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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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
On November 4, 2021, the Company entered into an amended employment agreement with Mr. James Berklas, pursuant to which Mr. Berklas has agreed to continue to serve as the Company’s Chief Legal Officer and Vice President - Corporate Development (the “Employment Agreement”). The Employment Agreement provides for an annual base salary of $375,000, effective as of September 1, 2021, and an annual cash bonus with a target of 40% of his base salary (other than for 2021, as to which Mr. Berklas’ bonus will be $200,000). In addition, Mr. Berklas will be eligible to receive a retention bonus of $375,000, payable in two equal installments occurring six (6) months after September 1, 2021 and twelve (12) months after September 1, 2021, provided that Mr. Berklas is employed as of such dates. In the event Mr. Berklas’ employment is terminated by the Company without “Cause” or by Mr. Berklas for “Good Reason”, Mr. Berklas will receive severance benefits that include six months of his then-current annual base salary and a prorated portion of the aforementioned retention bonus (calculated by the number of days between September 1, 2021 and the date of termination).
The foregoing is only a brief description of the Employment Agreement, and is qualified in its entirety by the full text of to the Employment Agreement, filed hereto as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number |
Description | |
| 10.1 | Employment Agreement for James Berklas, dated November 4, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| XL FLEET CORP. | ||
| Date: November 10, 2021 | By: | /s/ Randy Price |
| Name: | Randy Price | |
| Title: | Assistant Corporate Secretary | |
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