Kraig Higginson
About Kraig Higginson
Kraig T. Higginson is Chief Executive Officer and Chairman of Aspire Biopharma Holdings, Inc. (ASBP), serving since September 2021; he is age 70 per the company’s most recent registration statements . He previously led multiple public companies and brings extensive public markets operating experience; current filings do not disclose TSR, revenue growth, or EBITDA growth performance under his tenure, though his bonus eligibility references revenue, profitability, and new business relationship metrics . He is both Director and CEO per the proxy and signature pages, indicating a dual role in management and governance .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sundance Strategies, Inc. | Chairman and CEO | 2014–2021 | Led a publicly traded company; board and executive leadership responsibilities |
| VIA Motors, Inc. | Chief Executive Officer | Nov 2010–Jan 2014 | Managed hybrid electric vehicle company operations and strategy |
| Raser Technologies, Inc. | Chairman of the Board | Oct 2003–Nov 2010 | Governance oversight at an NYSE-listed company |
| American Telemedia Network, Inc. | Founder, President & CEO | 1984–1988 | Built NASDAQ-traded satellite network and media distribution business |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Sundance Strategies, Inc. | Chairman & CEO | 2014–2021 | Public company leadership experience |
| VIA Motors, Inc. | CEO | 2010–2014 | Electrified transportation operating leadership |
| Raser Technologies, Inc. | Chairman | 2003–2010 | Public board chair role |
| American Telemedia Network, Inc. | Founder & CEO | 1984–1988 | Public company founder/operator |
Fixed Compensation
| Component | 2025 Terms | Source |
|---|---|---|
| Base salary (CEO) | $180,000 per year | |
| Benefits/perquisites | Eligible to participate in senior employee plans; expense reimbursement; time off as needed |
Performance Compensation
- Annual performance-based bonus eligibility (no target % disclosed); metrics include revenue, profitability, and development of new business relationships, with goals set by the board .
- No 2024 cash or equity compensation reported for Higginson under the company’s scaled disclosure for that year (consulting arrangement showed $0 in 2024 and 2023) .
- Equity plan exists (Aspire Biopharma 2024 Stock Incentive Plan) administered by the compensation committee; awards subject to adjustment for reverse split if effected . Specific RSU/option grants, vesting schedules, strike prices, and fair values for Higginson are not disclosed in the available filings.
Equity Ownership & Alignment
| Metric | Value | Source |
|---|---|---|
| Beneficial ownership (shares) | 10,531,193 | |
| Ownership as % of common stock outstanding | 21.63% | |
| Shares outstanding (record date) | 49,525,970 | |
| Insider trading policy | Adopted; blackout periods and pre-clearance required for insiders |
Notes:
- The beneficial ownership table excludes 14,374,333 shares underlying warrants and up to 73,588,712 shares issuable upon conversion of the August 19, 2025 Notes at the current floor price, implying material potential dilution to public holders if conversion occurs .
Employment Terms
| Term | Details | Source |
|---|---|---|
| Contract term | Indefinite term employment agreement | |
| Severance (termination without cause or resignation for good reason) | Earned but unpaid base salary; incurred but unreimbursed documented reasonable business expenses; other amounts due under applicable law, conditioned on release and covenant compliance | |
| Restrictive covenants | Non-disparagement, confidentiality, invention assignment; non-interference and employee/customer non-solicitation | |
| Change-of-control provisions | Not disclosed in available summaries |
Board Governance
- Role and tenure: CEO and Chairman; signed S-1s and other filings in both capacities .
- Board classification: Class I/II/III staggered board structure .
- Director independence: Majority independent; composition updated across filings (April vs September) .
- Audit Committee:
- April 2025: Members Gary E. Stein (Chair), Michael Howe, Donald G. Fell; Stein an audit committee financial expert .
- September 2025: Members Howard Doss (Chair), Edward J. Kimball, Donald G. Fell; Doss an audit committee financial expert .
- Compensation Committee:
- April/May 2025: Michael Howe (Chair), Gary E. Stein, Donald G. Fell .
- September 2025: Committee charter and independence affirmed; specific membership not detailed post-resignations; responsibilities include approving executive employment terms, performance goals, and use of independent advisors .
- Nominating & Governance Committee (earlier composition): Gary Stein, Michael Howe, Donald G. Fell; Fell as Chair .
- Dual-role implications: CEO+Chairman structure concentrates authority; mitigations include independent committees and a majority-independent board; filings do not indicate a Lead Independent Director or executive session frequency .
Director Compensation
- Non-employee directors: No cash compensation paid for services rendered; filings present director comp tables with no amounts listed .
- Equity for directors: Not specified; equity plan exists, but no director-specific grant details disclosed .
Related Capital Structure Actions and Trading Context
- Special Meeting (Nov 4, 2025): Board seeks authority for a reverse stock split (1-for-5 to 1-for-40) to support Nasdaq bid-price compliance and improve marketability/liquidity; effects include proportional adjustments to plan awards and convertible securities .
- Convertible Notes (Aug 19, 2025): Aggregate principal $9,687,500; subscription price $7,750,000; maturity Feb 19, 2026; conversion price is the greater of 80% of lowest closing price over five prior trading days or the Floor Price (20% of average closing price for five days before closing); 73,588,712 shares potentially issuable at current floor price subject to blockers .
- Nasdaq compliance risk: Company received delisting notices for MVLS and bid-price deficiencies and is pursuing a hearing; reverse split and capital actions are key components of remediation plan .
Investment Implications
- Alignment: Higginson’s 21.6% beneficial ownership indicates high economic alignment with common shareholders, potentially curbing short-term selling incentives; pledging/hedging not disclosed .
- Governance: CEO+Chairman dual role raises independence considerations; audit and compensation committees comprised of independent directors with designated financial expert mitigate some risks; no Lead Independent Director disclosed .
- Compensation structure: Modest fixed pay ($180k) with bonus metrics tied to revenue/profitability/new relationships suggests performance orientation; absence of disclosed change-of-control multiples and minimal severance formula reduce golden-parachute risk but may heighten retention risk in volatile markets .
- Dilution and trading pressure: Large potential share issuance from the 2025 Notes and possible reverse split are near-term trading overhangs; monitor Special Meeting outcomes and Panel decision on Nasdaq listing; insider trading policy imposes blackout/pre-clearance, which can temporally influence insider selling windows .
- Execution risk: Filings emphasize remediation of listing standards via corporate actions; lack of disclosed operational performance metrics in compensation outcomes (2024 showed $0 consulting comp) underscores early-stage transition and financing priorities over demonstrated financial execution in filings to date .