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In a filing with the Securities and Exchange Commission (SEC) today, Ohio-based electric vehicle designer Lordstown Motors Corp. (NASDAQ:RIDE) announced that its chief executive officer (CEO), Mr. Steve Burns and its chief financial officer (CFO), Mr. Julio Rodriguez have resigned from all of their roles in the company. Lordstown became the center of attention when short-seller Hindenburg Research alleged in May that the company had inflated its vehicle orders and misled investors about the nature of their contracts. Following their separation from the company, Mr. Burns and Mr. Rodriguez will receive roughly $1 million over the next couple of months, with the CFO also entitled to exercise his stock options due to vest in November.

The details of Mr. Burns’s compensation following his departure from Lordstown are mentioned in the company’s SEC filing made earlier today. They reveal several important details, such as the compensation the former CEO will receive after his resignation and whether Lordstown will or will not press any charges against him for any actions taken before the separation and release agreement was signed.

Detailing the compensation that Mr. Burns will receive over the next couple of months, the letter details that he will be paid $750,000 over the course of eighteen months as his base salary.

Specifically, as stated in the letter:

The letter also lays out that Mr. Burns has been released from any claims Lordstown might have had against him prior to the date it’s written on.

Specifically, as it notes:

Mr. Rodriguez’s post-retirement compensation is lesser than Mr. Burns’s, but he has been allowed to retain the option of vesting his stock options. The specifics of his agreement reveal that the former CFO will be paid $200,000 over the course of the six months and that his options with an exercise price of $1.79 will be allowed to vest on the first day of November this year.

As the letter reads:

Mr. Burns will be replaced by Ms. Angela Strand, appointed as Lordstown’s Executive Chir and who will be responsible for the company’s daily operations until a permanent replacement is brought on board. Mr. Rodriguez will be replaced by Ms. Becky Roof, who will serve as Lordstown’s interim CFO.

Her appointment comes through an agreement Lordstown has entered with AP Services, LLC. This agreement puts her in charge of overseeing the company’s ongoing SEC investigation, managing Lordstown’s finances, developing a new business plan and communicating with investors about the need to raise more capital.