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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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The
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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. |
On November 13, Workhorse Group Inc. (the “Company”) and Rick Dauch, the Company’s Chief Executive Officer, entered into an amendment (the “Amendment”) to Mr. Dauch’s employment agreement that generally reduces Mr. Dauch’s compensation. Mr. Dauch voluntarily entered into the Amendment to reflect his commitment to reducing costs and to align his compensation with actions the Company is taking for the benefit of employees, customers and stockholders. Specifically, the Amendment reduces Mr. Dauch’s (i) base salary from $1,000,000 to $780,000, (ii) target cash bonus range from 125% to 200% of his base salary to 100% to 200% of his base salary and (iii) equity incentive awards under the Company’s long-term incentive plan from $5,000,000 to $3,630,000. Subject to certain conditions and assumptions, the Company expects the total value of Mr. Dauch’s compensation to be reduced by $2,060,000.
Item 9.01. Exhibits.
| Exhibit No. | Description | |
| 10.1 | First Amendment to Employment Agreement, dated November 13, 2023, by and between Workhorse Group Inc. and Rick Dauch. | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
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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: November 14, 2023 | By: | /s/ James D. Harrington |
| Name: | James D. Harrington | |
| Title: | General Counsel, Chief Compliance Officer and Secretary | |
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