Richard Schurfeld
SurgePaysAbout Richard Schurfeld
Richard Schurfeld (age 60) is an independent director of SurgePays, Inc. and has served on the board since December 2022 . He is the CEO of Redsson, Ltd. (since 2001), a B2B software and services company focused on custom solutions for utilities and healthcare payers to streamline manual processes . He is deemed independent under Nasdaq and SEC standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Redsson, Ltd. | Chief Executive Officer | 2001–present | Leads custom B2B software/services for utilities and healthcare payers |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Redsson, Ltd. | Chief Executive Officer | 2001–present | Private company; no public company directorships disclosed |
Board Governance
- Committee assignments: Audit Committee member; Compensation Committee member; Nominating and Corporate Governance Committee chair .
- Independence: Determined independent (with Laurie Weisberg and David N. Keys) by Nasdaq/SEC standards; Kevin Cox (CEO) and David May not independent due to roles/related-party threshold in prior year .
- Attendance: Board held three meetings in 2023 and three in 2024; all incumbent directors attended at least 75% of Board and relevant committee meetings in both years; all incumbents attended the 2024 annual meeting .
- Committee activity: Audit Committee held four meetings in 2023 and four in 2024; Compensation Committee held three meetings in 2023 and one in 2024; Nominating & Corporate Governance held one meeting in 2024 (none in 2023) .
- Code of Ethics and insider trading policy in place (board-level governance disclosures) .
Fixed Compensation
| Component | 2023 | 2024 | Vesting and Terms |
|---|---|---|---|
| Annual cash retainer | — | $75,000 | Approved April 25, 2024 |
| Equity grant (RSAs) | 24,000 shares (grant 8/8/2023) | $50,000 stock award (grant approved 4/25/2024) | 2023 RSAs vest at earliest of non-cause board departure, change-in-control, or 5th anniversary; transfer restrictions apply . 2024 stock awards vest four years from grant . |
| Total director compensation (reported) | $132,720 stock; no cash | $125,000 total ($75,000 cash; $50,000 stock) | As reported in Director Compensation tables |
Performance Compensation
| Metric | Disclosed Terms |
|---|---|
| Director performance metrics tied to pay | None disclosed for directors; Compensation Committee notes no use of external consultants and discretionary framework primarily for executive compensation . |
Other Directorships & Interlocks
| Company | Role | Public/Private | Interlock/Conflict Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships are disclosed for Schurfeld; no interlocks noted . |
Expertise & Qualifications
- Technology leadership: CEO of Redsson, Ltd., delivering custom B2B solutions to utilities and healthcare payers .
- Governance: Chair of Nominating and Corporate Governance Committee; member of Audit and Compensation Committees .
- Independence and compliance: Independent director; Section 16 filings reported timely for reporting persons in 2024 .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Notes |
|---|---|---|---|
| Richard Schurfeld | 45,001 | <1% (“*”) | Beneficial ownership per SEC rules; outstanding shares were 20,411,549 as of 3/31/2025 . |
| Prior year reference | 42,201 | <1% (“*”) | Outstanding shares were 19,282,938 as of 3/12/2024 . |
Governance Assessment
- Board effectiveness: Schurfeld strengthens independence and governance oversight as chair of Nominating & Corporate Governance and member of Audit and Compensation . Attendance thresholds were met, and committee cadence appears appropriate for a small-cap issuer .
- Alignment and incentives: Director pay mix appropriately blends cash and long-term equity, with multi-year vesting for 2024 awards and event/tenure-based vesting for 2023 RSAs, promoting retention and alignment . Year-over-year, SURG introduced cash retainers in 2024, reducing reliance on pure equity versus 2023—less dilution but slightly weaker explicit long-term alignment than solely equity grants .
- Conflicts and related-party exposure: No related-party transactions disclosed for Schurfeld. Company discloses related-party transactions with entities owned by CEO Kevin Cox (Axia payables and Carddawg lease), with policy that future related-party dealings require independent director approval and third-party-comparable terms—auditable oversight reduces but does not eliminate perceived conflict risk . Independence determinations reaffirm Schurfeld’s status .
- Compensation governance: Compensation Committee does not use independent compensation consultants; reliance on internal benchmarking and discretion may raise pay-for-performance risk signals, but director grants employ long-dated vesting and event-based vesting provisions . Executive bonuses noted as discretionary in recent years, which is a broader governance consideration for SURG, not Schurfeld specifically .
- RED FLAGS: None specific to Schurfeld found (no related-party transactions, pledging, or attendance issues disclosed) . Company-level related-party ties to CEO and discretionary executive bonuses warrant ongoing monitoring by independent directors including Schurfeld .
Overall implication: Schurfeld’s independence, committee leadership, and consistent attendance support board effectiveness. The introduction of a cash retainer in 2024 shifts director pay mix, while long-vesting RSAs maintain alignment; vigilance on company-level related-party transactions and compensation governance (lack of external consultants, discretionary executive bonuses) remains a key oversight priority for Schurfeld’s committees .