XL Fleet Announces Inducement Grant Under NYSE Rule 303A.08

Rhea-AI Summary

XL Fleet Corp. (NYSE: XL) announced the appointment of Eric Tech as CEO effective December 1, 2021. In connection with this, Tech received a one-time inducement grant consisting of 493,026 stock options at an exercise price of $4.09 and 154,286 restricted stock units that will vest over four years. XL Fleet specializes in electrification solutions for fleets, with significant clients like Coca-Cola and Verizon. The company emphasizes enhancing fuel economy and meeting sustainability goals.

Positive

• Appointment of Eric Tech as CEO could enhance leadership and strategic direction.
• Inducement grant aligns CEO's incentives with shareholder value.
• XL Fleet's established client base, including Coca-Cola and Verizon, signals market trust.

Negative

• Dependence on external factors, such as component shortages and competitive market risks, could impact performance.
• Forward-looking statements carry inherent uncertainties, including potential effects from the COVID-19 pandemic.

Eric Tech Joined XL Fleet as CEO December 1, 2021

BOSTON--(BUSINESS WIRE)-- 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.

View source 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

Source: XL Fleet Corp.

FAQ

What stock options did Eric Tech receive as CEO of XL Fleet?

Eric Tech received 493,026 stock options at an exercise price of $4.09.

When did Eric Tech become CEO of XL Fleet?

Eric Tech was appointed as CEO on December 1, 2021.

What are the implications of Eric Tech's appointment for XL Fleet?

His appointment may enhance leadership and strategic direction, aligning with shareholder interests.

How does XL Fleet's business model support sustainability?

XL Fleet's electrification solutions can increase fuel economy by 25-50% and reduce CO2 emissions by 20-33%.

What challenges does XL Fleet face in the market?

XL Fleet faces challenges such as competitive market pressures and supply chain issues affecting components.