Business Context and Reporting Period
XL Fleet Corp. filed a Current Report on Form 8-K dated March 4, 2021, covering an event occurring February 26, 2021. The filing concerns executive compensation for the fiscal year ending December 31, 2021. The provided filing identifies the registrant as XL Fleet Corp., not Spruce Power Holding Corp.
Executive Compensation Changes
- The board approved base-salary increases and target cash bonus amounts for the CEO and President.
- The salary increases become effective March 16, 2021.
- The decisions were based on 2020 performance, company and individual objectives, expected 2021 responsibilities, competitive compensation data from third-party consultants, and other factors.
- The specific 2021 base salaries and target cash bonus amounts were included in Exhibit 99.1, but the provided filing text does not state the amounts.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, balance-sheet data, operating results, or other financial metrics.
Material Changes, Outlook, and Risks
The filing does not report changes in business operations, financial guidance, forecasts, contingencies, or material risk developments. It states that additional executive-compensation information will be included in the proxy statement for the 2021 Annual Meeting.
Exhibit
- Exhibit 99.1: Compensation Information for the Company’s Named Executive Officers. The exhibit is referenced but its detailed figures are not included in the provided text.
Facts Investors Should Verify
- Confirm the registrant identity, because the request metadata names Spruce Power Holding Corp., while the filing names XL Fleet Corp. and lists trading symbol XL.
- Review Exhibit 99.1 for the CEO’s and President’s 2021 base salaries and target cash bonus amounts.
- Check the 2021 proxy statement for additional executive-compensation details and performance conditions.
- Verify the effective date of March 16, 2021 and the fiscal-year period ending December 31, 2021.