TruGolf names Steven Passey as new CFO
TruGolf Holdings, Inc. has appointed Steven Passey as Chief Financial Officer, effective May 15, 2026, under a new employment letter.
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Form Type
8-K
Rhea-AI Filing Summary
TruGolf Holdings, Inc. has appointed Steven Passey as Chief Financial Officer, effective May 15, 2026, under a new employment letter. His initial annual base salary is $225,000 for the first three months, rising to $250,000 thereafter, with eligibility for annual equity grants under the company’s stock incentive plans.
He will receive standard executive benefits and expense reimbursement. Passey, age 64, brings prior CFO and senior finance experience across several companies in energy, medical devices, multilevel marketing, and services, and is a Certified Public Accountant with an accounting degree from the University of Utah.
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
Initial base salary: $225,000 per year
Ongoing base salary: $250,000 per year
CFO effective date: May 15, 2026
+2 more
5 metrics
Initial base salary
$225,000 per year
First three months of CFO employment under the Employment Letter
Ongoing base salary
$250,000 per year
Base salary after the initial three-month period
CFO effective date
May 15, 2026
Start date for Steven Passey as Chief Financial Officer
Employment letter date
May 1, 2026
Date TruGolf and Steven Passey entered into the Employment Letter
Age of new CFO
64
Age of Steven Passey as disclosed in the appointment details
Key Terms
Emerging growth company, Chief Financial Officer, stock incentive plans, Regulation S-K, +1 more
5 terms
Emerging growth company regulatory
"405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934... Emerging growth company"
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.
Chief Financial Officer financial
"Employment Letter with Steven Passey to serve as the Company’s Chief Financial Officer effective May 15, 2026."
A Chief Financial Officer (CFO) is the person in charge of a company's money and financial planning. They decide how to spend, save, and invest funds to help the company grow and stay stable. Their role is important because good financial decisions keep the company healthy and successful.
stock incentive plans financial
"eligibility for annual equity grants under the Company’s stock incentive plans, as determined by the Compensation Committee"
Stock incentive plans are programs that pay employees, executives or directors with company shares or options to buy shares instead of—or in addition to—cash. They matter to investors because they align staff incentives with company performance like a bonus tied to results, but they can also increase the number of shares outstanding and dilute existing shareholders’ ownership and per‑share earnings.
Regulation S-K regulatory
"There are no transactions in which Mr. Passey has an interest requiring disclosure under Item 404(a) of Regulation S-K."
A set of U.S. Securities and Exchange Commission rules that tell public companies which narrative and qualitative details must be disclosed in filings, such as risk factors, management discussion, executive pay, legal proceedings and business description. Think of it as a standardized checklist or blueprint that ensures investors get the same types of background information from every company so they can compare risks, management quality and strategy before making investment decisions.
Compensation Committee financial
"annual equity grants under the Company’s stock incentive plans, as determined by the Compensation Committee of the Board of Directors."
A compensation committee is a group within a company's leadership responsible for setting and reviewing how much top executives and employees are paid, including salaries, bonuses, and benefits. It matters to investors because fair and effective pay decisions can influence a company's performance, leadership motivation, and overall governance, helping ensure that the company’s management is aligned with shareholders’ interests.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did TruGolf Holdings (TRUG) announce about its CFO position?
TruGolf Holdings appointed Steven Passey as its new Chief Financial Officer, effective May 15, 2026. The company detailed his compensation, eligibility for equity grants, and benefits, and provided an overview of his extensive prior finance and executive experience across multiple industries.
What is Steven Passey’s compensation as TruGolf (TRUG) CFO?
Steven Passey will receive an initial annual base salary of $225,000 for the first three months, increasing to $250,000 thereafter. He is also eligible for annual equity grants under TruGolf’s stock incentive plans, determined by the Board’s Compensation Committee based on their decisions.
When does Steven Passey officially begin as TruGolf (TRUG) CFO?
Steven Passey’s role as Chief Financial Officer at TruGolf Holdings becomes effective on May 15, 2026. His employment letter was entered into on May 1, 2026, outlining his salary terms, equity grant eligibility, and participation in standard executive benefit and reimbursement programs.
What prior experience does new TruGolf (TRUG) CFO Steven Passey have?
Steven Passey has served as CFO or senior finance executive at several companies, including Kinetic Energy Services, Catheter Precision, QSI Holdings, and Alsco. He also runs a financial consulting firm and serves as a board member and advisor at True DNA Story LLC, bringing broad financial expertise.
Will TruGolf (TRUG) provide equity incentives to its new CFO?
Yes. Under his employment letter, Steven Passey is eligible for annual equity grants under TruGolf’s stock incentive plans. The specific size and terms of any grants will be determined by the company’s Compensation Committee, aligning his compensation partly with TruGolf’s long-term equity-based incentives.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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