Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective March 17, 2023, Elaine L. Chao and Howard Jenkins have resigned from
the Board of Directors of Hyliion Holdings Corp. (the "Company"). Neither
resignation was due to any disagreement with the Company on any matter relating
to the Company's operations, policies or practices. The Company sincerely thanks
Ms. Chao and Mr. Jenkins for their contributions and dedication to the Company.
In connection with the resignations of Ms. Chao and Mr. Jenkins, and the
appointment of three new directors described in further detail below, the Board
voted to increase the size of the Board from nine members to ten.
On March 17, 2023, the Board increased the size of the Board to ten directors
and appointed three new directors to fill the vacancies. Melanie Trent, age 58
will serve as a Class I director with a term that expires at the Company's 2024
Annual Meeting of Stockholders. Richard Freeland, age 65 will serve as a Class
II director with a term that expires at the 2025 Annual Meeting of Stockholders.
Rodger Boehm, age 65, will serve as a Class III director with a term that
expires at the Company's 2023 Annual Meeting of Stockholders. Each newly
appointed director will serve until the expiration of their respective term or
until his or her successor is elected and qualified.
Ms. Trent was appointed to serve as the chair of the Nominating and Corporate
Governance Committee of the Board; Mr. Freeland was appointed to serve on the
Compensation Committee and the Technology Committee of the Board; and Mr. Boehm
was appointed to serve on the Audit Committee and Technology Committee of the
Board.
None of Mr. Freeland, Mr. Boehm or Ms. Trent were selected as a director
pursuant to any arrangements or understandings with the Company or with any
other person, and there are no transactions between the Company and any of the
newly appointed directors that would require disclosure under Item 404(a) of
Regulation S-K. Each of the new directors qualifies as independent under the
general independence standards of the New York Stock Exchange and as independent
under certain heightened independence standards of the NYSE and the Securities
and Exchange Commission applicable to the committees on which they will serve.
Each newly-appointed director will be compensated for his or her services on the
Board on the same basis as each of the Company's other non-employee directors.
Annual compensation for non-employee directors is comprised of cash and
stock-based equity compensation. The cash compensation consists of an annual
retainer and the stock-based equity compensation consists of awards of
restricted stock units. A more detailed description of the compensation of
directors of the Company was previously reported in the Company's Definitive
Proxy Statement filed with the Securities and Exchange Commission on March 25,
2022, under "Director Compensation."
The Company has entered into indemnification agreements with each of the newly
appointed directors on the same basis as each of the Company's other directors.
This agreement, among other things, requires the Company to indemnify its
directors for certain expenses, including attorneys' fees, judgments, fines and
settlement amounts incurred by a director in any action or proceeding arising
out of their services as one of the Company's directors or any other company or
enterprise to which the person provides services at the Company's request. The
foregoing description of the indemnification agreement is qualified in its
entirety by the full text of the form of indemnification agreement, which was
previously filed with the Securities and Exchange Commission on October 7, 2020,
as Exhibit 10.4 to its Form 8-K.
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