Hyzon Motors Inc. appointed new CEO

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


On March 13, 2023, Hyzon Motors Inc. (the "Company") announced that Parker Meeks has been appointed Chief Executive Officer, effective immediately.


Mr. Meeks, age 41, has served as President and Interim Chief Executive Officer since August 2022. Mr. Meeks previously served as the Company's Chief Strategy Officer since June 2021. From November 2018 to January 2021, Mr. Meeks served as President, Infrastructure Sector for TRC Companies, a design and construction management business in transportation, renewable energy and water resources end-markets. Prior to that, from February 2012 to October 2018, Mr. Meeks served as Partner of McKinsey & Company, a global management consulting services company that Mr. Meeks joined in July 2005. Mr. Meeks served as the Managing Partner of McKinsey & Company's Houston office from June 2013 to June 2016. 


Mr. Meeks holds an M.B.A. in Finance from William Marsh Rice University and a B.S. in Electrical Engineering from Columbia University. Mr. Meeks does not have a direct or indirect material interest in any transaction with the Company that requires disclosure pursuant to Item 404(a) of Regulation S-K, and there is no arrangement or understanding between Mr. Meeks and any other person pursuant to which Mr. Meeks was selected to serve as Hyzon's Interim Chief Executive Officer. Mr. Meeks is not related to any member of the Board or any executive officer of the Company. 


In connection with his appointment, Mr. Meeks' annual base salary increased to $600,000, and his discretionary annual cash bonus eligibility target was set at 100% of base salary. No other adjustments were made to Mr. Meeks' compensation. 


Pursuant to the Employment Agreement, dated June 7, 2021, by and between Mr. Meeks and the Company, as amended on October 18, 2022 (the "Meeks Agreement"), Mr. Meeks remains eligible to (i) participate in the Company's benefit plans; (ii) receive 70,000 restricted stock units per annum pursuant to the Company's 2020 Stock Incentive Plan or any successor plan for four years from the date of the Meeks Agreement; and (iii) receive reimbursement of reasonable out-of-pocket expenses. The Meeks Agreement subjects Mr. Meeks to standard restrictive covenants for agreements of its type, including non-competition and non-solicitation.


The foregoing description of the Meeks Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Meeks Agreement, which was filed as Exhibit 10.12 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on July 22, 2021, and Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on October 21, 2022 and are incorporated by reference in this Item 5.02.