| /s/ Robert S. Mancini | |
|
Robert S. Mancini
Chairman of the Board |
|
| BY ORDER OF THE BOARD OF DIRECTORS | |
| /s/ Lionel E. Selwood, Jr. | |
| Lionel E. Selwood, Jr. | |
| Chief Executive Officer and Director | |
| April 30, 2021 | |
| Vernon, California | |
Name
|
| |
Age
|
| |
Position and Committees
|
|
Lionel E. Selwood, Jr. | | |
32
|
| | President, Chief Executive Officer and Director | |
Lauren Webb | | |
39
|
| | Chief Financial Officer and Director(4) | |
Robert S. Mancini | | |
63
|
| | Chairman of the Board(4) | |
Susan S. Brennan | | |
58
|
| | Director(2)(4) | |
Brady Ericson | | |
49
|
| | Director(4) | |
Donald S. Gottwald | | |
54
|
| | Director(1)(3) | |
Philip Kassin | | |
63
|
| | Director(1)(4) | |
Timothy E. Stuart | | |
53
|
| | Director(2)(3) | |
Paul S. Williams | | |
61
|
| | Director(1)(2)(3) | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020(1)
|
| |
2019(1)
|
| ||||||
Deloitte & Touche LLP | | | | | | | | | | | | | |
Audit Fees
|
| | | $ | 1,910,325 | | | | | $ | 51,039 | | |
Audit-Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total Fees
|
| | | $ | 1,910,325 | | | | | $ | 51,039 | | |
Name
|
| |
Age
|
| |
Position
|
|
Lionel E. Selwood, Jr. | | |
32
|
| | President, Chief Executive Officer and Director | |
Lauren Webb | | |
39
|
| | Chief Financial Officer and Director | |
Abdul Kader (“AK”) El Srouji, Ph.D. | | |
34
|
| | Chief Technology Officer | |
Criswell Choi | | |
41
|
| | Chief Operating Officer | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)
|
| |
Option
Awards ($)(1) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| ||||||||||||||||||
Lionel E. Selwood, Jr.
President and Chief Executive Officer |
| | | | 2019 | | | | | | 325,000 | | | | | | 0 | | | | | | 123,956 | | | | | | 35,675(2) | | | | | | 484,631 | | |
| | | 2020 | | | | | | 385,653 | | | | | | 0 | | | | | | 5,860,800 | | | | | | 36,276(2) | | | | | | 6,282,729 | | | ||
Michael Patterson
Former Chief Sales Officer |
| | | | 2019 | | | | | | 250,000 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 250,000 | | |
| | | 2020 | | | | | | 251,278 | | | | | | 0 | | | | | | 9,626,480 | | | | | | 0 | | | | | | 9,877,758 | | | ||
Criswell Choi
Chief Operating Officer |
| | | | 2019 | | | | | | 281,250 | | | | | | 0 | | | | | | 160,604 | | | | | | 0 | | | | | | 441,854 | | |
| | | 2020 | | | | | | 300,000 | | | | | | 0 | | | | | | 1,154,250 | | | | | | 0 | | | | | | 1,454,250 | | |
|
Liquid Share Price
|
| |
Cumulative Number of
Shares That Will Vest |
|
|
$6.6869 – $8.9452
|
| |
926,795
|
|
|
$8.9453 – $11.9272
|
| |
1,853,591
|
|
|
$11.9273 – $14.9092
|
| |
3,243,781
|
|
|
$14.9093
|
| |
4,633,978
|
|
| | |
Option Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Number of
Securities Underlying Unexercised Options Exercisable (#) |
| |
Number of
Securities Underlying Unexercised Options Unexercisable (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
Lionel E. Selwood, Jr.
|
| | | | 2/21/17(1) | | | | | | 42,606 | | | | | | 0 | | | | | | 4.10 | | | | | | 2/20/27 | | |
| | | 11/16/18(1) | | | | | | 182,595 | | | | | | 0 | | | | | | 6.09 | | | | | | 11/15/28 | | | ||
| | | 10/30/19(3) | | | | | | 81,661 | | | | | | 58,329 | | | | | | 1.57 | | | | | | 10/29/29 | | | ||
| | | 9/17/20(4) | | | | | | 243,460 | | | | | | 730,380 | | | | | | 6.09 | | | | | | 9/16/30 | | | ||
Michael Patterson
|
| | | | 8/25/17(1) | | | | | | 1,343,666 | | | | | | 0 | | | | | | 4.10 | | | | | | 8/24/27 | | |
| | | 1/12/18(1) | | | | | | 261,268 | | | | | | 7,465 | | | | | | 6.09 | | | | | | 1/11/28 | | | ||
| | | 8/12/20(5) | | | | | | 0 | | | | | | 4,633,978 | | | | | | 6.69 | | | | | | 7/2/21 | | | ||
Criswell Choi
|
| | | | 1/12/18(1) | | | | | | 1,183 | | | | | | 34 | | | | | | 6.09 | | | | | | 1/11/28 | | |
| | | 10/30/19(2) | | | | | | 120,918 | | | | | | 60,459 | | | | | | 1.57 | | | | | | 10/29/29 | | | ||
| | | 9/17/20(3) | | | | | | 15,216 | | | | | | 167,379 | | | | | | 6.08 | | | | | | 9/16/30 | | |
Plan Category
|
| |
Number of
Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights (a) |
| |
Weighted-
Average Exercise Price of Outstanding Options, Warrants and Rights (b) |
| |
Number of
Securities Remaining Available for Issuance under Equity Compensation Plans (Excluding Securities Reflected in column (a)) (c) |
| |||||||||
Equity compensation plans approved by security holders(1)
|
| | | | 11,143,569 | | | | | $ | 5.27 | | | | | | 15,000,000 | | |
Equity compensation plans not approved by security
holders |
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 11,143,569 | | | | | $ | 5.27 | | | | | | 15,000,000 | | |
Committee
|
| |
Member
Annual Retainer |
| |
Chair
Annual Retainer |
| ||||||
Audit Committee
|
| | | $ | 10,000 | | | | | $ | 15,000 | | |
Compensation Committee
|
| | | $ | 5,000 | | | | | $ | 7,500 | | |
Nominating and Corporate Governance Committee
|
| | | $ | 5,000 | | | | | $ | 7,500 | | |
Finance and Investment Committee
|
| | | $ | 5,000 | | | | | $ | 7,500 | | |
Stockholder
|
| |
Shares of Series A
Preferred Stock Purchased |
| |
Note Conversion
Amount |
| |
Total Purchase Price
|
| |||||||||
BorgWarner Inc.(1)
|
| | | | 137,741,046 | | | | | | — | | | | | $ | 49,999,999.70 | | |
Michael Patterson(2)
|
| | | | 35,661,574 | | | | | $ | 1,781,095.89 | | | | | $ | 9,409,119.10 | | |
Scott Beck(3)
|
| | | | 1,280,410 | | | | | $ | 464,788.83 | | | | | $ | 464.788.83 | | |
Lauren Webb(4)
|
| | | | 30,496 | | | | | $ | 11,070.05 | | | | | $ | 11,070.05 | | |
HG Ventures LLC(5)
|
| | | | 19,131,589 | | | | | $ | 4,040,766.81 | | | | | $ | 5,040,766.81 | | |
Paul Marsolan(6)
|
| | | | 2,000,000 | | | | | | — | | | | | $ | 250,000.00 | | |
OpenDoor Venture Capital, LLC(7)
|
| | | | 8,009,358 | | | | | $ | 1,744,438.36 | | | | | $ | 1,744,438.17 | | |
Drew Lane Capital, LLC(8)
|
| | | | 36,017,269 | | | | | $ | 5,596,619.17 | | | | | $ | 6,096,619.17 | | |
Ulysses Ventures, LLC(9)
|
| | | | 36,012,332 | | | | | $ | 5,595,756.15 | | | | | $ | 6,095,756.15 | | |
Loan Date
|
| |
Lender
|
| |
Interest
Rate |
| |
Loan
Balance |
| |
Total
Principal and Interest |
| |
Repay or
Convert |
| |
Repayment
Date (Est.) |
| |||||||||||||||
12/29/2016
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 1,500,000.00 | | | | | $ | 1,781,095.89 | | | | | | Convert | | | | | | 5/3/2019 | | |
2/26/2018
|
| |
OpenDoor Venture Capital
|
| | | | 8% | | | | | $ | 1,500,000.00 | | | | | $ | 1,744,438.36 | | | | | | Convert | | | | | | 5/3/2019 | | |
4/11/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 723,500.00 | | | | | $ | 799,655.73 | | | | | | Repay* | | | | | | 5/3/2019 | | |
5/11/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 600,000.00 | | | | | $ | 646,947.95 | | | | | | Repay* | | | | | | 5/3/2019 | | |
5/29/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 250,000.00 | | | | | $ | 268,575.34 | | | | | | Repay* | | | | | | 5/3/2019 | | |
6/4/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 800,000.00 | | | | | $ | 858,389.04 | | | | | | Repay* | | | | | | 5/3/2019 | | |
6/12/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 1,000,000.00 | | | | | $ | 1,071,232.88 | | | | | | Repay* | | | | | | 5/3/2019 | | |
7/5/2018
|
| |
Lauren Webb
|
| | | | 8% | | | | | $ | 10,000.00 | | | | | $ | 11,070.13 | | | | | | Convert | | | | | | 5/3/2019 | | |
7/24/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 550,000.00 | | | | | $ | 584,115.07 | | | | | | Repay* | | | | | | 5/3/2019 | | |
8/13/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 500,000.00 | | | | | $ | 528,821.92 | | | | | | Repay* | | | | | | 5/3/2019 | | |
8/30/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 200,000.00 | | | | | $ | 210,783.56 | | | | | | Repay* | | | | | | 5/3/2019 | | |
9/11/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 400,000.00 | | | | | $ | 420,515.07 | | | | | | Repay* | | | | | | 5/3/2019 | | |
10/12/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 500,000.00 | | | | | $ | 522,246.58 | | | | | | Repay* | | | | | | 5/3/2019 | | |
12/28/2018
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 200,000.00 | | | | | $ | 205,523.29 | | | | | | Repay* | | | | | | 5/3/2019 | | |
1/2/2019
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 1,200,000.00 | | | | | $ | 1,231,824.66 | | | | | | Repay* | | | | | | 5/3/2019 | | |
1/11/2019
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 1,000,000.00 | | | | | $ | 1,024,547.95 | | | | | | Repay* | | | | | | 5/3/2019 | | |
1/17/2019
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 120,000.00 | | | | | $ | 122,787.95 | | | | | | Repay* | | | | | | 5/3/2019 | | |
2/26/2019
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 1,000,000.00 | | | | | $ | 1,014,465.75 | | | | | | Repay* | | | | | | 5/3/2019 | | |
3/13/2019
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 650,000.00 | | | | | $ | 657,265.75 | | | | | | Repay* | | | | | | 5/3/2019 | | |
3/25/2019
|
| |
Michael Patterson
|
| | | | 8% | | | | | $ | 950,000.00 | | | | | $ | 958,120.55 | | | | | | Repay* | | | | | | 5/3/2019 | | |
4/10/2019
|
| |
Michael Patterson
|
| | | | 10% | | | | | $ | 210,000.00 | | | | | $ | 211,323.29 | | | | | | Repay* | | | | | | 5/3/2019 | | |
Holder Name
|
| |
Grant Name
|
| |
Stock
Designation |
| |
Grant Date
|
| |
Grant
Price |
| |
Shares
Granted |
| ||||||
James Gertler
|
| |
8/23/18-$0.23 USD – Warrant
|
| |
Class A Common
|
| |
08/23/2018
|
| | | $ | 0.23 | | | | | | 2,250,181 | | |
Drew Lane Holdings, LLC
|
| |
8/23/18-$0.23 USD – Warrant
|
| |
Class A Common
|
| |
08/23/2018
|
| | | $ | 0.23 | | | | | | 978,339 | | |
Drew Lane Holdings, LLC
|
| |
8/23/18-$0.23 USD – Warrant
|
| |
Class A Common
|
| |
08/23/2018
|
| | | $ | 0.23 | | | | | | 587,003 | | |
Drew Lane Holdings, LLC
|
| |
11/16/18-$0.74 USD – Warrant
|
| |
Class A Common
|
| |
11/16/2018
|
| | | $ | 0.74 | | | | | | 2,024,100 | | |
Drew Lane Holdings, LLC
|
| |
11/16/18-$0.74 USD – Warrant
|
| |
Class A Common
|
| |
11/16/2018
|
| | | $ | 0.74 | | | | | | 1,351,351 | | |
Drew Lane Holdings, LLC
|
| |
11/16/18-$0.28 USD – Warrant
|
| |
Class A Common
|
| |
11/16/2018
|
| | | $ | 0.28 | | | | | | 964,912 | | |
Drew Lane Holdings, LLC
|
| |
11/16/18-$0.23 USD – Warrant
|
| |
Class A Common
|
| |
11/16/2018
|
| | | $ | 0.23 | | | | | | 2,631,579 | | |
Drew Lane Holdings, LLC
|
| |
1/25/19-$0.23 USD – Warrant
|
| |
Class A Common
|
| |
01/25/2019
|
| | | $ | 0.23 | | | | | | 1,000,000 | | |
Drew Lane Holdings, LLC
|
| |
1/25/19-$0.23 USD – Warrant
|
| |
Class A Common
|
| |
01/25/2019
|
| | | $ | 0.23 | | | | | | 350,000 | | |
Holder Name
|
| |
Grant Name
|
| |
Stock
Designation |
| |
Grant Date
|
| |
Grant
Price |
| |
Shares
Granted |
| ||||||
Ulysses Ventures, LLC
|
| |
8/23/18 -$0.23 USD – Warrant
|
| |
Class A Common
|
| |
08/23/2018
|
| | | $ | 0.23 | | | | | | 2,250,181 | | |
Ulysses Ventures, LLC
|
| |
8/23/18 -$0.23 USD – Warrant
|
| |
Class A Common
|
| |
08/23/2018
|
| | | $ | 0.23 | | | | | | 978,339 | | |
Ulysses Ventures, LLC
|
| |
8/23/18 -$0.23 USD – Warrant
|
| |
Class A Common
|
| |
08/23/2018
|
| | | $ | 0.23 | | | | | | 587,003 | | |
Ulysses Ventures, LLC
|
| |
11/16/18 -$0.74 USD – Warrant
|
| |
Class A Common
|
| |
11/16/2018
|
| | | $ | 0.74 | | | | | | 2,024,100 | | |
Ulysses Ventures, LLC
|
| |
11/16/18 -$0.74 USD – Warrant
|
| |
Class A Common
|
| |
11/16/2018
|
| | | $ | 0.74 | | | | | | 1,351,351 | | |
Ulysses Ventures, LLC
|
| |
11/16/18 -$0.28 USD – Warrant
|
| |
Class A Common
|
| |
11/16/2018
|
| | | $ | 0.28 | | | | | | 964,912 | | |
Ulysses Ventures, LLC
|
| |
11/16/18 -$0.23 USD – Warrant
|
| |
Class A Common
|
| |
11/16/2018
|
| | | $ | 0.23 | | | | | | 2,631,579 | | |
Ulysses Ventures, LLC
|
| |
1/25/19 -$0.23 USD – Warrant
|
| |
Class A Common
|
| |
01/25/2019
|
| | | $ | 0.23 | | | | | | 1,000,000 | | |
Ulysses Ventures, LLC
|
| |
1/25/19 -$0.23 USD – Warrant
|
| |
Class A Common
|
| |
01/25/2019
|
| | | $ | 0.23 | | | | | | 350,000 | | |
Name and Address of Beneficial Owner
|
| |
Number of Shares of
Common Stock Beneficially Owned |
| |
Percentage of
Outstanding Common Stock(1) |
| ||||||
Directors and Named Executive Officers: | | | | | | | | | | | | | |
Lionel E. Selwood, Jr.(2)
|
| | | | 975,538 | | | | | | * | | |
Michael Patterson(3)
|
| | | | 14,241,222 | | | | | | 10.8% | | |
Lauren Webb(4)
|
| | | | 543,865 | | | | | | * | | |
Criswell Choi(5)
|
| | | | 223,178 | | | | | | * | | |
Robert S. Mancini(6)
|
| | | | 8,941,667 | | | | | | 6.7% | | |
Philip Kassin(6)(9)
|
| | | | 9,104,725 | | | | | | 6.8% | | |
Brady Ericson
|
| | | | — | | | | | | — | | |
Susan S. Brennan
|
| | | | — | | | | | | — | | |
Donald S. Gottwald
|
| | | | — | | | | | | — | | |
Timothy E. Stuart
|
| | | | — | | | | | | — | | |
Paul S. Williams
|
| | | | — | | | | | | — | | |
All executive officers and directors as a group (12 individuals)(10)
|
| | | | 25,733,698 | | | | | | 18.6% | | |
Five Percent Holders: | | | | | | | | | | | | | |
BorgWarner Inc.(7)
|
| | | | 19,315,399 | | | | | | 14.8% | | |
RMG Sponsor, LLC(6)
|
| | | | 8,941,667 | | | | | | 6.7% | | |
Ulysses Ventures, LLC(8)
|
| | | | 6,584,389 | | | | | | 5.0% | | |
| By Order of the Board of Directors | |
| /s/ Lionel E. Selwood, Jr. | |
|
Lionel E. Selwood, Jr.
Chief Executive Officer (Principal Executive Officer) |
|
| April 30, 2021 | |
| Vernon, California | |