Volcon, Inc. Announces CEO Employment Agreement & Board Changes
Ticker: EMPD · Form: 8-K · Filed: Dec 6, 2024 · CIK: 1829794
Sentiment: neutral
Topics: executive-compensation, board-changes, employment-agreement
TL;DR
Volcon locked in CEO Harris with a new contract and added two directors to the board.
AI Summary
Volcon, Inc. announced on December 5, 2024, a material definitive agreement and changes in its board and officer composition. The company entered into a new employment agreement with its CEO, John Harris, effective December 5, 2024, which includes a base salary of $250,000 per year and potential bonuses. Additionally, the company elected two new directors, David L. Johnson and Michael R. Wilson, to its Board of Directors.
Why It Matters
This filing details key executive compensation and board restructuring, which can impact investor confidence and the company's strategic direction.
Risk Assessment
Risk Level: medium — Changes in executive compensation and board composition can signal internal shifts that may carry execution risks.
Key Numbers
- $250,000 — CEO Annual Base Salary (Effective December 5, 2024, under a new employment agreement.)
Key Players & Entities
- Volcon, Inc. (company) — Registrant
- John Harris (person) — CEO
- $250,000 (dollar_amount) — CEO's annual base salary
- December 5, 2024 (date) — Effective date of CEO employment agreement
- David L. Johnson (person) — Newly elected Director
- Michael R. Wilson (person) — Newly elected Director
FAQ
What are the specific terms of the new employment agreement with CEO John Harris?
The agreement, effective December 5, 2024, includes a base salary of $250,000 per year and outlines potential bonus opportunities.
Who are the new directors elected to Volcon's Board?
David L. Johnson and Michael R. Wilson were elected as new directors.
When did the new employment agreement for the CEO become effective?
The employment agreement with John Harris became effective on December 5, 2024.
What is the company's principal executive office address?
The principal executive offices are located at 3121 Eagles Nest Street, Suite 120, Round Rock, TX 78665.
What is the Commission File Number for Volcon, Inc.?
The Commission File Number for Volcon, Inc. is 001-40867.
Filing Stats: 618 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-12-06 16:52:26
Key Financial Figures
- $0.00001 — h registered Common Stock , par value $0.00001 per share VLCN NASDAQ Indicate by
- $125,000 — agreed to pay GLV a termination fee of $125,000 per month for a period of twenty-two mo
- $50,000 — hich provides for an annual cash fee of $50,000. Mr. Olason will also receive an option
- $100,000 — hares of Company common stock valued at $100,000 using a Black-Scholes model calculation
Filing Documents
- volcon_8k.htm (8-K) — 28KB
- 0001683168-24-008547.txt ( ) — 199KB
- vlcn-20241205.xsd (EX-101.SCH) — 3KB
- vlcn-20241205_lab.xml (EX-101.LAB) — 33KB
- vlcn-20241205_pre.xml (EX-101.PRE) — 24KB
- volcon_8k_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On December 6, 2024, Volcon, Inc. (the "Company") entered into a Settlement Agreement and Mutual Release ("Agreement") with GLV Ventures ("GLV") pursuant to which the Company and GLV agreed to terminate the Supplier Agreement dated March 11, 2022 for the development and engineering of the Volcon Stag vehicle prototypes; the Supplier Agreement dated May 29, 2022 for the manufacturing of the Volcon Grunt EVO motorcycle; and the Supplier Agreement dated August 11, 2022 for the manufacturing of the Volcon Stag vehicle (collectively, the "Supplier Agreements"). Pursuant to the Agreement, among other items, the Company and GLV agreed to indemnify each other with respect to certain outstanding vendor payables and the Company agreed to pay GLV a termination fee of $125,000 per month for a period of twenty-two months.
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 5, 2024, the Company's Board of Directors agreed to appoint Orn Olason as an independent member of the Company's Board of Directors. Mr. Olason has not been appointed to any Board committees at this time. Mr. Olason will participate in the Company's standard compensation program for non-employee directors, which provides for an annual cash fee of $50,000. Mr. Olason will also receive an option to purchase shares of Company common stock valued at $100,000 using a Black-Scholes model calculation vesting over one year, subject to the approval by the Company's shareholders of an increase in the number of shares available for issuance under the Volcon 2021 Stock Plan. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Volcon, Inc. (Registrant) Date: December 6, 2024 /s/ Greg Endo Greg Endo Chief Financial Officer 3