UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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. |
As previously reported, on October 12, 2023, ElectraMeccanica Vehicles Corp. (the “Company”) announced that Mark Orsmond was no longer serving as the Company’s Chief Financial Officer, effective October 9, 2023. Pursuant to Mr. Orsmond’s employment agreement with the Company, dated August 22, 2022 (the “Orsmond Employment Agreement”), Mr. Orsmond is entitled to certain payments and benefits, including (i) all accrued and unpaid statutory holiday and vacation pay (if any), salary, and expense reimbursement, up to and including the Date of Termination (as defined in the Orsmond Employment Agreement); (ii) an amount equal to 13 months’ salary; (iii) benefits for 12 months from the Date of Termination; and (iv) the opportunity to exercise any unexercised and fully vested portion of any options on the Date of Termination any time during the 12 months thereafter. In accordance with the Orsmond Employment Agreement, Mr. Orsmond was required to enter into an agreement (the “Release Agreement”) providing for a general release of claims in favor of the Company as a condition precedent to receiving any payments or benefits under the Orsmond Employment Agreement. On October 17, 2023, the Company and Mr. Orsmond entered into the Release Agreement.
The foregoing description of the Release Agreement is not intended to be complete and is qualified in its entirety by reference to the full text of the Release Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit | |
| Number | Description |
| 10.1 |
Release Agreement, dated October 17, 2023, between ElectraMeccanica Vehicles Corp. and Mark Orsmond
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| 104 |
Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document)
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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.
| Date: October 18, 2023 | ELECTRAMECCANICA VEHICLES CORP. | ||
| By: | /s/ Michael Bridge | ||
| Michael Bridge | |||
| General Counsel and Corporate Secretary | |||