Greenway Technologies Adds President Title for CEO, Locks In Three-Year Pact
The dual-role contract pairs a $240,000 base salary with a 2.5 million-share stock award and change-of-control severance protection.
June 17, 2026
Greenway Technologies has broadened the mandate of its top executive. The Arlington, Texas company said its board appointed Doug Cogan as president on June 9, 2026, while keeping him in the chief executive officer role he already held.
Days later the board put the arrangement on paper. A new employment contract took effect June 12, running an initial three years and then renewing in automatic one-year increments unless either side gives at least 60 days notice. The company added that no separate understanding drove the selection, that Cogan has no family ties to other officers or directors, and that he has no related-party interests to disclose.
What Cogan is paid
The cash side of the package is straightforward:
- Base salary: $240,000 a year, which the board may raise by up to 5% annually at its discretion.
- Annual bonus: discretionary, with an initial target of up to 25% of base pay, tied to performance goals and board approval.
Equity is the larger story. Subject to board approval, the company agreed to grant Cogan 2.5 million restricted shares of common stock, and the board cleared that award the same day it approved the contract. Further performance-based grants may follow in later years at the board’s sole discretion.
Benefits and protections
The agreement folds in the customary executive terms: four weeks of paid time off, business-expense reimbursement with advance approval required above $5,000, and participation in senior-executive benefit plans covering medical, dental, vision, term life and a 401(k). The company also agreed to indemnify Cogan to the fullest extent the law allows.
Severance terms favor the executive
If Greenway terminates Cogan without cause, or he resigns for good reason, he would be entitled to:
- accrued pay through his exit;
- any earned but unpaid bonus from the prior year;
- a lump sum equal to one year of base salary plus target bonus;
- 12 months of reimbursed COBRA premiums for him and his family; and
- immediate vesting of all unvested equity.
Inside a change-of-control window, the cash multiplier increases to one and a half times. Every piece of the severance beyond accrued amounts hinges on Cogan signing a release of claims within 60 days.
The contract rounds out with standard confidentiality, non-compete, non-solicitation, non-interference and non-disparagement provisions. Chief Financial Officer Ransom B. Jones signed the report on June 15.
