NextBoat Inc. (NYSE American: NXB) announced the appointment of Ross Tannenbaum as Chief Executive Officer, effective September 28, 2026. The transition follows the resignation of Brian S. John, who had served as CEO. Mr. John will remain a member of the Board of Directors. The filing indicates that Mr. John’s resignation was contingent upon the appointment of a successor and became effective upon Mr. Tannenbaum’s assumption of the office.
Ross Tannenbaum, age 64, brings executive experience from Fanatics, Inc., where he served as President of Retail and Collectibles through 2018 and later in a strategic business development role. Prior to Fanatics, he was the President and CEO of Dreams, Inc., a publicly traded sports licensed products company, following its acquisition by Fanatics in 2012. Since leaving Fanatics in 2019, Mr. Tannenbaum has engaged in entrepreneurial and investment activities, including ownership of businesses in the marine services, outdoor lighting, consumer electronics, hospitality, and marina industries.
In connection with the appointment, NextBoat and Mr. Tannenbaum entered into an Executive Employment Agreement dated September 28, 2026. The agreement includes an initial term of four years with automatic one-year renewals. Mr. Tannenbaum is to receive an initial annual base salary of $240,000, which increases to $400,000 after the first year. For fiscal year 2027, he is eligible for an annual bonus of $100,000 upon achieving breakeven Adjusted EBITDA, plus a percentage of the full amount of Adjusted EBITDA, ranging from 2.5% to 6% depending on the level achieved.
The Company granted Mr. Tannenbaum inducement equity awards approved by a majority of the independent directors. These awards consist of non-qualified stock options to purchase up to 2,500,000 shares of common stock at an exercise price of $1.96 per share. The awards include time-vesting options, performance options tied to specific Adjusted EBITDA milestones, and options that vest if the company’s common stock reaches a volume-weighted average price of $5.00 over 60 consecutive trading days. All equity awards vest in full upon a Change in Control, subject to certain exceptions. The agreement also includes severance provisions for termination without Cause, resignation for Good Reason, or qualifying terminations following a Change in Control.
