SEC Contract Filing

Filing Date: 2024-05-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tmb-20240331xex10d3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 10.6.125.0--><!--Created on: 5/14/2024 08:23:30 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 10.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SEVERANCE SETTLEMENT AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">This Severance Settlement Agreement (the &#8220;<font style="font-style:italic;font-weight:bold;">Agreement</font>&#8221;) is entered into between Lordstown Motors Corp., a Delaware corporation (&#8220;<b style="font-weight:bold;">LMC</b>&#8221; and together with Lordstown EV Corporation and Lordstown EV Sales LLC, the &#8220;<font style="font-style:italic;font-weight:bold;">Company</font>&#8221;), and Edward T. Hightower (&#8220;<font style="font-style:italic;font-weight:bold;">Employee</font>&#8221;), as of the 13<sup style="font-size:7.5pt;vertical-align:top;">th </sup>day of March, 2024 (the &#8220;<font style="font-style:italic;font-weight:bold;">Agreement Date</font>&#8221;). Each of Company and Employee is a &#8220;<font style="font-style:italic;font-weight:bold;">Party</font>&#8221; and, collectively, constitute the <font style="font-style:italic;font-weight:bold;">Parties</font>&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RECITALS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">A.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">Employee has been employed by the Company.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:72pt;text-align:justify;text-indent:-72pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">B.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">Capitalized terms used but not otherwise defined herein have the meanings set forth in the Company&#8217;s plan of reorganization (as it may amended, the &#8220;<font style="font-style:italic;font-weight:bold;">Plan</font>&#8221;) filed as of the date hereof and confirmed by the U.S. Bankruptcy Court for the District of Delaware (the &#8220;<font style="font-style:italic;font-weight:bold;">Court</font>&#8221;) under Chapter 11 of the Bankruptcy Code.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:72pt;text-align:justify;text-indent:-72pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">C.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">The Company will terminate Employee&#8217;s employment with the Company effective as of the Effective Date (the &#8220;<font style="font-style:italic;font-weight:bold;">Termination</font>&#8221;).</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:72pt;text-align:justify;text-indent:-72pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">D.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">Employee and LMC are party to an Amended and Restated Employment Agreement dated as of July 12, 2022 (the &#8220;<font style="font-style:italic;font-weight:bold;">Employment Agreement</font><i style="font-style:i