Brad Asher
About Brad Asher
Brad Asher, age 39, was appointed Chief Financial Officer and Principal Financial and Accounting Officer of Agrify effective March 24, 2025; he provides CFO services via a Shared Services Agreement with Vision Management Services, LLC, a subsidiary of Green Thumb, and does not receive direct compensation from Agrify . Prior to Agrify, he was CFO of Ayr Wellness (Nov 2019–Mar 2025) after serving as Controller (Jun 2019–Nov 2019), held finance roles at IgnitionOne (Jul 2013–May 2019), and began his career at KPMG (Sep 2007–Jul 2013); he holds a bachelor’s degree in accounting from the University of Massachusetts Amherst . Context at appointment: Agrify reported FY 2024 revenue of $9.7M and an operating loss from continuing operations of $10.2M, with a net loss of $41.7M; cash was $31.2M at year-end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ayr Wellness Inc. | Chief Financial Officer | Nov 2019–Mar 2025 | Led finance for multi-state operator; cross-sector experience brought to THC beverage strategy . |
| Ayr Wellness Inc. | Controller | Jun 2019–Nov 2019 | Strengthened controllership and reporting prior to CFO role . |
| IgnitionOne (ad-tech) | Various roles incl. VP, Controller | Jul 2013–May 2019 | Built operational finance capabilities in tech and marketing analytics . |
| KPMG | Manager | Sep 2007–Jul 2013 | Public accounting foundation, audit and technical accounting . |
Fixed Compensation
| Component | Terms | 2025 Value/Cap |
|---|---|---|
| Direct cash salary from Agrify | Not paid directly by Agrify | $0 . |
| CFO services via Shared Services Agreement (VMS, subsidiary of Green Thumb) | One-year term; auto-renewal; terminable by either party on 90 days’ notice; VMS invoices based on direct/indirect costs; quarterly statements; Delaware law; mediation/arbitration provisions . | |
| Monthly service fee | Total Monthly Service Fees = $72,552 | $72,552 per month (prorated if shared resources) . |
| Annual fee cap | Aggregate fees cap per one-year term | $1,000,000 maximum per year . |
Performance Compensation
| Incentive Type | Grant Details | Vesting | Performance Metrics |
|---|---|---|---|
| RSUs/PSUs to CFO | None disclosed in 2024–early 2025 contingent grants list | N/A | N/A . |
- Equity plan and award design features: minimum 1-year vesting (with limited exceptions), no single-trigger change-in-control vesting, clawback on incentive-based comp tied to financial measures, and no repricing of options/SARs without shareholder approval .
Equity Ownership & Alignment
| Measure | As of/Period | Value |
|---|---|---|
| Beneficial ownership (shares and %) | April 14, 2025 | Brad Asher: “—” shares; less than 1% ownership . |
| Shares outstanding (context) | April 22, 2025 | 1,952,014 common shares outstanding . |
| Anti-hedging/short sales policy | Policy level | Directors, officers and employees prohibited from short sales and derivative hedging; insider trading pre-clearance required . |
| Clawback policy | Policy level | Company will recoup excess incentive compensation upon required restatement; board assessed August 2024 restatement and no recoupment was required due to lack of incentive comp tied to restated measures . |
| Pledging of shares | Disclosure | No pledging by Asher disclosed . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment effective date | March 24, 2025 . |
| Role | Chief Financial Officer; Principal Financial and Accounting Officer . |
| Compensation arrangement | Services provided via Shared Services Agreement with Vision Management Services, LLC (Green Thumb subsidiary); Asher does not receive direct compensation from Agrify . |
| Agreement duration | One-year term; auto-renews annually unless terminated with 30 days prior to term-end; either party may terminate on 90 days’ written notice . |
| Monthly fee & annual cap | $72,552 monthly service fees; annual cap $1,000,000 per one-year term . |
| Invoicing & payment | Quarterly statements; settlement within 90 days; proportional fee adjustments if resources are shared across entities . |
| Authority & scope | CFO responsibilities include FP&A, accounting, SEC reporting, internal controls, treasury, audit oversight, policy establishment, and advisement on contracts; VMS may outsource work at reasonable costs . |
| Indemnification (services agreement) | Service Recipients indemnify Service Provider except for gross negligence or willful misconduct . |
| Related person transactions | None involving Asher; no family relationships . |
Performance & Track Record
- Agrify FY 2024 operating loss from continuing operations was $10.2M and net loss was $41.7M; cash was $31.2M at year-end, providing liquidity into Asher’s tenure .
- Asher signed Agrify’s SEC filings as CFO and principal financial and accounting officer, including certifications in the Q2 2025 10-Q (filed Aug 8, 2025) and Q1 2025 10-Q (filed May 9, 2025) , and was listed as signatory on the June 12, 2025 S-8 for the 2022 Omnibus Equity Incentive Plan .
Compensation Structure Analysis
- Shift to services-based CFO compensation: Agrify pays VMS for CFO services rather than compensating Asher directly, capping fees at $1,000,000 per year with a defined monthly fee; this reduces fixed payroll on Agrify but may limit direct equity alignment for Asher unless separate awards are granted .
- No disclosed CFO equity grants or performance-based awards for Asher in 2024–early 2025 contingent grants; pay-for-performance linkage is not evidenced for the CFO at this stage .
- Governance safeguards: anti-hedging policy, minimum vesting, clawback on incentive-based compensation, and no single-trigger acceleration mitigate misalignment and compensation risk .
Investment Implications
- Alignment and retention: The services-based model lowers cash burn but may reduce direct equity alignment for Asher; beneficial ownership shows no holdings as of April 2025, and no CFO-specific awards were disclosed, suggesting limited skin-in-the-game unless future grants occur .
- Execution focus: Asher’s cross-sector finance background (Ayr Wellness, IgnitionOne, KPMG) is relevant to Agrify’s pivot toward THC beverages and SEC compliance; his responsibilities encompass SEC reporting, internal controls, treasury, and FP&A during a period of restructuring and capital raising .
- Governance and risk: Anti-hedging and clawback policies reduce compensation-related risk; no related party transactions for Asher; the arrangement with VMS has clear termination and fee caps, balancing flexibility and oversight .
- Monitoring: Watch for future proxy disclosures on CFO equity awards, ownership guideline compliance, and any changes to the Shared Services Agreement that could influence retention, selling pressure, and compensation alignment .