Neonode Inc. appointed Dr. Forssell as new CEO

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


Resignation of President and Chief Executive Officer


On April 10, 2024, Neonode Inc. (the "Company") announced the Company and its President and Chief Executive Officer ("CEO"), Dr. Urban Forssell, mutually agreed that Dr. Forssell will step down as President and CEO effective immediately. Dr. Forssell will serve as a strategic advisor to the Company and the Board of Directors (the "Board") until the end of 2024. Mr. Forssell's resignation occurred as part of the Company's growth strategy and is not related to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. As of the filing of this Current Report on Form 8-K (this "Report"), the Compensation Nominating and Governance Committee of the Board and the Board have not finalized the certain termination agreement relating to the termination of Dr. Forssell's position of President and CEO and the retention of Dr. Forssell as a strategic advisor to the Company and the Board. The Company will provide this information by filing an amendment to this Report after the information is determined or becomes available.


Appointment of Interim President and Chief Executive Officer 


In connection with the departure of Dr. Forssell, the Board appointed the Company's Chief Financial Officer, Fredrik Nihlén, as the Company's Interim President and CEO effective immediately. Mr. Nihlén will serve as Interim President and CEO until a new President and CEO is appointed. Mr. Nihlén will be entitled to receive a monthly salary of SEK 140,000 (approximately US$13,254) for his role as the Company's Chief Financial Officer and an additional monthly salary of SEK 35,000 (approximately US$3,314) for his role as the Interim President and CEO. Mr. Nihlén is not entitled to any additional compensation relating to his appointment as Interim President and CEO except as provided above.


Biographical information about Mr. Nihlén is contained in the Company's Definitive Proxy Statement for the Company's 2023 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on April 27, 2023 under the caption "Executive Officers" and is incorporated herein by reference. There are no arrangements or understandings between Mr. Nihlén and any other persons pursuant to which he was selected as an officer of the Company. In addition, he is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. There are no family relationships between Mr. Nihlén and any of the Company's other directors or executive officers. Mr. Nihlén has previously entered into the Company's standard form of indemnification agreement.