Firefly Neuroscience: CFO Terminated; New Chief Accounting Officer Appointed

What Happened

• On Sept. 14, 2026 (8-K filed), Firefly Neuroscience announced that its board terminated Chief Financial Officer Paul Krzywicki, effective Sept. 24, 2026. The company said the termination was not due to any disagreement over operations, policies or practices.
• The board appointed Jessica Paz as Chief Accounting Officer effective Sept. 8, 2026. The Compensation Committee ratified an offer of employment dated July 28, 2026.

Key Details

• Base salary: Ms. Paz will be paid $215,000 per year and is an at‑will employee.
• Equity: Ms. Paz received a stock option to buy 50,000 shares under the company’s 2024 Long-Term Incentive Plan; exercise price = fair market value on grant date. Vesting: 25% after one year, then quarterly over the next 12 quarters (4‑year schedule).
• Agreements: Firefly and Ms. Paz entered a standard indemnification agreement (advances expenses within 20 days; advances unsecured and interest‑free) and a confidentiality/inventions agreement (non‑competition during employment; non‑solicit for one year after; non‑disparagement during and after).
• Background: Ms. Paz, 46, most recently was Senior Director of Accounting and Operations at Genvid Holdings (Apr 2020–Aug 2026) and previously held senior accounting roles at VITECH, Finastra and other organizations. No family relationships or related‑party transactions requiring disclosure were reported.

Why It Matters

• Leadership change in the finance team is material for investors because it can affect financial reporting continuity and internal controls. The company’s disclosure that the termination was not due to a disagreement may reduce concerns about regulatory or governance issues.
• Ms. Paz’s compensation mix (salary plus a 50,000‑share option vesting over four years) aligns her incentives with longer‑term performance and retention. The indemnification and confidentiality terms are standard protections that limit immediate legal risk to the company.
• Investors should watch for any subsequent filings (e.g., proxy statements or additional 8‑Ks) that provide more detail on a permanent CFO replacement or changes to financial reporting responsibilities.