Forian Inc. appointed Max C. Wygod as new CEO

Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


Departure of Dan Barton as Chief Executive Officer and President and Class II Director


On February 13, 2023, the Company announced that Daniel Barton resigned as the Company's Chief Executive Officer and President and as a Class II member of the Board of Directors (the "Board") effective February 10, 2023. Mr. Barton's resignation was not the result of any disagreement relating to the Company's strategy, operations, policies or practices or any issues regarding the Company's accounting policies, procedures, estimates or judgements.


In connection with Mr. Barton's resignation, the Company and Mr. Barton entered into a separation agreement containing a general release of claims (the "Separation Agreement"). Mr. Barton will be eligible to receive the following, subject to continued compliance with the Separation Agreement: (i) continuation of Mr. Barton's salary of $250,000 for twelve (12) months; (ii) $87,500, representing Mr. Barton's annual bonus for the year ended December 31, 2022; (iii) acceleration of Mr. Barton's remaining 106,656 unvested restricted shares of Company common stock; and (iv) a maximum of twelve (12) months of continued COBRA coverage. The foregoing summary of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the complete agreement, which is attached as Exhibit 10.2 hereto and incorporated herein by reference.


Appointment of Interim Chief Executive Officer and President


Effective as of February 10, 2023, the Board appointed Max C. Wygod as interim Chief Executive Officer and President.


Mr. Wygod, age 36, serves as Executive Chairman of the Company, a role he has held since the Company's inception in 2021. Mr. Wygod co-founded Medical Outcomes Research Analytics, LLC ("MOR") in 2019 and served as a Manager of MOR until February 2021. Mr. Wygod is a healthcare executive and investor with experience investing, acquiring, and divesting public and private growth companies at the intersection of healthcare and information technology. Previously, Mr. Wygod served as a Vice President of Business Development at WebMD Health, where he participated in facilitating its sale to Internet Brands, a KKR portfolio company in 2017. A seven-year veteran at WebMD, Mr. Wygod had various business development and operating roles that included WebMD's strategic growth objectives through capital allocation, acquisitions, partnerships, joint ventures, commercial relationships, investments and divestitures. Mr. Wygod received a B.A. from Duke University and an M.B.A. in Finance and Entrepreneurship from The Stern School at New York University.


Mr. Wygod will not receive any additional compensation in consideration for serving as interim Chief Executive Officer and President.


Other than as disclosed herein, there are no arrangements or understandings between Mr. Wygod and any other person and Mr. Wygod has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Wygod is the son of Class I director Martin J. Wygod.