UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
As previously reported, on September 29, 2021, Workhorse Group Inc. (the “Company”) informed Steve Schrader, the Company’s then Chief Financial Officer, that the Company would not be renewing his employment agreement and Mr. Schrader left the Company that day. Effective October 6, 2021, the Company and Mr. Schrader entered into an Employment Separation Agreement and Release of Claims (the “Separation Agreement”). Pursuant to the Separation Agreement, the Company has agreed to pay Mr. Schrader $100,000 within 10 days after the effective date of the Separation Agreement and $100,000 on or before December 18, 2021. The Separation Agreement includes a customary waiver, release and acknowledgement of restrictive covenants from Mr. Schrader. A copy of the Separation Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
| Exhibit No. | Description | |
| 10.1 | Employment Separation Agreement and Release of Claims between the Company and Steve Schrader. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WORKHORSE GROUP INC. | ||
| Date: October 12, 2021 | By: | /s/ James D. Harrington |
| James D. Harrington | ||
| Chief Administrative Officer, General Counsel and Secretary | ||
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