Business Context and Reporting Period
This Form 8-K was filed by AMP Holding Inc. (not Workhorse Group Inc.) on August 15, 2013. The report details the entry into a material definitive agreement and the appointment of a new Chief Financial Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial data disclosed relates to executive compensation:
- Annual Salary: $150,000 for the new CFO.
- Equity Grant: Options to acquire 300,000 shares of common stock.
- Exercise Price: $0.40 per share.
- Option Term: Two years.
Material Changes
The primary material change is the departure of Richard J. Calme as Interim Chief Financial Officer and his appointment as Director of Finance. He is being replaced by Julio C. Rodriguez, effective August 7, 2013.
Management Commentary and Risks
The filing highlights Mr. Rodriguez's over 30 years of experience in financial and operational leadership, specifically within the automotive industry. His recent roles include Director of Process Improvement and Vice President of Finance at Genuine Auto Parts Company (GPC) and its subsidiaries. No specific risks, contingencies, or unusual items are disclosed in this report.
Investor Verification Checklist
- Verify the correct registrant name is AMP Holding Inc., not Workhorse Group Inc.
- Confirm the effective date of the new CFO's employment (August 7, 2013).
- Review the attached Employment Agreement (Exhibit 10.1) for additional terms not summarized here.
- Check subsequent filings for the company's actual financial performance, as this 8-K contains no operational data.