Archer Aviation co-CEO Brett Adcock departs, receives severance, remains on board

Archer Aviation Inc.

Separation effective April 13, 2022; Adcock stays on Board of Directors.
Severance includes 24-month salary continuation ($600k/yr), $600k bonus, and $1.5M special payment.
Time-based equity accelerated by 24 months; Founder Grant milestones eligible for 15 months post-separation.
12-month lock-up on share transfers, with limited sales allowed in Q3/Q4 2022 and Q1 2023.
Total unvested shares owned individually and via High Drive Growth LLC become fully vested after acceleration.

item 5.02 item 9.01

Executive movements

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Departed

Brett Adcock

Co-Chief Executive Officer

ACHR · Archer Aviation Inc.

Effective: 2022-04-13
Successor: Adam Goldstein
Filed: April 29, 2022, 7:59 PM ET

Brett Adcock, the Company’s Co-Founder and former Co-Chief Executive Officer, will remain on the Company’s Board of Directors. Mr. Adcock’s service as the Company’s Co-Chief Executive Officer ended effective April 13, 2022

Role change

Adam Goldstein

Chief Executive Officer

ACHR · Archer Aviation Inc.

Effective: 2022-04-13
Filed: April 29, 2022, 7:59 PM ET

Adam Goldstein has been named the sole Chief Executive Officer of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Brett Adcock departed as Co-Chief Executive Officer at Archer Aviation Inc..

Action: ended
Role: Co-Chief Executive Officer

Exact text from the filing

Brett Adcock, the Company’s Co-Founder and former Co-Chief Executive Officer, will remain on the Company’s Board of Directors. Mr. Adcock’s service as the Company’s Co-Chief Executive Officer ended effective April 13, 2022

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Adam Goldstein was named as Chief Executive Officer at Archer Aviation Inc..

Action: named
Role: Chief Executive Officer

Exact text from the filing

Adam Goldstein has been named the sole Chief Executive Officer of the Company.

View on SEC.gov

Archer Aviation Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-052848

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