TruGolf Holdings, Inc. entered into a Separation and Settlement Agreement with Christopher Jones on September 22, 2026. Under the terms of the agreement, Mr. Jones voluntarily resigned from all employment, officer, director, and committee positions with the Company and its subsidiaries effective as of that date.
The Company agreed to pay Mr. Jones a severance payment of $100,000, less required taxes and withholdings, in a single lump sum on or before the 30th calendar day after the Effective Date. Additionally, the Company will cover Mr. Jones’s monthly COBRA premiums for continued health coverage for him and his eligible dependents for up to twelve months following the Effective Date.
The Separation Agreement also addressed financial obligations between Mr. Jones and the Company. The Company will repay an outstanding demand loan made by Mr. Jones with a principal balance of $1,444,000. The repayment schedule requires 10% of the principal to be paid on the Initial Payment Date and the remaining 90% to be paid on the date twelve months after the Initial Payment Date. The deferred balance accrues simple interest at a rate of 12% per annum, with interest paid monthly.
Furthermore, the Company agreed to repurchase certain franchise rights from Mr. Jones and his affiliates for $500,000. The purchase price is structured similarly to the loan repayment: 10% is due on the Initial Payment Date and the remaining 90% is due on the Maturity Date. The deferred unpaid amount accrues simple interest at 12% per annum and is subject to acceleration if the Company resells the franchise rights before the Maturity Date.
During the period from the Effective Date through the first anniversary, Mr. Jones agreed to vote all Class B common shares held by him in accordance with the Company’s board of directors. He also agreed to provide operational transition consulting services at the Company’s discretion as an independent contractor at a rate of $100 per hour.
In other leadership news, the Company’s Board appointed Jay Heller as an independent member on September 22, 2026. Mr. Heller is the Chief Executive Officer of K Lab AI and brings over 25 years of capital markets expertise, including a tenure as Head of Capital Markets at Nasdaq from 2012 until May 2026.
The filing also noted that as of September 21, 2026, the Company had approximately $1.76 million of stated value of Series A preferred stock outstanding and 12,065,115 shares of Class A common stock outstanding.
