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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 


Date of Report (Date of earliest event reported): October 6, 2021

 

 

 

WORKHORSE GROUP INC.
(Exact name of registrant as specified in its charter)

 

 

 

Nevada   001-37673   26-1394771
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

100 COMMERCE DRIVE, LOVELAND, ohio   45140
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (513) 360-4704

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class     Trading Symbol     Name of each exchange  on which registered  
Common Stock, par value $0.001 per share   WKHS   The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 

 

 

 

 

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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