Workhorse appoints Richard Dauch as CEO; prior CEO Duane Hughes departs; guidance withdrawn

Workhorse Group Inc.

Richard Dauch becomes CEO and board member effective Aug 2, 2021; previously CEO of Delphi Technologies.
Duane Hughes departs as CEO and board member; receives $855,000 severance and transitional role through Sep 30.
Company withdraws previously stated guidance effective immediately; no replacement guidance provided.
Dauch receives $1M base salary, 500k restricted shares + $3M stock options as signing bonus, target annual bonus 125% of base.
Long-term equity incentive target set at 500% of base salary; severance includes up to 3x base + bonus upon change of control.

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Duane Hughes

Chief Executive Officer

WKHS · Workhorse Group Inc.

Effective: 2021-08-02
Successor: Richard Dauch
Filed: July 29, 2021, 7:59 PM ET

On July 26, 2021, the Company and Duane Hughes mutually agreed that Mr. Hughes would no longer continue as a member of the Board of Directors and as Chief Executive Officer and President of the Company, effective August 2, 2021.

Appointed

Richard Dauch

Chief Executive Officer

WKHS · Workhorse Group Inc.

Effective: 2021-08-02
Filed: July 29, 2021, 7:59 PM ET

On July 25, 2021, Workhorse Group Inc. (the “Company”) entered into an Employment Agreement with Richard Dauch, pursuant to which he will become Chief Executive Officer and a member of the Board of Directors of the Company (the “Employment Agreement”), effective August 2, 2021.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Duane Hughes resigned as Chief Executive Officer at Workhorse Group Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On July 26, 2021, the Company and Duane Hughes mutually agreed that Mr. Hughes would no longer continue as a member of the Board of Directors and as Chief Executive Officer and President of the Company, effective August 2, 2021.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard Dauch was appointed as Chief Executive Officer at Workhorse Group Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On July 25, 2021, Workhorse Group Inc. (the “Company”) entered into an Employment Agreement with Richard Dauch, pursuant to which he will become Chief Executive Officer and a member of the Board of Directors of the Company (the “Employment Agreement”), effective August 2, 2021.

View on SEC.gov

Workhorse Group Inc. filing history →

Source: SEC EDGAR

accession 0001628280-21-014824

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