Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 6, 2023, Richard White notified Parts iD, Inc., a Delaware
corporation (the "Company") of his resignation from the Company's Board of
Directors (the "Board"), effective immediately. Mr. White's decision to resign
from the Board is solely for personal reasons and is not the result of any
disagreement with the Company with respect to any matter relating to the
Company's operations, policies or practices, or any disagreements in respect of
accounting principles, financial statement disclosure, or any issue impacting
the Audit Committee of the Board (the committee on which he served). Rahul
Petkar, a current independent director, was appointed as a member of the
Company's Audit Committee in replacement of Mr. White.
Item 8.01 Other Events.
Effective immediately, the Company is implementing a restructuring plan approved
by the Board to streamline its operations in light of its current liquidity
needs and financial condition. In connection therewith, the Company is reducing
its employment base by two-thirds in the United States and similarly
significantly reducing its independent contractors in Ukraine, Costa Rica and
the Philippines. The employees and independent contractors affected by this
reduction were informed of the Company's decision beginning on February 7, 2023.
Each affected employee in the United States will be paid such employee's
respective salary through such employee's termination date and the Company is
unable to offer severance to any of the affected employees. In addition, the
Company has reduced the salaries of the remaining employees by ten percent to
decrease operating expenses moving forward.
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