Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 10, 2023, Microvast Holdings, Inc. (the "Company") and Sascha Rene
Kelterborn, the Company's President and Chief Revenue Officer, mutually agreed
that, effective immediately, Mr. Kelterborn would step down from his role as
President of the Company in order to focus on developing the Company's global
business especially in North America, Europe and Asia. Mr. Kelterborn will
remain employed as the Company's Chief Revenue Officer pursuant to the terms of
his agreements with the Company.
Effective immediately, Yang Wu, the Company's Chief Executive Officer and a
member of the Company's Board of Directors, will also serve as President of the
Company. Mr. Wu did not enter into any new agreements with the Company and will
not receive any additional compensation in connection with his service as
President and Chief Executive Officer of the Company.
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