NextBoat Inc. filed a Form 8-K on November 12, 2026, reporting the appointment of Alexander B. Dean as Chief Operating Officer, effective November 6, 2026, along with the terms of his employment agreement and equity awards.

Key Highlights

  • New COO appointed: Alexander B. Dean, age 46, was appointed Chief Operating Officer of NextBoat Inc., effective November 6, 2026, reporting directly to the Chief Executive Officer.
  • Base salary: Mr. Dean will receive an annual base salary of $200,000 during the first year of the term, increasing to $300,000 thereafter.
  • Equity grants: On November 6, 2026, the Company granted Mr. Dean options and RSUs under its 2025 Equity Incentive Plan, including 50,000 fully vested incentive stock options, 50,000 RSUs vesting 30 days after the grant date, 100,000 RSUs vesting January 12, 2027, options to purchase 200,000 shares vesting over four annual installments, and non-qualified options to purchase 150,000 shares vesting over 36 monthly installments.
  • Option exercise price: Each stock option carries an exercise price of $1.40 per share, described as equal to the fair market value of the Company's common stock on the grant date, with a ten-year term.
  • Employment term: The initial term of the Employment Agreement runs from the Start Date through January 31, 2030, with automatic one-year renewals unless either party gives at least 90 days' written notice of non-renewal.
  • Prior experience: Mr. Dean previously held senior roles at Fanatics, most recently as Vice President and General Manager of Racing, Entertainment and Golf, and earlier held roles at Dreams, Inc. from 2003 to 2012.
  • Emerging growth company: NextBoat Inc. indicated it is an emerging growth company as defined under applicable SEC rules.

NextBoat Names Dean as COO With Multi-Year Pay and Equity Package

According to the filing, NextBoat Inc. (NYSE American:NXB) disclosed that its Board of Directors, acting on the recommendation of the Compensation Committee, approved the appointment of Alexander B. Dean as Chief Operating Officer on November 3, 2026, with an effective start date of November 6, 2026. The company entered into an Executive Employment Agreement and a Confidentiality and Restrictive Covenant Agreement with Mr. Dean on the same date. Off The Hook Yacht Sales NC, LLC, a wholly owned subsidiary of the Company, will serve as Mr. Dean's employer of record for payroll, tax withholding, and benefits purposes, and Mr. Dean will work remotely from Illinois.

The filing states that Mr. Dean's annual base salary is $200,000 for the first year, rising to $300,000 thereafter, subject to annual review by the Compensation Committee. Beginning with fiscal year 2026, prorated from the Start Date, he is eligible for an annual cash bonus with a target of 50% of base salary earned during the fiscal year, up to a maximum of 150% of that target, based on performance criteria set by the Compensation Committee. The Employment Agreement also permits the Board or Compensation Committee to award additional discretionary bonuses.

On the severance side, the filing describes that if Mr. Dean is terminated without Cause, resigns for Good Reason, or faces a non-renewal by the Company, he is entitled to continued base salary for three months plus one additional month per full year of completed employment, capped at 12 months, plus COBRA premium payments for that period. If such a termination occurs within 12 months following a Change in Control, he would instead receive a lump-sum payment for that period, full vesting of all unvested awards, and COBRA coverage. The filing also notes that Mr. Dean is subject to a 12-month post-employment non-competition covenant and 24-month post-employment non-solicitation covenants under the CRCA. Incentive-based compensation is subject to the Company's clawback policy.

What Was Disclosed

NextBoat Inc. reported the appointment of Alexander B. Dean as Chief Operating Officer, effective November 6, 2026, disclosing the terms of his employment agreement, equity awards granted under the Company's 2025 Equity Incentive Plan, and related restrictive covenant obligations.