Health In Tech, Inc. (Nasdaq: HIT) announced on October 20, 2026, that it has appointed Sanjay Shrestha as Chief Executive Officer, effective immediately. Mr. Shrestha succeeds the company's founder, Tim Johnson, who transitioned to the role of Executive Chairman of the Board on the same date. The filing confirms that Mr. Johnson’s departure from the CEO role was not the result of any disagreement with the company regarding operations, policies, or practices.
Messrs. Shrestha and Johnson will collaborate under a governance framework where Mr. Johnson focuses on long-term strategy, technology innovation, and product development, while Mr. Shrestha assumes primary responsibility for operating performance, commercial strategy, and organizational development. Mr. Shrestha previously served as an independent director of Health In Tech from April 2025 to August 2026 and as Strategic Advisor to the Board from September 2026 until his appointment. His prior experience includes serving as President of Plug Power, Inc. (Nasdaq: PLUG), where he oversaw business expansion and capital markets initiatives, as well as roles at Lazard Capital Markets and First Albany Capital.
In connection with the appointment, Health In Tech and Mr. Shrestha entered into an Executive Employment Agreement dated October 12, 2026. The agreement stipulates an annual base salary of $500,000, which may increase to the greater of $700,000 or the then-applicable market rate upon the company raising at least $10,000,000. Mr. Shrestha is also eligible for an annual cash bonus ranging from 0% to 200% of his base salary, tied to key performance indicators.
The agreement grants Mr. Shrestha three tranches of restricted stock awards, collectively referred to as Equity Awards. The first tranche, the Sign-On Award, consists of 2,000,000 shares of Class A common stock, vesting in equal monthly installments over 12 months. The second tranche, the Acquisition Award, ranges between 1,500,000 and 2,000,000 shares, vesting in full upon the closing of a qualifying acquisition on or before December 31, 2028. The third tranche, the Market Capitalization Awards, consists of five tranches totaling 4,500,000 shares, which vest based on the company achieving specific market capitalization thresholds by specified dates, such as exceeding $150 million by April 30, 2028, or $1 billion by December 31, 2031.
The grant of the Market Capitalization Awards tranches totaling 2,500,000 shares is contingent upon stockholder approval at the company's 2026 Annual Meeting of Stockholders, scheduled for November 10, 2026. The agreement also includes provisions for severance, change-in-control acceleration of unvested equity, and indemnification, along with customary confidentiality and non-compete covenants.
