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The audit committee hired outside lawyers to look into how the company credit card was being used. What they found cost Brandon Torres Declet both of his jobs.
Declet was Exyn's chief executive and chairman. The investigation, run by the audit committee with independent outside counsel, identified about $286,000 in personal travel and other expenses charged to a company-issued card over multiple periods and entered into Exyn's books as business costs, according to an 8-K filed with the SEC on August 25. Declet resigned from all positions on August 19, effective immediately.
Under a separation agreement dated August 25, he agreed to pay the money back. The company agreed not to pursue legal action immediately — the price it paid for a broad release of any claims Declet might bring against it. He gets no severance and no accelerated vesting of his equity. No repayment schedule is described in the filing.
The board moved the same day as the resignation. Benjamin Williams, who has been the company's chief operating officer since May 2019, became interim chief executive. He has been here before: Williams held the same interim role from June 2023 through November 2023. Director Gregory McNeal became non-executive chairman. Williams's annual salary was raised to $355,000, from $294,000, following the appointment.
Shares closed 40.00% higher at $3.2200 on August 26, after the filing, on dollar volume of about $5 million across 11,340 trades.
Declet agreed to repay the $286,000. The filing does not say when, or what the company does if he doesn't.