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. |
On June 5, 2023, LiveWire Group, Inc. (the “Company”) announced that the Board of Directors appointed Karim Donnez as the Company’s Chief Executive Officer, effective June 12, 2023. Mr. Donnez will succeed Jochen Zeitz, whose term as Chief Executive Officer will conclude June 11, 2023. Mr. Zeitz will remain as Chairman of the Board of Directors. .
Mr. Donnez, age 46, previously served as President, Marine Group of Bombardier Recreational Products Inc. (“BRP”), a Canadian manufacturer of snowmobiles, all-terrain vehicles, side by sides, motorcycles, and personal watercraft, since May 2022, Senior Vice President, Marine Group of BRP, from February 2020 to May 2022, and Senior Vice President, Strategy, Business Development and Transformation, from July 2015 to February 2020. Prior to joining BRP in 2015, Mr. Donnez held leadership positions at Rio Tinto, a multinational metals and mining company, from August 2018 to July 2015 most recently as General Manager, Refinery & Energy for Rio Tinto Kennecott. Mr. Donnez started his career at Accenture plc.
In connection with his appointment as Chief Executive Officer of the Company, the Compensation Committee approved the following compensation for Mr. Donnez: annual base salary of $600,000, target annual cash incentive of 100% of base salary (with the payout prorated for the portion of the year during which he served as Chief Executive Officer), and, commencing in 2024, a target long-term equity incentive of 300% of base salary. In connection with his hire, Mr. Donnez will receive an initial grant of restricted stock units, valued at $3,000,000, which vest in three equal installments on each of the first, second and third anniversaries of the grant date, so long as Mr. Donnez remains employed by the Company, subject to certain accelerated vesting provisions in the award agreement.
A copy of the related Press Release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press Release of LiveWire Group, Inc., dated June 5, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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.
| LiveWire Group, Inc. | ||||||
| Date: June 5, 2023 | /s/ Amanda Parker | |||||
| Amanda Parker | ||||||
| Chief Legal Officer & Corporate Secretary | ||||||