Date: 8/11/2022
Form: 8-K - Current report
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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 August 5, 2022, the board of directors (the "Board”) of Arcimoto, Inc. (the "Company”) appointed Mark Frohnmayer as Chief Vision Officer. Mr. Frohnmayer is transitioning from the role of Chief Executive Officer. The Company and Mr. Frohnmayer intend to amend his employment agreement to reflect his new role with the Company.
Also on August 5, 2022, Jesse A. Fittipaldi, age 47, was appointed as Interim Chief Executive Officer. Mr. Fittipaldi joined the Company in May of 2015 as the Company's Business Development Lead. From June of 2017 to May 2020, Mr. Fittipaldi was Vice President of the Company and has been our Chief Strategy Officer since May 2020. He has helped build the company departments from 6 employees to over 300, supported the initial public offering, the factory buildout and vehicle production. Mr. Fittipaldi comes from the professional engineering world where he facilitated success for large institutional energy savings projects. At Oregon State University and the University of Oregon, he studied biology, engineering and philosophy and he left school before finishing to start his career.
Mr. Fittipaldi has no familial relationships with any executive officer or director of the Company and there are no arrangements or understandings between Mr. Fittipaldi and any other persons pursuant to which Mr. Fittipaldi was selected as Interim Chief Executive Officer.
There have been no transactions in which the Company has participated and in in which Mr. Fittipaldi had a direct or indirect material interest that would be required to be disclosed under Item 404(a) of Regulation S-K. Mr. Fittipaldi has a current base salary of $200,000. Mr. Fittipaldi will be eligible to receive cash bonuses to be determined by the Board and long-term incentive compensation under the Company’s equity incentive plans. Mr. Fittipaldi will also be entitled to receive all health and welfare benefits offered to other executive officers of the Company.
Also on August 5, 2022, the board of directors of the Company appointed an Executive Committee to make executive decisions during such interim period. The Executive Committee consists of Mr. Fittipaldi (Chief Executive Officer), Doug Campoli (Chief Financial Officer) and Terry Becker (Chief Operating Officer).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARCIMOTO, INC. | ||
| Date: August 10, 2022 | By: | /s/ Jesse A. Fittipaldi |
| Jesse A. Fittipaldi | ||
| Interim Chief Executive Officer | ||