SOAR) CFO earn for a strategic transaction?
The Board approved a one-time $50,000 cash performance bonus and a one-time $100,000 retention bonus. These are payable upon consummation of a Board‑approved strategic business combination, subject to the CFO’s continued employment through closing, except as otherwise provided in the agreement.