Glen Koval
About Glen Koval
Glen Koval, age 50, has served on LiveWire’s Board since September 2022 and is currently Senior Vice President of Global Motorcycle Development at Harley-Davidson (H-D) . He holds a B.Eng. from Marquette University and an M.B.A. from Concordia University–Wisconsin; his core credentials center on motorcycle product and engineering expertise built over decades at H-D . At LiveWire, he is not considered independent under NYSE standards and serves on the Sustainability and Safety Committee as a member (not chair) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Harley-Davidson (H-D) | SVP Global Motorcycle Development | Current | Senior leadership overseeing motorcycle development |
| H-D | VP Motorcycle Development | Aug 2022 – Jul 2024 | Led motorcycle development |
| H-D | VP Engineering | Jan 2021 – Jul 2022 | Engineering leadership |
| H-D | GM Engineering | May 2020 – Jan 2021 | Engineering management |
| H-D | Chief Engineer | Jan 2017 – May 2020 | Engineering execution |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed in nominee biography |
Board Governance
- Independence: Not independent (employee of H-D)
- Committee assignments: Sustainability and Safety Committee (Member); Kjell Gruner is SSC Chair
- Board attendance: In 2024, the Board held seven meetings; each Director attended 75% or more of Board and committee meetings during their service period
- Lead Independent Director: Dr. John Garcia
- Executive sessions: Independent Directors meet in executive session from time to time
- Controlled company: H-D beneficially owns >50%; LiveWire uses NYSE controlled company exemptions (e.g., committees not fully independent)
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Director cash retainer | $0 | Employees of LiveWire or H-D do not receive additional Director pay |
| Committee member/Chair fees | $0 | Not paid to H-D employees serving as Directors |
| Perquisites | $0 | H-D/Company employees do not receive non-employee Director perquisites |
Non-employee Directors received: $60,000 annual retainer; committee chair/member fees; and $125,000 RSU annual grant, but this does not apply to Koval as an H-D employee .
Performance Compensation
| Element | Metrics | Vesting | Amount |
|---|---|---|---|
| Director equity (RSUs/PSUs) | Not applicable to Koval | Not applicable | $0 |
Non-employee Directors receive annual RSUs vesting at the next annual meeting/anniversary; Koval does not receive these grants as an H-D employee .
Other Directorships & Interlocks
| Entity | Relationship | Governance/Conflict Relevance |
|---|---|---|
| Harley-Davidson (H-D) | Koval is current SVP; H-D is controlling owner of LiveWire | Dual affiliation heightens related-party sensitivity; Conflicts Committee composed entirely of independent Directors oversees H-D related transactions |
Expertise & Qualifications
- Education: B.Eng. (Marquette University), M.B.A. (Concordia University–Wisconsin)
- Technical expertise: Motorcycle product and engineering; extensive motorcycle industry experience
- Board qualification rationale: Decades at H-D in engineering and product development
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Outstanding | Notes |
|---|---|---|---|
| Glen Koval | 0 | * (<1%) | No pledged shares disclosed; company prohibits hedging and pledging |
- Director ownership guidelines: Apply only to non-employee Directors (5x retainer within 5 years); not applicable to Koval as an H-D employee .
- Anti-hedging/pledging policy: Prohibits hedging and pledging for Directors, officers and employees .
- Section 16: No delinquent reports disclosed for Koval; one late Form 4 noted for Dr. Gruner due to administrative error .
Governance Assessment
- Board effectiveness: Koval brings deep engineering and product development expertise that aligns with LiveWire’s EV motorcycle strategy (positives for technical oversight) .
- Independence and conflicts: Not independent and concurrently a senior H-D executive while H-D controls LiveWire—material related-party exposure exists through numerous intercompany agreements (Master Services, Contract Manufacturing, Trademark License, Convertible Loan), which the Conflicts Committee (independent members) is designed to monitor and approve .
- Attendance and engagement: Board met seven times in 2024; all Directors attended at least 75% of Board and committee meetings, supporting baseline engagement .
- Ownership alignment: Beneficial ownership is 0 shares; non-employee Director stock ownership guidelines do not apply, potentially reducing alignment signals relative to independent Directors who receive RSUs .
- Controlled company risk: As a NYSE “controlled company,” LiveWire utilizes certain governance exemptions, resulting in committees not entirely independent, which can weaken minority shareholder protections; mitigated in part by an independent Conflicts Committee and independent Audit Committee composition .
RED FLAGS
- Not independent; dual role at H-D amid extensive related-party agreements (e.g., Contract Manufacturing cost-plus 6% markup; seven-year New Master Services Agreement; $100M convertible loan) .
- Zero beneficial ownership; no Director equity grants due to H-D employee status—reduced “skin-in-the-game” vs. independent Directors .
Mitigants
- Independent Conflicts Committee reviews and approves material H-D transactions; independent Audit & Finance Committee oversight; anti-hedging/pledging policy; clawback policy for covered officers .