Volcon Inc.

29/07/2024 | Press release | Distributed by Public on 30/07/2024 03:39

Management Change/Compensation Form 8 K

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 29, 2024, the Board of Directors of Volcon, Inc. (the "Company") appointed Adrian Solgaard as an independent member of the Company's Board of Directors effective on such date. Mr. Solgaard was also appointed to serve on the audit committee, compensation committee and nominating and governance committee of the Board of Directors. Mr. Solgaard will participate in the Company's standard compensation program for non-employee directors, which provides for an annual cash fee of $50,000. Mr. Solgaard will also receive an option to purchase shares of Company common stock valued at $100,000 using a Black-Scholes model calculation vesting over one year, subject to the approval by the Company's shareholders of an increase in the number of shares available for issuance under the Volcon 2021 Stock Plan.