Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Change in Chief Executive Officer
On September 14, 2022, the Board of Directors of EVO Transportation & Energy
Services, Inc., a Delaware corporation (the "Company"), appointed Michael
Bayles, a member of the Company's Board of Directors, to serve as Interim Chief
Executive Officer of the Company, effective September 14, 2022, replacing Thomas
J. Abood as the Company's Chief Executive Officer.
Mr. Bayles has served as a director of the Company and as a member of the
Company's compensation committee, audit committee, and nominating and corporate
governance committee since March 2022. He previously served as restructuring
advisor to the Company from May 2020 to October 2020 and as chief restructuring
officer and a member of the Company's Board of Directors from October 2020 until
his resignation in March 2021. Mr. Bayles has served as Co-Chief Executive
Officer and as a director of DiamondHead Holdings Corp., a special purpose
acquisition company, since August 2022, and has also served as vice president of
investments of Slam Corp, a special purpose acquisition company, since March
2021. Mr. Bayles previously served as an analyst at Antara Capital from May 2018
until May 2020, and as a credit analyst at GLG Partners from May 2016 to
December 2017. Prior to GLG Partners, Mr. Bayles was vice president at Avenue
Capital Group from September 2008 to April 2016. Mr. Bayles has a bachelor's
degree in economics from the Wharton School of the University of Pennsylvania.
In consideration of his service as chairman of an operating committee of the
Company's Board of Directors, the Company's Board of Directors agreed to pay Mr.
Bayles a cash retainer of $20,000 per month for a period of four months
beginning on or about June 8, 2022. There are no related party transactions
involving Mr. Bayles that are reportable under Item 404(a) of Regulation S-K
except as disclosed in this current report on Form 8-K, the Form 8-K filed by
the Company with the U.S. Securities and Exchange Commission on March 28, 2022,
or described in the Company's annual report on Form 10-K for the year ended
December 31, 2021 filed with the U.S. Securities and Exchange Commission on June
30, 2022.
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