XL Fleet Announces Inducement Grant Under NYSE Rule 303A.08
December 09 2021 - 5:00PM
Business Wire
Eric Tech Joined XL Fleet as CEO December 1,
2021
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a
leader in fleet electrification solutions for commercial and
municipal fleets, today announced that on December 1, 2021, and in
connection with the previously announced appointment of Eric Tech
as CEO of XL Fleet, Mr. Tech received a one-time inducement grant
under NYSE Listed Company Manual Rule 303A.08.
As part of the grant, Mr. Tech received 493,026 stock options
with an exercise price of $4.09, reflecting the closing price on
December 1, 2021. Additionally, Mr. Tech received 154,286
restricted stock units that will entitle him to receive one share
of common stock as each of these units vests. As per the terms of
this appointment, 25% of each grant will vest one year following
the grant date, with the balance of each award vesting in equal
installments each calendar quarter over the subsequent three
years.
About XL Fleet Corp.
XL Fleet is a leading provider of vehicle electrification
solutions for commercial and municipal fleets in North America,
with more than 170 million miles driven by customers such as The
Coca-Cola Company, Verizon, Yale University and the City of Boston.
XL Fleet’s hybrid and plug-in hybrid electric drive systems can
increase fuel economy up to 25-50 percent and reduce carbon dioxide
emissions up to 20-33 percent, decreasing operating costs and
meeting sustainability goals while enhancing fleet operations. For
additional information, please visit www.xlfleet.com.
Forward Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements generally are
accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of management and are not predictions of actual performance.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements, including but not limited to;
the effects of pending and future legislation; the highly
competitive nature of the Company’s business and the commercial
vehicle electrification market; litigation, complaints, product
liability claims and/or adverse publicity; cost increases or
shortages in the components or chassis necessary to support the
Company’s products and services; the introduction of new
technologies; the impact of the COVID-19 pandemic on the Company’s
business, results of operations, financial condition, regulatory
compliance and customer experience; the potential loss of certain
significant customers; privacy and data protection laws, privacy or
data breaches, or the loss of data; general economic, financial,
legal, political and business conditions and changes in domestic
and foreign markets; the inability to convert its sales opportunity
pipeline into binding orders; risks related to the rollout of the
Company’s business and the timing of expected business milestones,
including the ongoing global microchip shortage and limited
availability of chassis from vehicle OEMs and our reliance on our
suppliers; the effects of competition on the Company’s future
business; the availability of capital; changes in the preliminary
financial results for the quarter ended September 30, 2021 upon
completion of the Company’s financial closing procedures or upon
review and completion of procedures by the Company’s independent
registered public accounting firm, and the other risks discussed
under the heading “Risk Factors” in the Company’s Annual Report on
Form 10-K filed on March 31, 2021, as amended and supplemented by
the 10-K/A filed May 17, 2021, and other documents that the Company
files with the SEC in the future. If any of these risks materialize
or our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. These forward-looking statements speak only as of the
date hereof and the Company specifically disclaims any obligation
to update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211209006074/en/
XL Fleet Media Contact: PR@xlfleet.com XL Fleet
Investor Contact: xlfleetIR@icrinc.com
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