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| | | | F-1 | | |
| | |
Year ended
December 31, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||
Net sales
|
| | | $ | — | | | | | $ | — | | |
Operating expenses | | | | | | | | | | | | | |
Selling, general and administrative expenses
|
| | | | 105,362 | | | | | | 31,316 | | |
Research and development expenses
|
| | | | 284,016 | | | | | | 70,966 | | |
Amortization of intangible assets
|
| | | | 11,111 | | | | | | — | | |
Total operating expenses
|
| | | | 400,489 | | | | | | 102,283 | | |
Loss from operations
|
| | | | (400,489) | | | | | | (102,283) | | |
Other (expense) income
|
| | | | | | | | | | | | |
Other expense
|
| | | | (10,079) | | | | | | (20,866) | | |
Interest income (expense)
|
| | | | 200 | | | | | | (901) | | |
Loss before income taxes
|
| | | | (410,368) | | | | | | (124,050) | | |
Income tax expense
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (410,368) | | | | | $ | (124,050) | | |
| | |
Year ended
December 31, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||
Cash used by operating activities
|
| | | $ | (387,990) | | | | | $ | (99,596) | | |
Cash used by investing activities
|
| | | $ | (285,514) | | | | | $ | (50,249) | | |
Cash provided by financing activities
|
| | | $ | 287,759 | | | | | $ | 777,447 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Daniel A. Ninivaggi | | | 57 | | | Chief Executive Officer | |
Adam Kroll | | | 47 | | | Chief Financial Officer | |
Edward T. Hightower | | | 56 | | | President | |
Jane Ritson-Parsons | | | 59 | | |
Executive Vice President — Chief Commercial Officer
|
|
Melissa A. Leonard | | | 54 | | |
Executive Vice President, General Counsel & Secretary
|
|
Non-Employee Directors | | | | ||||
David T. Hamamoto(3) | | | 62 | | | Director | |
Keith Feldman(1)(2) | | | 45 | | | Director | |
Jane Reiss(1) | | | 60 | | | Director | |
Dale Spencer(2)(3) | | | 64 | | | Director | |
Michael Gates(3) | | | 61 | | | Director | |
Angela Strand | | | 53 | | | Director | |
Martin J. Rucidlo(1) | | | 64 | | | Director | |
Name
|
| |
Age
|
| |
Position
|
|
Daniel A. Ninivaggi | | | 57 | | | Chief Executive Officer (current PEO) (since August 26, 2021) | |
Adam Kroll | | | 47 | | | Executive Vice President and Chief Financial Officer (since October 25, 2021) | |
Jane Ritson-Parsons | | | 59 | | | Executive Vice President — Chief Commercial Officer | |
Stephen S. Burns | | | 62 | | | Former Chairman of the Board and Former Chief Executive Officer (former PEO) (through June 14, 2021) | |
Angela Strand | | | 53 | | | Former Executive Chair (former PEO) (from June 18, 2021 through August 26, 2021) | |
Thomas V. Canepa | | | 62 | | | Former General Counsel and Corporate Secretary (through December 17, 2021) | |
Chuan D. (John) Vo | | | 49 | | | Former Vice President of Propulsion (through February 25, 2022) | |
NAMED EXECUTIVE OFFICER
AND PRINCIPAL POSITION |
| |
YEAR
|
| |
SALARY
|
| |
BONUS
|
| |
STOCK
AWARDS(1) |
| |
OPTION
AWARDS(1) |
| |
ALL
OTHER COMPENSATION(2) |
| |
TOTAL
|
| |||||||||||||||||||||
Daniel A. Ninivaggi
Chief Executive Officer (since August 26, 2021) |
| | | | 2021 | | | | | $ | 236,538(3) | | | | | $ | 160,740 | | | | | $ | 3,857,000 | | | | | $ | 1,309,770 | | | | | $ | — | | | | | $ | 5,564,048 | | |
Adam Kroll
Chief Financial Officer (since October 25, 2021) |
| | | | 2021 | | | | | $ | 69,231 | | | | | | — | | | | | $ | 1,307,500 | | | | | $ | 400,440 | | | | | | — | | | | | $ | 1,777,171 | | |
Jane Ritson-Parsons
Executive Vice President — Chief Commercial Officer |
| | | | 2021 | | | | | $ | 200,000 | | | | | $ | 100,000 | | | | | $ | 3,993,500 | | | | | | — | | | | | $ | 2,677 | | | | | $ | 4,296,177 | | |
Angela Strand
Former Executive Chair (from June 18, 2021 to August 26, 2021) |
| | | | 2021 | | | | | $ | 500,000 | | | | | | — | | | | | $ | 900,521 | | | | | | — | | | | | | — | | | | | $ | 1,400,521 | | |
Stephen S. Burns
Former Chief Executive Officer (through June 14, 2021) |
| | | | 2021 | | | | | $ | 258,654 | | | | | | — | | | | | | — | | | | | | | | | | | $ | 230,769 | | | | | $ | 489,423 | | |
| | | 2020 | | | | | $ | 269,266 | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | $ | 269,266 | | | ||
Thomas V. Canepa
Former General Counsel & Corporate Secretary (through December 17, 2021) |
| | | | 2021 | | | | | $ | 397,885 | | | | | | — | | | | | $ | 2,282,000 | | | | | $ | 190,805 | | | | | $ | 1,358 | | | | | $ | 2,872,048 | | |
| | | 2020 | | | | | $ | 292,345 | | | | | | — | | | | | | — | | | | | $ | 88,040 | | | | | | — | | | | | $ | 380,385 | | | ||
Chuan D. (John) Vo
Former Vice President of Propulsion (through February 25, 2022) |
| | | | 2021 | | | | | $ | 301,923 | | | | | | — | | | | | $ | 2,496,500 | | | | | $ | 154,707 | | | | | | — | | | | | $ | 2,953,130 | | |
| | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| | ||||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant date
|
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| |
Number
of shares or units of stock that have not vested (#) |
| |
Market
value of shares or units of stock that have not vested ($) (1) |
| |
Equity
incentive plan awards: number of unearned shares, units or other rights that have not vested |
| |
Equity
incentive plan awards: market or payout value of unearned shares (1), units or other rights that have not vested |
| ||||||||||||||||||||||||||||||
Daniel A. Ninivaggi
|
| | | | 8/26/21(2) | | | | | | — | | | | | | 700,000 | | | | | $ | 5.51 | | | | | | 8/26/31 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | | | 8/26/21(2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 700,000 | | | | | $ | 2,415,000 | | | | | | — | | | | | | — | | | | ||
Adam Kroll
|
| | | | 10/13/21(3) | | | | | | — | | | | | | 200,000 | | | | | $ | 5.12 | | | | | | 10/13/31 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | | | 10/13/21(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 250,000 | | | | | $ | 862,500 | | | | | | — | | | | | | — | | | | ||
Jane Ritson-Parsons
|
| | | | 6/13/21(4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 350,000 | | | | | $ | 1,207,500 | | | | | | — | | | | | | — | | | | ||
Angela Strand
|
| | | | 2/5/21(5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,164 | | | | | $ | 21,266 | | | | | | — | | | | | | — | | | | ||
| | | | | 2/5/21(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,164 | | | | | $ | 21,266 | | | | | | — | | | | | | — | | | | ||
| | | | | 6/13/21(7) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Stephen S. Burns
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Thomas V. Canepa
|
| | | | 11/1/19(8)(9) | | | | | | 702,703 | | | | | | — | | | | | $ | 1.79 | | | | | | 11/1/29 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | | | 2/14/20(8)(9) | | | | | | 81,386 | | | | | | — | | | | | $ | 1.79 | | | | | | 2/13/30 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | | | 2/5/21(10) | | | | | | — | | | | | | 18,500 | | | | | $ | 26.77 | | | | | | 2/4/31 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | | | 6/13/21(11) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,000 | | | | | $ | 690,000 | | | | | | — | | | | | | — | | | | ||
Chuan D. (John) Vo
|
| | | | 2/14/20(8)(12) | | | | | | 74,433 | | | | | | 149,093 | | | | | $ | 1.79 | | | | | | 2/13/30 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | | | 2/5/21(13) | | | | | | — | | | | | | 15,000 | | | | | $ | 26.77 | | | | | | 2/4/31 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | | | 6/13/21(14) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,000 | | | | | $ | 690,000 | | | | | | — | | | | | | — | | | | ||
| | | | | 12/7/21(1)(15) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,000 | | | | | $ | 690,000 | | | |
NAME
|
| |
FEES
EARNED OR PAIDIN CASH ($)(1) |
| |
STOCK
AWARDS ($)(2) |
| |
ALL OTHER
COMPENSATION |
| |
TOTAL
|
| ||||||||||||
David T. Hamamoto
|
| | | $ | 71,413 | | | | | $ | 330,000 | | | | | | — | | | | | $ | 401,413 | | |
Keith Feldman
|
| | | $ | 80,982 | | | | | $ | 330,000 | | | | | | — | | | | | $ | 410,982 | | |
Jane Reiss
|
| | | $ | 71,803 | | | | | $ | 330,000 | | | | | | — | | | | | $ | 401,803 | | |
Dale Spencer
|
| | | $ | 74,619 | | | | | $ | 330,000 | | | | | | — | | | | | $ | 404,619 | | |
Michael Gates
|
| | | $ | 66,823 | | | | | $ | 330,000 | | | | | | — | | | | | $ | 396,823 | | |
Angela Strand
|
| | | $ | 68,025 | | | | | $ | 330,000 | | | | | | — | | | | | $ | 398,025 | | |
Martin J. Rucidlo
|
| | | $ | 72,070 | | | | | $ | 330,000 | | | | | | — | | | | | $ | 402,070 | | |
Mick Kowitz(3)
|
| | | $ | 46,674 | | | | | $ | — | | | | | | — | | | | | $ | 46,674 | | |
Name and Address of Beneficial Owner
|
| |
Common Stock
Beneficially Owned Number of Shares of Class A Common Stock Beneficially Owned |
| |
Percent of Class A
Common Stock Outstanding |
| ||||||
Directors and Named Executive Officers (Current Officers) | | | | | | | | | | | | | |
Keith Feldman(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 234,645 | | | | | | * | | |
Michael Gates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 18,320 | | | | | | * | | |
David T. Hamamoto(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 4,229,135 | | | | | | 2.13% | | |
Jane Reiss(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 147,923 | | | | | | * | | |
Martin J. Rucidlo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 20,754 | | | | | | * | | |
Dale Spencer(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 147,923 | | | | | | * | | |
Angela Strand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 58,219 | | | | | | * | | |
Daniel A. Ninivaggi. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 20,000 | | | | | | * | | |
Adam Kroll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | * | | |
Jane Ritson-Parsons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | — | | | | | | * | | |
Named Executive Officers (Former Officers) | | | | | | | | | | | | | |
Stephen S. Burns(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 35,362,745 | | | | | | 17.9% | | |
Thomas V. Canepa(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 698,059 | | | | | | * | | |
Chuan D. (John) Vo (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 227,641 | | | | | | * | | |
All Current Directors and Executive Officers, as a group (12 individuals)(7) . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 5,033,570 | | | | | | 2.53% | | |
Five Percent Holders | | | | | | | | | | | | | |
The Vanguard Group(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 11,264,704 | | | | | | 5.73% | | |