Paul Krzywicki
About Paul Krzywicki
Paul Krzywicki, 41, is Chief Financial Officer (Principal Financial and Accounting Officer) of Firefly Neuroscience (AIFF) and has served as CFO since March 2024 after joining as Controller in November 2023. He is a CPA (CGA) with an Honours B.Comm. from Laurentian University and prior leadership roles at Nucor Canada, EllisDon, and Canadian Curtis Refrigeration focused on modernization and operating efficiency . During 2024 (his first year in the CFO role), the company reported a net loss of $10.46 million and a cumulative TSR proxy measure equivalent to a $100 initial fixed investment value of $3.67 at year-end (reflecting merger/listing dynamics) . He serves as chair of the company’s Disclosure Controls and Procedures Committee and signed 302/906 certifications for Q3 2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Firefly Neuroscience | Chief Financial Officer | Mar 2024–present | Principal financial and accounting officer; DC&P committee chair . |
| Firefly Neuroscience | Controller (Consultant) | Nov 2023–Mar 2024 | Transitioned finance function pre/post-merger; monthly consulting of ~$7,845 . |
| Nucor Canada; EllisDon; Canadian Curtis Refrigeration | Senior finance/leadership roles | Prior 5 years (approx.) | Modernization and operating efficiency focus . |
External Roles
- No external public company directorships or committee roles are disclosed in the company biography for Mr. Krzywicki .
Fixed Compensation
| Item | Amount/Terms | Effective date(s) |
|---|---|---|
| 2024 Salary (as paid) | $98,629 | FY 2024 (per SCT) . |
| Employment Agreement (via Deel) base salary | ~US$122,100 annually; confidentiality provisions; commenced Mar 15, 2025 | Agreement dated Mar 12, 2025; start Mar 15, 2025 . |
| Salary increase (Amendment) | Increased to ~US$157,000 annual gross base salary | Effective Sep 1, 2025; amendment dated Aug 29, 2025; Board approval Aug 29, 2025; 8‑K filed Sep 5, 2025 . |
| Consulting (pre‑CFO) | ~$7,845 per month; 15 days’ termination notice | Consulting agreement effective Nov 13, 2023 . |
Performance Compensation
- Annual cash bonus: No CFO target or 2024 bonus disclosed; 2024 actual bonus for Mr. Krzywicki was $0 .
- Equity awards (grants, vesting, terms):
| Grant date | Instrument | Shares/Units | Vesting | Term/Price notes |
|---|---|---|---|---|
| Mar 1, 2024 | Stock options | 11,024 | Monthly vesting; 3,113 exercisable as of Dec 31, 2024 | 5-year term; exercise price formula tied to 25% discount to IPO issue price . |
| Mar 10, 2025 | Incentive Stock Option | 15,000 | Subject to Plan and standard ISO agreement | Terms per ISO agreement under 2024 LTIP . |
| Mar 10, 2025 | Restricted Stock Units | 10,000 | Per standard RSU agreement under 2024 LTIP | Agreement form referenced in S‑8 exhibits . |
- Plan performance criteria (company-wide, not CFO-specific): Awards under the 2024 LTIP may be tied to measures such as revenues, EBITDA, EPS, TSR, cash flow, net income, ROA/ROE, market share, etc., at the Committee’s discretion .
Equity Ownership & Alignment
| Ownership metric | Detail |
|---|---|
| Beneficial ownership (Record Date: Sep 4, 2025) | 24,339 shares; <1% of outstanding . |
| Breakdown (per footnote) | (i) 1,250 common shares; (ii) 21,839 shares underlying currently exercisable options; (iii) 1,250 shares “currently exercisable” as noted in table footnote (company disclosure) . |
| Vested vs unvested (as of 12/31/24 for 2024 grant) | 3,113 of 11,024 options exercisable; remainder unexercisable; monthly vesting schedule . |
| Pledging/hedging | No pledging or hedging disclosure specific to Mr. Krzywicki found in the proxy; company has an Insider Trading Policy . |
| Ownership guidelines | No executive stock ownership guideline disclosure specific to Mr. Krzywicki found in the proxy . |
Employment Terms
- Structure: Initially consultant (Controller) effective Nov 13, 2023, then Employment Agreement with Deel Group dated Mar 12, 2025 (commencing Mar 15, 2025); amended Aug 29, 2025 to increase base salary to ~US$157,000 effective Sep 1, 2025 .
- Severance/Change-in-control: No CFO-specific severance or change-in-control entitlements disclosed; proxy notes no NEO severance entitlement during FY 2024 except as described (CFO terms not described with severance) .
- Clawback: Board adopted a Nasdaq-compliant Clawback Policy on Aug 12, 2024; recovery analysis for error corrections concluded no adjustments required .
- Insider Trading Policy: Company has a formal insider trading policy; filed as a 10‑K exhibit .
- Disclosure Controls: CFO chairs Disclosure Controls and Procedures Committee .
- Certifications: Mr. Krzywicki signed Q3 2025 SOX 302/906 certifications as Principal Financial and Accounting Officer .
Performance & Track Record
| Year | Net loss | Value of initial fixed $100 investment (proxy TSR measure) |
|---|---|---|
| 2022 | $(3,904,000) | $39.97 . |
| 2023 | $(2,603,000) | $2.47 . |
| 2024 | $(10,460,000) | $3.67 . |
Notes:
- 2022–2023 reflect standalone private Firefly results pre-merger; 2024 reflects public company results post-merger/listing dynamics .
- Committee commentary indicates CAP (compensation actually paid) moved with equity values; 2024 increases were mainly driven by equity grants and stock price dynamics .
Additional Signals Relevant to Incentives, Retention, and Trading
- Multi-step equity program: 2024 option grant with monthly vesting; 2025 ISO and RSU awards under the 2024 LTIP indicate continued equity-based incentives and potential ongoing vesting cadence .
- Salary progression: CFO base rose from ~US$122,100 to ~US$157,000 within ~6 months, suggesting market alignment/retention emphasis during transition after merger and leadership changes .
- Beneficial ownership: <1% and largely option-based, implying alignment is predominantly via future share price appreciation rather than sizable current ownership .
- Form 4/10b5‑1: Not disclosed in the proxy materials reviewed; no Form 4 analysis presented here due to lack of accessible filings in the provided dataset. Consider reviewing current Form 4s on EDGAR for potential selling pressure indicators.
Compensation Structure Analysis
- Cash vs equity mix (2024): Salary $98,629; no bonus; option grant fair value $56,333; total $154,962—skewed toward equity despite constrained cash .
- Shift toward RSUs/options: New 2025 ISO and RSU awards under 2024 Plan continue the equity emphasis; performance conditions for CFO’s RSUs not specified (standard agreement referenced) .
- Governance enhancements: Adoption of Clawback Policy and documented Insider Trading Policy support investor-friendly compensation risk controls .
- No tax gross-ups/related party compensation for CFO disclosed; no deferred compensation/SERP disclosed .
Investment Implications
- Alignment: Equity-heavy package (2024 options; 2025 ISO/RSU) ties CFO outcomes to equity performance; however, beneficial ownership is <1%, so alignment relies on future vesting/exercise value rather than large current holdings .
- Retention risk: Salary step-up in 2025 and ongoing equity grants suggest proactive retention; absence of disclosed CFO severance/CoC terms could reduce downside protection vs CEO/COO, potentially increasing mobility risk in adverse scenarios .
- Trading pressure: Monthly option vesting can create periodic liquidity events once trading windows are open; absence of disclosed 10b5‑1 details warrants monitoring of Form 4s for sale patterns as awards vest .
- Execution focus: CFO’s background in modernization/efficiency aligns with post-merger integration and control enhancements; attestation and committee leadership underscore accountability for reporting quality during a period of losses and capital structure changes .