AYRO, Inc (AYRO) Announces CFO Departure

On March 1, 2024, of AYRO, Inc (NASDAQ: AYRO) and David E. Hollingsworth mutually agreed on the separation of Mr. Hollingsworth from his position as Chief Financial Officer of the Company, effective as of March 1, 2024, pursuant to a General Release and Severance Agreement (the “Separation Agreement”). The termination of Mr. Hollingsworth’s employment was not the result of any disagreement regarding any matter relating to the Company’s operations, policies, or practices.

Pursuant to the Separation Agreement, Mr. Hollingsworth will be entitled to severance pay in the amount of $225,000, less all lawful and authorized withholdings and deductions, to be paid in 12 equal monthly installments. The Separation Agreement provides Mr. Hollingsworth the opportunity to revoke his acceptance of the Separation Agreement at any time for seven days following the date of the Separation Agreement, in which case the Separation Agreement shall not be effective and shall be deemed void.

In exchange for the consideration provided to Mr. Hollingsworth in the Separation Agreement, Mr. Hollingsworth agreed to waive and release any claims in connection with Mr. Hollingsworth’s employment, separation and resignation from the Company.

In connection with the execution of the Separation Agreement, Mr. Hollingsworth’s existing executive employment agreement was terminated; provided, however, that certain surviving customary confidentiality provisions and restrictive covenants remain in full force and effect. The Separation Agreement also provides for certain customary covenants regarding confidentiality and non-disparagement.

The description of the Separation Agreement contained in this Item 5.02 is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Appointment of Interim Principal Financial Officer and Principal Accounting Officer; Executive Director Compensation

In connection with the separation of Mr. Hollingsworth from his position with the Company, the Company’s board of directors (the “Board”) appointed Joshua Silverman, who currently serves as the Company’s Executive Chairman and principal executive officer, to the position of interim principal financial officer and principal accounting officer. In consideration of such appointment and Mr. Silverman’s service as Executive Chairman, the Board increased Mr. Silverman’s annual cash compensation to $280,000, effective as of December 1, 2023.

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