LION ELECTRIC ANNOUNCES RESULTS OF ANNUAL SHAREHOLDERS MEETING

Rhea-AI Summary

The Lion Electric Company (NYSE: LEV, TSX: LEV) held its virtual annual shareholders meeting on May 15, 2024. A total of 124,783,928 common shares (55.16% of issued shares) were represented. Shareholders voted in favor of all proposed items, including the election of ten directors, the appointment of Raymond Chabot Grant Thornton LLP as auditors, and the renewal of the Company's Omnibus Plan. Notable director approvals included Latasha Akoma with 98.22% votes for and Michel Ringuet with 99.40% votes for. The auditors were approved with 98.98% votes for, and the Omnibus Plan renewal received 94.59% votes for.

Positive

• Shareholders voted in favor of all proposed items, ensuring continuity in governance.
• High voter turnout with 55.16% of issued shares represented.
• Election of directors showed strong support, with votes for nominees ranging from 95.62% to 99.40%.
• Appointment of auditors received overwhelming approval with 98.98% votes for.
• Renewal of the Omnibus Plan was approved with 94.59% votes for.

Negative

• Despite overall approval, the Omnibus Plan renewal faced some opposition with 5.41% votes against.
• The least supported director nominee still saw a notable 4.38% of votes withheld.

MONTREAL, May 15, 2024 /PRNewswire/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, today held its annual meeting of shareholders (the "Meeting") as a virtual meeting. A total of 124,783,928 common shares (representing approximately 55.16% of all issued and outstanding common shares of the Company) were represented online or by proxy at the Meeting. Lion hereby announces that shareholders of the Company (the "Shareholders") voted in favour of all items of business put forth at the Meeting by the Company. The complete voting results for each item of business at the Meeting are presented below.

ELECTION OF DIRECTORS

The Board of Directors of the Company had fixed at ten the number of directors (the "Directors") to be elected at the Meeting. Each of the ten nominees listed in the Company's Management Information Circular dated April 4, 2024, was elected as a Director of Lion until the close of the next annual meeting of Shareholders of the Company or until their successors are appointed. All of the nominees were members of the Board of Directors prior to the Meeting.

Nominee	Votes For	% Votes For	Votes Withheld	% Votes Withheld
Latasha Akoma	114,016,563	98.22 %	2,065,169	1.78 %
Sheila C. Bair	113,007,227	97.35 %	3,074,505	2.65 %
Marc Bedard	114,190,280	98.37 %	1,891,452	1.63 %
Pierre Larochelle	114,172,085	98.35 %	1,909,647	1.65 %
Dane L. Parker	113,277,138	97.58 %	2,804,594	2.42 %
Ann L. Payne	113,319,897	97.62 %	2,761,835	2.38 %
Pierre-Olivier Perras	110,993,760	95.62 %	5,087,972	4.38 %
Michel Ringuet	115,383,513	99.40 %	698,219	0.60 %
Lorenzo Roccia	112,690,903	97.08 %	3,390,829	2.92 %
Pierre Wilkie	114,121,005	98.31 %	1,960,727	1.69 %

APPOINTMENT OF INDEPENDENT AUDITORS

Raymond Chabot Grant Thornton LLP, Chartered Professional Accountants, were appointed as independent auditors of Lion until the close of the next annual meeting of Shareholders, and the Directors were authorized to fix the remuneration of the auditors.

Votes For	% Votes For	Votes Withheld	% Votes Withheld
123,506,473	98.98 %	1,277,455	1.02 %

RENEWAL OF THE COMPANY'S OMNIBUS PLAN

The renewal of the Company's Omnibus Plan, including all unallocated options, rights or other entitlements thereunder, has been approved.

Votes For	% Votes For	Votes Against	% Votes Against
109,800,222	94.59 %	6,281,538	5.41 %

The foregoing voting results will be published on the Company's website at www.thelionelectric.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

ABOUT LION ELECTRIC

Lion Electric is an innovative manufacturer of zero-emission vehicles. The Company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles' components, including chassis, battery packs, truck cabins and bus bodies. 

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

View original content:https://www.prnewswire.com/news-releases/lion-electric-announces-results-of-annual-shareholders-meeting-302146976.html

SOURCE The Lion Electric Co.

FAQ

What were the results of the Lion Electric annual shareholders meeting held on May 15, 2024?

Shareholders voted in favor of all proposed items, including director elections, auditor appointments, and the renewal of the Omnibus Plan.

How many shares were represented at the Lion Electric annual meeting on May 15, 2024?

A total of 124,783,928 shares, representing 55.16% of issued shares, were represented.

Which directors were elected at the Lion Electric shareholders meeting in 2024?

Ten directors were elected, including Latasha Akoma, Sheila C. Bair, Marc Bedard, Pierre Larochelle, Dane L. Parker, Ann L. Payne, Pierre-Olivier Perras, Michel Ringuet, Lorenzo Roccia, and Pierre Wilkie.

Who were appointed as auditors for Lion Electric at the 2024 annual meeting?

Raymond Chabot Grant Thornton LLP were appointed as independent auditors.

Did shareholders approve the renewal of the Omnibus Plan at the Lion Electric meeting?

Yes, the renewal of the Omnibus Plan was approved with 94.59% votes for.