Lightning eMotors CEO gets raise, execs get bonuses

LOVELAND — The board of directors for Lightning eMotors (NYSE: ZEV) has voted to give CEO Tim Reeser a raise and approved cash bonuses for several executives in the wake of the electric vehicle manufacturer going public in March, according to documents filed Monday with the Securities and Exchange Commission.

Reeser’s salary will increase to $500,000 per year, with an annual bonus of up to $400,000. For his role in taking the company public, Reeser also received a $300,000 cash bonus. Lightning’s CFO Teresa Covington, COO William Kelley and co-chairman of the board Robert Fenwick-Smith each received a $50,000 cash bonus.

Lighting also announced Monday in a prospectus the sale of 100.3 million shares of common stock and 9.36 million warrants to purchase stock by early investors, including:

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• 4.98 million sponsor shares and 650,000 private placement shares and 670,108 warrants by GigCapital3 LLC
• 243,479 underwriter shares by Nomura Securities International Inc., Oppenheimer & Co. Inc. and Odeon Capital Group LLC
• 15,000 insider shares
• 45.1 million closing shares 
• 13.8 million earnout shares
• 2.5 million PIPE shares by BP Technology Ventures Inc.
• 8.6 million convertible note warrants by private investors

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