Anthony Evers
SurgePaysAbout Anthony Evers
Anthony “Tony” Evers, age 61, has served as Chief Financial Officer (CFO) of SurgePays, Inc. since May 1, 2020. He is also CFO of LogicsIQ (since August 2021). Evers holds a BBA in Finance and an MS in Accounting from University of Wisconsin–Whitewater and is both a CPA and CIA, with the financial lead role in over 20 M&A and divestiture transactions across healthcare organizations. Company-level pay-versus-performance disclosure shows total shareholder return (TSR) declined to $88.12 on a fixed $100 baseline in 2024 and net loss of $45.7M, versus 2023 TSR $319.31 and net income $20.6M, framing challenging performance alignment for discretionary executive bonuses .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vista Health System | Chief Financial Officer | Oct 2019 – Mar 2020 | Financial leadership during transitional period |
| Santa Cruz Valley Regional Hospital | Chief Financial Officer | Jun 2019 – Oct 2019 | Short-term CFO engagement |
| KSB Hospital | CFO and CIO | 2015 – 2019 | Dual finance/IT leadership; operational and technology oversight |
| Norwegian American Hospital; Horizon Homecare & Hospice | Chief Financial Officer | Prior to 2015 (dates not specified) | Multiple CFO roles; led over 20 M&A/divestitures |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| LogicsIQ | Chief Financial Officer | Aug 2021 – Present | Concurrent CFO role |
| Wheaton Franciscan Healthcare; Covenant Healthcare; All Saints Health System; Rogers Hospital; Animal Shelter in Beaver Dam, WI | Board/Committee roles | Various (not dated) | Audit/finance committee chair at several; community governance |
| Dixon Illinois Chamber of Commerce | Member | Not dated | Community and business engagement |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $475,000 | $488,656 |
| Annual Cash Bonus ($) | $510,000 | $510,250 |
| All Other Compensation ($) | $47,948 | $14,000 |
| Notes | CFO Employment Agreement (11/11/2023) set base salary: $475,000 (2023), $489,250 (2024), $503,928 (2025) | Bonuses are discretionary; no formulaic metrics disclosed |
Performance Compensation
| Metric | Weighting | 2023 Target | 2023 Actual/Payout | 2024 Target | 2024 Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|---|
| Annual Cash Bonus | Not disclosed (discretionary) | Not disclosed | $510,000 | Not disclosed | $510,250 | Cash (paid for year) |
| RSU Grant (600,000 shares; grant date 11/11/2023; grant-date FV $3,114,000) | Not disclosed | 200,000 shares vest 12/31/2023 | $3,114,000 stock awards recognized (no vest by 12/31/2023 in table; vesting per agreement) | 400,000 shares originally scheduled across 2024; amended schedule in Feb 2024 | $855,334 stock awards recognized 2024 | Original: 200k vests 12/31/2023, 12/31/2024, 12/31/2025 ; Amended on 2/22/2024: 66,667 each on 7/1, 8/1, 9/1, 10/1; 66,666 on 11/1 and 12/1/2024; 200,000 on 12/31/2025 (cont. employment required) |
| Option Awards | N/A | N/A | No new options in 2023 | N/A | Annual employee option grant: 157,335 options @ $1.78, exp. 12/31/2031, fully vested at grant | Options fully vested at grant date (12/31/2024) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 357,526 shares; includes 174,339 fully vested options granted 12/31/2024 and 7,271 shares in IRA |
| Ownership % of Outstanding | 1.8% (based on 20,411,549 shares outstanding as of 3/31/2025) |
| Vested vs Unvested (as of 12/31/2024) | Options: 174,339 vested at $1.78 expiring 12/31/2031; legacy options 17,004 @ $16.00 exp. 2/28/2027 vested . RSUs: 200,000 unvested with market value $356,000 noted; remainder vested per 2024 schedule . |
| In-the-Money Options | Determination depends on spot price vs $1.78/$16.00 strikes; not disclosed in proxy . |
| Shares Pledged as Collateral | None disclosed; no arrangements including pledges known that may result in change in control . |
| Stock Ownership Guidelines | Not disclosed . |
Employment Terms
- 2023 CFO Employment Agreement (effective 11/11/2023; term through 12/31/2025): Base salary $475,000 (2023), $489,250 (2024), $503,928 (2025); $510,000 cash bonus for 2023; eligible for discretionary annual bonus thereafter; participation in employee benefit plans; 600,000 restricted share awards with original vesting schedule of 200,000 on each of 12/31/2023, 12/31/2024, 12/31/2025 .
- Amendment dated 2/22/2024: RSU vesting changed to 66,667 on 7/1/2024, 8/1/2024, 9/1/2024, 10/1/2024; 66,666 on 11/1/2024 and 12/1/2024; 200,000 on 12/31/2025; continued employment required through vest dates .
- Severance: Upon termination without “Cause” or resignation for “Constructive Termination,” severance equals the balance of base salary over the agreement term or one year’s base salary, plus reimbursement for group health and dental insurance for one year; unvested securities vest or terminate per grant terms .
- 8-K retention update: Company provided notice that Evers’ CFO employment agreement will not be renewed upon expiration on 12/31/2025; discussions on his continuing service/position are intended (potential role transition and retention risk signal) .
Outstanding Equity Awards (FY-end reference)
| Type | Amount | Terms |
|---|---|---|
| Options (Dec 31, 2024 annual grant) | 157,335 | Exercise $1.78; fully vested at grant; expire 12/31/2031 |
| Legacy Options (Mar 1, 2020 grant) | 17,004 | Exercise $16.00; fully vested by 12/31/2024; expire 2/28/2027 |
| RSUs (Grant 11/11/2023) | 600,000 total | Amended vesting cadence in H2 2024 and final vesting 12/31/2025; $3,114,000 grant-date fair value |
RSU Vesting Schedule (Amended 2/22/2024)
| Vest Date | Shares | Condition |
|---|---|---|
| Jul 1, 2024 | 66,667 | Continued employment |
| Aug 1, 2024 | 66,667 | Continued employment |
| Sep 1, 2024 | 66,667 | Continued employment |
| Oct 1, 2024 | 66,667 | Continued employment |
| Nov 1, 2024 | 66,666 | Continued employment |
| Dec 1, 2024 | 66,666 | Continued employment |
| Dec 31, 2025 | 200,000 | Continued employment |
Compensation Structure Analysis
- Increased guaranteed cash: CFO base rose to $489,250 (2024) and $503,928 (2025) per agreement terms, with discretionary bonuses not tied to formulaic metrics .
- Equity mix: Large RSU grant (600,000 shares; $3.114M fair value) creates significant equity exposure, with 2024 vesting heavily front-loaded into monthly tranches—aligned primarily to service rather than performance metrics .
- Options fully vested at grant (12/31/2024), reducing retention friction from option vesting but potentially increasing near-term liquidity of equity awards .
- Pay-for-performance weakness: Proxies explicitly disclose “no performance goals were set” and bonuses were discretionary, despite 2024 TSR and net income trends that suggest caution about incentive alignment .
Risk Indicators & Red Flags
- Discretionary bonuses with no disclosed targets (pay-for-performance risk) .
- Agreement non-renewal notice for CFO role (retention/transition risk) .
- No pledging disclosed; reduces alignment concerns on collateral leverage .
- Related-party transactions are primarily CEO-linked; no CFO-specific related-party transactions disclosed .
Equity Ownership & Alignment Table
| Metric | Value |
|---|---|
| Beneficial Shares Owned | 357,526 (incl. 7,271 IRA; incl. 174,339 exercisable options) |
| Ownership % | 1.8% (out of 20,411,549 shares) |
| Options (Exercisable/Unexercisable) | Exercisable: 174,339 (12/31/2024 grant), plus 17,004 (2020 grant) fully vested; Unexercisable: none |
| RSUs (Unvested) | 200,000 unvested at FY-end 2024, remaining schedule through 12/31/2025 |
| Pledging/Hedging | None disclosed |
Employment Terms Summary
| Term | CFO Agreement (11/11/2023) |
|---|---|
| Base Salary | 2023: $475,000; 2024: $489,250; 2025: $503,928 |
| Annual Bonus | $510,000 for 2023; discretionary thereafter (no formulaic metrics disclosed) |
| Equity | 600,000 RSUs; amended 2/22/2024 vesting schedule (monthly tranches Jul–Dec 2024; final 12/31/2025) |
| Severance | Balance of base salary over remaining term OR one year base salary; 1-year health/dental reimbursement; equity per grant terms on termination |
| Renewal Status | Company notice of non-renewal upon 12/31/2025 expiration; discussions on continuing service/position to follow |
Investment Implications
- Incentive alignment: Absence of disclosed performance metrics for bonuses and service-based RSU vesting weakens pay-for-performance alignment, particularly against 2024 TSR decline and net loss—investors may press for metric-based incentives tied to revenue growth, EBITDA, and TSR .
- Near-term selling pressure: Fully vested 2024 options (157,335 @ $1.78) and monthly RSU vesting in H2 2024 increased equity liquidity; monitor Forms 4 for any dispositions to gauge pressure and sentiment. Insider-trades data was attempted but not accessible via the skill during this session (401 error). Use ongoing Form 4 monitoring for signals.
- Retention/transition: 8-K notice of CFO agreement non-renewal at 12/31/2025 introduces transition risk; continuity plans and potential new incentives will be key to financial execution stability .
- Governance and discipline: Compensation Committee does not use external consultants; investors may seek stronger benchmarking and performance conditions to mitigate inflationary pay drift and enhance long-term alignment .
Note: All facts and quantitative details above are drawn from SurgePays’ 2025 and 2024 DEF 14A filings and the 8-K dated October 2, 2025, with explicit citations for each item: .