UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~October~~February 1507, ~~2024~~2025

Getaround, Inc.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-40152	85-3122877
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

PO Box 24173
Oakland, California		94623
(Address of Principal Executive Offices)		(Zip Code)

    Registrant’s Telephone Number, Including Area Code:  415 295-5725

   

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 52.0205 Costs ~~Departure~~Associated ofwith ~~Directors~~Exit or ~~Certain~~Disposal ~~Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers~~Activities.

On ~~October~~February 157, ~~2024~~2025, ~~Eduardo Iniguez,~~ the ~~Chief~~Board ~~Executive~~of ~~Officer~~Directors of Getaround, Inc. (the “Company”), ~~resigned~~approved ~~from~~the ~~his~~orderly ~~position~~wind-down ~~as Chief Executive Officer and as a member~~ of the Company’s ~~Board~~business ofoperations ~~Directors~~in (the ~~“Board”)~~United States, ~~effective~~which asincludes ofits ~~such~~car-share ~~date.~~and AsHyreCar abusinesses. ~~result~~The ofCompany’s ~~his~~European ~~resignation~~business aswill ~~Chief~~continue ~~Executive~~operating ~~Officer,~~to ~~Mr.~~provide ~~Iniquez~~car-sharing ~~ceased~~services ~~serving~~for ascustomers ~~the~~in ~~Company’s~~all ~~principal~~current ~~executive~~European ~~officer~~markets. ~~Mr. Iniguez resigned for personal reasons.~~

OnIn ~~October~~connection ~~15,~~with ~~2024~~the approval of the wind-down plan, the Board ~~appointed~~approved ~~Albert~~a ~~Joon~~reduction-in-force ~~(“AJ”)~~of ~~Lee,~~substantially all of the Company’s ~~current~~U.S. ~~Chief~~employees, ~~Operating~~with ~~Officer,~~most employees separating as ~~the~~of ~~Company’s~~February ~~Interim~~14, ~~Chief~~2025 ~~Executive~~and ~~Officer,~~certain ~~effective~~others asseparating ofduring ~~such~~the ~~date.~~wind-down Inor ~~this~~after ~~capacity,~~the ~~Mr.~~wind-down ~~Lee~~process ~~will~~is ~~serve~~completed. asEmployees of the Company’s ~~interim~~European ~~principal~~business ~~executive~~will ~~officer.~~not Mrbe affected. ~~Lee~~The Company estimates that it will ~~continue~~incur charges of approximately $1.5 million to ~~serve~~$2.0 asmillion in connection with the reduction-in-force, primarily consisting of severance payments, notice pay (where applicable), employee benefits contributions and related costs. The Company’s ~~Chief~~expects ~~Operating~~that ~~Officer~~the implementation of the headcount reduction will be substantially complete by the end of 2025.

~~Mr.~~Item ~~Lee, age 40, joined the Company as the Vice President, Gig Marketplace in May 2023~~5.02 Departure ~~He was appointed to the role~~ of ~~Chief~~Directors ~~Operating~~or ~~Officer~~Certain inOfficers; ~~March~~Election 2024 and currently leads the Company’s Sales, Marketing, Operations, Risk, Product Management, Engineering, and Business Intelligence functions. Prior to joining the Company, Mr. Lee served as the Chief Operating Officer for HyreCar, Inc. (“HyreCar”), a role he was appointed to in February 2023. Prior to that, he was HyreCar’s Senior Vice President of ~~Growth,~~Directors; aAppointment ~~role he held since January 2022. Prior to HyreCar, Mr. Lee served as the Senior Vice President~~ of ~~Growth~~Certain atOfficers; ~~Airspace~~Compensatory ~~Technologies~~Arrangements (“Airspace”), a logistics company using artificial intelligence and machine learning to move time-critical shipments, a position he held since July 2021. Prior to Airspace, between September 2018 and July 2021, Mr. Lee held various positions at NEXT Trucking, a digital freight marketplace, including Senior Vice President of ~~Marketing~~Certain ~~and Growth Strategy, where he led the growth marketing, expansion, compliance, and marketplace strategy teams~~Officers. Prior to NEXT Trucking, Mr. Lee also held management roles with Amazon.com, Inc. and The Vanguard Group, Inc.. Mr. Lee is a 2006 graduate of the University of Pennsylvania, where he received a B.A., magna cum laude. He also received an M.B.A. from the Tuck School of Business at Dartmouth College in 2013 and an M.P.A. from the Harvard Kennedy School in 2014.

~~Since~~In ~~March~~connection 6,with ~~2024,~~the ~~Mr.~~actions ~~Lee~~discussed ~~has~~in ~~served~~Item as2.05 above, the Company’s announced that AJ Lee, Interim Chief ~~Operating~~Executive Officer ~~pursuant~~and toChief anOperating ~~employment~~Officer, ~~offer~~will ~~letter~~step ~~between~~down as the Company’s ~~and~~Interim ~~Mr.~~Chief ~~Lee~~Executive ~~dated~~Officer asand ofChief ~~such~~Operating ~~date~~Officer, ~~(the~~effective ~~“2024~~February ~~Agreement”).~~14, 2025. The ~~2024~~Company ~~Agreement~~also ~~has~~announced nothat, ~~specified~~effective ~~term~~February 14, ~~and~~2025, ~~Mr.~~Patricia ~~Lee’s~~Huerta ~~employment~~will ~~with~~serve ~~the~~as ~~Company~~acting isChief onExecutive anOfficer ~~at-will~~in ~~basis.~~addition ~~Under~~to the ~~2024~~Company’s ~~Agreement:~~Interim Chief Financial Officer.

~~Base~~Ms. ~~Salary~~Huerta, age 49, has served as the Company’s Interim Chief Financial Officer since July 2024 and ~~Annual~~as ~~Bonus~~the Chief Accounting Officer since May 2024. Mr Prior to Getaround, from August 2020 to February 2024, Ms. ~~Lee~~Huerta ~~receives~~held ansenior ~~annual~~positions ~~base~~at ~~salary~~Good ofFood ~~$450~~Holdings,~~000,~~ ~~subject~~LLC including Chief Financial Officer and Chief Accounting Officer. Prior to ~~annual~~joining ~~review~~Good Food Holdings, LLC, Ms. Huerta served as Chief Financial Officer at E.S. Kluft & Company, a luxury and ispremium ~~eligible~~bedding company, from January 2019 to ~~participate~~August in2020. ~~the~~Previous ~~Company’s~~to ~~annual~~that, ~~bonus~~she ~~plan~~served onas ~~the~~controller ~~same~~or ~~terms~~assistant ~~and~~controller ~~conditions~~at companies such as ~~other~~Yokohama ~~similarly~~Tire ~~situated~~Corporation, ~~executives~~99 Cents Only Stores, ~~with~~and Guess. Ms. Huerta holds an active CPA license and earned a ~~target~~B.S. ~~bonus~~in ~~opportunity~~Business ~~equal~~Administration tofrom ~~$225~~California State University,~~000~~ Los Angeles.

~~Signing~~In ~~Bonus~~connection with the actions described above, the Company and Mr. Lee have entered into an agreement that provides for the following payments, subject to Mr. Lee’s ~~received~~execution of a release of claims against the Company: a lump sum payment of $50150,000 ~~signing~~and ~~bonus,~~four ~~which~~months ~~bonus~~of ~~must~~Company-subsidized COBRA coverage. Additionally, there will be ~~repaid~~no tochange in the ~~Company~~compensation into ~~full~~which ifMs. heHuerta is ~~not~~entitled ~~employed~~in byconnection ~~the~~with ~~Company~~her ~~through~~promotion, ~~the~~except ~~one-year~~that ~~anniversary~~after ofJuly ~~his~~14, ~~March 6~~2025, ~~2024~~she ~~start~~will ~~date,~~be ~~unless~~compensated ~~due~~on toan ~~his~~hourly ~~termination~~basis ~~without~~at ~~cause~~a rate of $350 per hour.

~~Equity~~Item ~~Compensation~~8. ~~Under~~01 Other ~~the 2024 Agreement, subject to the approval of the Board, the Company will recommend to the Compensation Committee of the Board that Mr~~Events. Lee be granted an equity award in the form of a stock option to purchase up to 1,390,000 shares of the Company’s common stock (the “Option”), subject to the terms and conditions of the Company’s 2022 Equity Incentive Plan (the “2022 Plan”) and applicable award agreement. The Option will vest as to 25% of the total number of shares subject to the Option on March 5, 2025, and an additional 25% of the total number of shares subject to the Option will vest on the same day of the next three years thereafter. The exercise price of the Option will be the greater of (a) $0.25, and (b) the closing price of the Company’s common stock on the date of grant. The Option has a maximum term of ten years, subject to earlier expiration in the event Mr. Lee’s service with the Company terminates.

~~Severance~~On ~~Terms.~~February In11, ~~the~~2025, ~~event~~ the Company ~~terminates~~issued ~~Mr.~~a ~~Lee’s~~press ~~employment~~release ~~without cause~~announcing, heamong ~~will~~other bethings, ~~entitled~~the towind-down ~~receive~~of ~~payments upon~~ the Company’s ~~regular payroll schedule, which, in aggregate, represent 50% of his then-current annual base salary~~U. ~~However, if Mr~~S. ~~Lee’s~~business ~~employment~~operations isas ~~terminated~~described byabove ~~the~~in ~~Company~~Item for cause, or upon his resignation, he will be entitled only to limited payments and benefits consisting primarily of earned but unpaid salary and earned but unpaid bonuses (the “Accrued Benefits”)2. In05. ~~the~~A ~~event~~copy of athis ~~termination~~press ofrelease ~~Mr.~~is ~~Lee’s~~furnished ~~employment~~as byExhibit ~~the Company due to his disability, or Mr~~99.1 ~~Lee’s employment terminates due~~ to ~~his~~this ~~death,~~Current ~~Mr.~~Report ~~Lee~~on orForm ~~his~~8-K ~~beneficiaries~~and ~~will~~incorporated beby ~~entitled~~reference ~~only to the Accrued Benefits.~~herein

~~Other~~Forward-Looking ~~Benefits. Mr. Lee is eligible to participate in the benefit programs generally available to the Company’s executives.~~Statements

~~Prior~~This toCurrent ~~his~~Report ~~appointment~~on asForm 8-K includes forward-looking statements within the ~~Company’s~~meaning ~~Chief~~of ~~Operating~~the ~~Officer,~~federal Mrsecurities laws. ~~Lee~~Forward-looking ~~served~~statements generally relate to future events, such as the continuation of the Company’s ~~Vice~~European ~~President~~operations, ~~Gig~~the ~~Marketplace~~timing ~~commencing~~of ~~May~~completion ~~16,~~of ~~2023~~the reduction-in-force, ~~pursuant~~and tothe anexpected ~~employment~~costs ~~offer~~and ~~letter~~charges ~~between~~associated ~~the~~therewith. ~~Company~~In ~~and~~some ~~Mr.~~cases, ~~Lee~~you ~~dated~~can asidentify offorward-looking statements by terminology such ~~date~~as ~~(the~~“expects”, “~~2023~~intends,” ~~Agreement~~“plans,”). ~~Under~~and “will,” or the ~~2023~~negative ~~Agreement,~~of Mrthese terms or variations of them or similar terminology. ~~Lee~~We ~~received:~~have ~~(i)~~based anthese ~~annual~~forward-looking ~~base~~statements ~~salary~~on ofour ~~$300,000;~~current expectations and ~~(ii)~~assumptions anand ~~annual~~analyses ~~bonus~~made ~~for~~by ~~2023~~us in light of ~~$50~~our experience and our perception of historical trends,~~000;~~ current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, many of which are beyond our control, including: the ~~approval~~risks and uncertainties related to completion of the ~~Board,~~wind-down isprocess; the sufficiency of cash flows to befund ~~granted~~the anCompany’s ~~equity~~European ~~award~~operations; and the other factors under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the ~~form~~SEC on March 29, 2024, our Quarterly Report on Form 10-Q filed with the SEC on November 14, 2024, and in other filings that the Company has made and may make with the SEC in the future. All of ~~300~~the forward-looking statements made in this Current Report on Form 8-K are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or,~~000~~ ~~restricted~~even ~~stock~~if ~~units~~substantially ~~(“RSUs”)~~realized, ~~subject~~they may not have the expected consequences to or effects on the ~~terms~~Company or our business or operations. Such statements are not intended to be a guarantee of future performance and ~~conditions~~actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the ~~2022~~date ~~Plan~~of ~~and~~this ~~applicable~~Current ~~award~~Report ~~agreement~~on Form 8-K. ~~The~~We ~~2023~~undertake ~~Agreement~~no ~~calls~~obligation ~~for~~to update or revise any forward-looking statements, whether as a ~~pro~~result of new information, future events or otherwise, except as may be required under applicable securities laws.

~~rata~~Item ~~portion of the RSUs to vest on May 15, 2024, based on the number of days between Mr~~9.01 Financial ~~Lee’s~~Statements ~~May 16, 2023 start date~~ and ~~May 14, 2024, divided by four years, and 6~~Exhibits.~~25% of the RSUs vest on the same day of every third month thereafter.~~

There are no arrangements or understandings between Mr. Lee and any other persons pursuant to which he was appointed the Company’s Interim Chief Executive Officer. There are no family relationships between Mr. Lee and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company. Other than as described above, the Company has not entered into any transactions with Mr. Lee that would require disclosure pursuant to Item 404(ad) ~~of Regulation S-K.~~Exhibits

Any compensatory plans or arrangements to be entered into between the Company and Mr. Lee in connection with his appointment as the Company’s Interim Chief Executive Officer have not been determined at this time. The Company will file an amendment to this Current Report on Form 8-K containing such information within four business days after they are determined.


Exhibit No.	Description
99.1	Press release dated February 11, 2025
104	Cover Page Interactive Data File (embedded with the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Getaround, Inc.
			GETAROUND, INC.
Date:	~~October~~February 1611, ~~2024~~2025	By:	/s/ ~~Patricia~~PATRICIA ~~Huerta~~HUERTA
			Patricia Huerta, Interim CFO
		Name:Title:	Patricia HuertaInterim Chief Financial Officer

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