Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 7, 2021 and effective December 30, 2020, LMP Automotive Holdings,
Inc. (the "Company") entered into amendments to the employment agreements with
Mr. Samer Tawfik, its Chief Executive Officer, Mr. Evan S. Bernstein, its Chief
Financial Officer, and Mr. B. Richard Aldahan, its Chief Operating Officer.
Under the terms of the First Amendment to the Employment Agreement between the
Company and Mr. Tawfik, the Company (i) increased Mr. Tawfik's annual base
salary to $300,000, (ii) amended the vesting for options to purchase up to
10,000 shares of the Company's common stock previously awarded to Mr. Tawfik and
(iii) agreed to award him options to purchase up to an aggregate of 150,000
shares of the Company's common stock upon the achievement of certain milestones.
Under the terms of the First Amendment to the Employment Agreement between the
Company and Mr. Bernstein, the Company (i) agreed to permit Mr. Bernstein the
use of a Company vehicle, (ii) amended the vesting for options to purchase up to
40,000 shares of the Company's common stock previously awarded to Mr. Bernstein
and (iii) agreed to award him options to purchase up to an aggregate of 100,000
shares of the Company's common stock upon the achievement of certain milestones.
Under the terms of the First Amendment to the Employment Agreement between the
Company and Mr. Aldahan, the Company (i) increased Mr. Aldahan's annual base
salary to $300,000, (ii) amended the vesting for options to purchase up to
40,000 shares of the Company's common stock previously awarded to Mr. Aldahan,
(iii) agreed to award him options to purchase up to an aggregate of 145,000
shares of the Company's common stock upon the achievement of certain milestones,
(iv) awarded Mr. Aldahan a one-time bonus of $350,000 payable upon the
consummation of the Company's proposed financing with Truist Bank, payable in
cash, Company securities or a combination of both, and (v) awarded Mr. Aldahan a
quarterly bonus of a percentage of the Company's post-minority interest income.
The foregoing summaries of the terms and conditions of these amendments are
qualified in their entirety by reference to the forms of amendments which are
filed as Exhibits 10.1, 10.2 and 10.3 to this report.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
10.1 First Amendment to Employment Agreement, effective as of December 30,
2020, by and between LMP Automotive Holdings, Inc. and Samer Tawfik.
10.2 First Amendment to Employment Agreement, effective as of December 30,
2020, by and between LMP Automotive Holdings, Inc. and Evan S.
Bernstein.
10.3 First Amendment to Employment Agreement, effective as of December 30,
2020, by and between LMP Automotive Holdings, Inc. and B. Richard
Aldahan.
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