UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
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| Item 8.01 | Other Events. |
Following a review by, and upon the recommendation of, the Compenation Committee of the Board of Directors (the “Board”) of Nu Ride Inc. (the “Company”), on May 13, 2024, the Board adopted a modified director compensation plan that includes the payment of cash and equity consideration to outside directors for service on the Board. Accordingly, each director will receive (i) a quarterly cash stipend of $12,000, which will be paid in advance on or about the first day of each calendar quarter, and (ii) a three-year grant under the Company's 2020 Equity Compensation Plan of restricted stock units (“RSUs”) with a fair market value of $8,000 per quarter ($96,000 in the aggregate), based on the closing price per share of the Company’s common stock on May 13, 2024. The RSUs granted cover service on the Board through the first quarter of 2027 and vest quarterly through January 30, 2027, subject to acceleration on the occurrence of certain events. The amount of quarterly director compensation of $12,000 cash and $8,000 equity remains the same as previously approved by the Board and disclosed in the Company’s Form 8-K filed on March 15, 2024, but the cash portion will be paid in advance rather than in arrears and the equity portion consists of a single grant of RSUs for up to twelve quarters of service rather than as quarterly issuances of shares of common stock.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NU RIDE INC. | ||
| By: | /s/ William Gallagher | |
| Name: | William Gallagher | |
| Date: May 16, 2024 | Title: | Chief Executive Officer, President, Secretary, and Treasurer |