Management Change/Compensation - Form 8-K

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

Appointment of New President

On April 18, 2024, the Board of Directors (the "Board") of Microvast Holdings, Inc. (the "Company") approved the promotion of Ms. Isida Tushe, the Company's General Counsel and Corporate Secretary, to President of the Company, effective immediately. Ms. Tushe will continue to serve as the Company's General Counsel and Corporate Secretary in addition to serving as President of the Company.

Ms. Tushe, age 37, has served as the Company's General Counsel and Corporate Secretary since March, 2023. Prior to joining the Company, Ms. Tushe served as the General Counsel and Corporate Secretary at DC Green Bank and mPhase Technologies, Inc., where she oversaw all legal and compliance matters. Prior to that, Ms. Tushe served as the General Counsel of FFP New Hydro LLC, a developer of low-impact hydroelectric energy generation and storage in the United States, overseeing all legal and lobbying functions. Ms. Tushe has also held various senior positions involving finance, commercial and legal aspects of structured finance, M&A, project finance and development, intellectual property and corporate governance, including as VP and Senior Counsel at Pine Gate Renewables, LLC and as VP of Project Finance and Counsel at Fuel Cell Energy, Inc.

There are no arrangements or understandings between Ms. Tushe and any other person pursuant to which Ms. Tushe was promoted to President of the Company. There are no family relationships between Ms. Tushe and any director or executive officer of the Company, and she has no interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Appointment of Chief Operating Officer

On April 18, 2024, the Board approved the promotion of Dr. Shengxian Wu, President of Microvast Power Systems Co. Ltd, the Company's wholly-owned subsidiary incorporated in Huzhou, China ("Microvast China"), to Chief Operating Officer of the Company, effective immediately.

Dr. Wu, age 42, has served as Microvast China's President since January 2021. Prior to joining Microvast China in March 2016, Dr. Wu served as manager of the Commercial Vehicle Research Institute of Zhejiang Geely Holding Group.

There are no arrangements or understandings between Dr. Wu and any other person pursuant to which Dr. Wu was promoted to Chief Operating Officer of the Company. There are no family relationships between Dr. Wu and any director or executive officer of the Company, and he has no interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.