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OFFON

LORDSTOWN MOTORS CORP.

(RIDE)
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LORDSTOWN MOTORS CORP. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

06/24/2021 | 05:23pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 18, 2021, in connection with Angela Strand's appointment as the Executive Chair of the Board of Directors (the "Board") of Lordstown Motors Corp. (the "Company"), Ms. Strand and the Company entered into a letter agreement (the "Strand Letter Agreement") which has a five month term and provides for a monthly salary of $100,000.

On June 18, 2021, in connection with Ms. Ritson-Parsons' appointment as the Company's Chief Operating Officer, Ms. Ritson-Parsons and the Company entered into an employment agreement (the "Ritson-Parsons Employment Agreement") pursuant to which Ms. Ritson-Parsons will receive an annual salary of $400,000 and a one-time signing bonus of $100,000. Under Ms. Ritson-Parsons' employment agreement, if her employment is terminated by the Company without "cause" or by Ms. Ritson-Parsons for "good reason" during the period commencing on or after the date that the Company enters into a definitive agreement that results in a change of control (provided that the change of control actually occurs) and ending on the date which is 12 months following the change of control, Ms. Ritson-Parsons is entitled to receive, subject to her execution and non-revocation of a general release of claims, an amount equal to 12 months of base salary, any actual bonus earned but unpaid as of the date of termination, a prorated target bonus for the year of termination, accelerated vesting of all outstanding and unvested equity awards and 12 months of continued health insurance coverage. If Ms. Ritson-Parsons' employment is terminated by the Company other than for cause or due to her resignation for good reason, in either case, in the absence of a change in control, she will receive, subject to her execution and non-revocation of a general release of claims, her base salary for a period of six months and 12 months of continued health insurance coverage. Pursuant to her employment agreement, Ms. Ritson-Parsons is also subject to certain restrictive covenants, including (i) perpetual confidentiality and non-disparagement covenants, (ii) an assignment of inventions covenant and (iii) non- competition and customer and employee non-solicitation covenants during and for the two-year period following any termination of employment.

In addition, on June 18, 2021, the Company entered into an amended and restated employment agreement (the "Schmidt Employment Agreement") with Rich Schmidt, the President of the Company.

The foregoing summary of the Strand Letter Agreement, the Ritson-Parsons Employment Agreement and the Schmidt Employment Agreement are qualified in their entirety by reference to the agreements themselves, which are attached to this Current Report as Exhibits 10.1, 10.2 and 10.3, respectively, and which are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.



(d)    Exhibits


The following exhibits are filed as part of this Current Report on Form 8-K:



Exhibit No.                                 Description
  10.1          Letter Agreement, dated as of June 18, 2021, between Angela Strand
              and Lordstown Motors Corp.
  10.2          Employment Agreement, dated as of June 18, 2021, between Jane
              Ritson-Parsons and Lordstown Motors Corp.
  10.3          Amended and Restated Employment Agreement, dated June 18, 2021
              between Rich Schmidt and Lordstown Motors Corp.
104           Cover Page Interactive Data File (formatted as inline XBRL and
              contained in Exhibit 101)

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 3,34 M - -
Net income 2021 -445 M - -
Net Debt 2021 26,1 M - -
P/E ratio 2021 -2,04x
Yield 2021 -
Capitalization 897 M 897 M -
EV / Sales 2021 276x
EV / Sales 2022 1,71x
Nbr of Employees 320
Free-Float 63,0%
Chart LORDSTOWN MOTORS CORP.
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Lordstown Motors Corp. Technical Analysis Chart | RIDE | US54405Q1004 | MarketScreener
Technical analysis trends LORDSTOWN MOTORS CORP.
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 8
Last Close Price 5,07 $
Average target price 4,75 $
Spread / Average Target -6,31%
EPS Revisions
Managers and Directors
Daniel A. Ninivaggi Chief Executive Officer & Director
Rich Schmidt President
Rebecca A. Roof Chief Financial Officer
Angela Strand Boydston Non-Executive Chairman
Darren C. Post Vice President-Engineering
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