Nomad Power Solutions, Inc. (Nasdaq: NMAD) announced on November 9, 2026, that Chief Executive Officer Geordan Pursglove has resigned from all officer and director positions with the company and its subsidiaries, effective immediately. The filing states that Mr. Pursglove’s departure was not the result of any disagreement regarding the Company’s operations, policies, or practices.
In connection with his resignation, the Company entered into a Separation Agreement with Mr. Pursglove dated November 9, 2026. Under this agreement, he will receive a cash severance payment of $600,000, payable in full upon execution of the Separation Agreement. Additionally, Mr. Pursglove will serve as an independent consultant through January 31, 2027, with a goal of providing up to 80 hours of service per month. His transition duties include transferring knowledge to his successor, introducing successor personnel to key stakeholders, and helping prepare periodic reports and certifications for periods ending December 31, 2026.
As compensation for his consulting services, the Company granted Mr. Pursglove 1,500,000 restricted stock units (RSUs) under the Company’s 2020 Stock Incentive Plan. These RSUs will vest in full on January 31, 2027, subject to his continued provision of transition services. In exchange for these benefits, Mr. Pursglove provided a general release of claims and remains bound by non-competition and non-solicitation provisions.
Simultaneously, the Company appointed Michael Hilmer as Executive Chairman of the Board, effective November 9, 2026. Mr. Hilmer was also elected to the Board and will provide consulting services to the Company. His mandate includes developing the Company’s budget and go-to-market strategy, analyzing organizational readiness, and initiating communications with bankers and funding partners regarding the Company’s vision for 2027.
Under the Consulting Agreement, Mr. Hilmer will receive a monthly consulting fee of $20,000, which the Company may review and adjust periodically. The engagement renews monthly and may be terminated by either party with ten business days' notice. The Company has agreed to indemnify Mr. Hilmer in his capacity as a consultant, director, and Executive Chairman to the fullest extent permitted under Delaware law.
