What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-20 compared with 2025-02-21 · 48 added, 79 removed, 268 unchanged (32% of the section changed)

8 unchanged sentences

Electric motorcycles are sold at wholesale to a network of independent dealers and retailers, at retail through a Company-owned dealership, and through online sales.

The STACYC segment primarily focuses on the designing and selling of electric balance bikes for kids, and related parts and accessories.

The STACYC segment primarily focuses on the designing and selling of electric balance bikes for kids, adult pedal assist electric bikes that were introduced in March 2025, and related parts and accessories.

The STACYC segment products are sold at wholesale to independent dealers and independent distributors, as well as direct to consumers online.

Vision and Growth Strategy

LiveWire’s vision is to lead the next generation of motorcycling with products that combine the experience of electric powertrains with the soulful connection that comes from riding a motorcycle.

The underpinning strategy is to accelerate the electric vehicle transformation of the two-wheel industry while building a leadership position in the market.

Directing the shift to electric vehicles is a mission-driven leadership team with the competitive advantages of strategic partnerships with H-D and the KYMCO Group and having a pipeline of future products for both Electric Motorcycles and STACYC segments.

LiveWire’s vision is to lead the next generation of products that combine the experience of electric powertrains with the soulful connection that comes from riding.

The underpinning strategy is to accelerate the electric vehicle transformation of the industry while building a leadership position in the market.

Directing the shift to electric vehicles is a mission-driven leadership team with the competitive advantages of strategic partnerships with H-D and the KYMCO Group (Kwang Yang Motor Co., Ltd., KYMCO Capital Fund I Co., Ltd., SunBright Investment Co., Ltd., CycleLoop Co., Ltd.

and Kwang Yang Holdings Limited (collectively, the “KYMCO Group”)) and having a pipeline of future products for both Electric Motorcycles and STACYC youth segments.

From advanced electric motorcycles to youth-focused balance bikes, the Electric Motorcycles and STACYC segments together represent a vision for the future – one that blends performance, accessibility, and global reach.

We believe these portfolios signal the next step in shaping the next generation of twist & go riders and electric powersports enthusiasts worldwide.

LiveWire’s Strategic Priorities

2 unchanged sentences

Capture Global Share of the Electric Motorcycle Market - LiveWire strategically selects our retail partners based upon their commitment to electric, location and capabilities to support the electric vehicle capture.

Our 2025 priority markets include the United States, Canada and leading countries in Europe such as Germany, France, Switzerland, the Netherlands, the United Kingdom, Spain, and Italy.

Our 2026 priority markets include the United States, Canada and leading countries in Europe such as Germany, France, Switzerland, the Netherlands, the United Kingdom, Spain, Italy, Poland, Portugal, Finland, Belgium and Luxembourg.

Lead in Brand Desirability - LiveWire’s ambition is to create the most desirable electric motorcycle brand in the world.

2 unchanged sentences

LiveWire’s go-to-market model allows for a consumer-defined journey across digital and physical platforms for an omni-channel experience.

In addition to the network of retail partners, LiveWire is currently making investments to provide potential customers with other opportunities to engage with the LiveWire brand and try LiveWire products.

Our location in Malibu, California opened in

February 2022, giving riders an additional venue to experience the LiveWire brand.

In August 2023, we added another location in Los Angeles, California to provide riders with the opportunity to experience the LiveWire brand.

Share the Love of Riding - STACYC’s mission has been to Share the Love of Riding , designing and selling electric stability bikes for kids, enabling the development of their skillset and powering their journey to independence on two wheels while preparing them to become the next generation of riders.

STACYC’s current portfolio includes four sizes of product for kids ages 3 to 12.

The Company sells through powersports dealers, in addition to digital channels, while leveraging licensing deals with traditional powersport Original Equipment Manufacturers (“OEM”) to increase reach and scale.

STACYC’s current portfolio includes four sizes of product for kids ages 3 to 12, and an adult pedal-assist electric bike.

The Company’s priority markets continue to be North America, with expansion in Europe and Australia, selling through powersports dealers, in addition to digital channels, while leveraging licensing deals with traditional powersport Original Equipment Manufacturers (“OEM”) to increase reach and scale.

Strategic Partnerships

LiveWire benefits from two important strategic partners:

H-D and Kwang Yang Motor Co., Ltd., KYMCO Capital Fund I Co., Ltd., SunBright Investment Co., Ltd., CycleLoop Co., Ltd.

and Kwang Yang Holdings Limited (collectively, the “KYMCO Group”).

H-D and KYMCO Group.

These partners have been selected based on their track record in their respective segments, the strength of their global capabilities, and the complementary fit with the LiveWire business.

1 unchanged sentence

H-D is one of the most recognized motorcycle brands in the world, with capabilities to design, develop, manufacture, market and distribute vehicles to major markets around the globe.

Beyond the various service agreements tied to the Separation (as defined below), LiveWire intends to leverage H-D’s capabilities in two key areas:

Beyond the various service agreements tied to the Separation, LiveWire intends to leverage H-D’s capabilities in two key areas:

technical and other services and contract manufacturing.

2 unchanged sentences

In addition to core sales activities of the KYMCO Group brand, it is a trusted design and manufacturing partner to other premium two-wheel original equipment manufacturers.

On November 5, 2024, LiveWire announced a non-binding Memorandum of Understanding with Kwang Yang Motor Co., LTD.

and its relevant subsidiaries (“KYMCO”) to collaborate on a new electric maxi-scooter project.

LiveWire will draw on H-D’s and the KYMCO Group’s best-in-class operations, benefiting from knowledge, scale and infrastructure across material sourcing, electric vehicle building and global distribution.

3 unchanged sentences

Agreements that the Company entered into in connection with the Separation include:

Transition Services Agreement

On September 26, 2022, we entered into a Transition Services Agreement with H-D (the “Transition Services Agreement”) pursuant to which H-D provided to us various services and support on a transitional basis to allow LiveWire to develop the capability to support ourselves or to engage a third-party provider to provide those services and support.

The charges for the services were on a cost-plus basis (with a mark-up to reflect the management and administrative cost of providing the serv ices).

The services generally commenced on the date of the Separation and were intended to terminate between six and twelve months of the date of the Separation, with the option to extend or convert the services to longer term under the Master Service Agreement.

All services under the Transition Services Agreement have either terminated or have been included in the Master Services Agreement executed on December 23, 2024 and effective on January 1, 2025 discussed below.

Master Services Agreement

24 unchanged sentences

H-D perpetually licenses to us all H-D intellectual property (other than marks or software) used in our business as of the Separation and certain additional specified intellectual property, as well as all improvements to the foregoing (but excluding (i) any H-D manufacturing intellectual property and (ii) intellectual property relating to motorcycle riding apparel and related general merchandise).

We perpetually license to H-D all intellectual property (other than marks or software) that we own as of

the Separation and all improvements thereto.

We perpetually license to H-D all intellectual property (other than marks or software) that we own as of the Separation and all improvements thereto.

If either party makes improvements to the other party’s intellectual property, such improvements will be jointly owned by the parties.

23 unchanged sentences

federal income tax purposes, the amount of taxes to be paid by us is generally determined, subject to certain adjustments, as if LiveWire and each of its subsidiaries filed its own separate consolidated federal income tax return (LiveWire’s “separate federal tax liability”).

principles analogous to the principles used to compute LiveWire’s separate federal tax liability, as if LiveWire and each of its subsidiaries included in such combined, consolidated or unitary group filed its own combined, consolidated or unitary group state or local income tax return.

With respect to state and local income tax returns for any taxable period in which LiveWire or any of its subsidiaries are included in H-D’s combined, consolidated or unitary group for state or local income tax purposes, the amount of taxes to be paid by LiveWire is determined, subject to certain adjustments using principles analogous to the principles used to compute LiveWire’s separate federal tax liability, as if LiveWire and each of its subsidiaries included in such combined, consolidated or unitary group filed its own combined, consolidated or unitary group state or local income tax return.

LiveWire’s inclusion in H-D’s consolidated group may result in H-D utilizing certain tax attributes that LiveWire generates, including net operating losses and credits, and LiveWire will receive no compensation from H-D for the use of such attributes, but they may be used to offset any future liabilities that may be owed by LiveWire to H-D under the Tax Matters Agreement.

11 unchanged sentences

Electric Motorcycles – The Electric Motorcycles segment sells electric powered motorcycles under the LiveWire brand.

LiveWire launched the LiveWire ONE model in July 2021.

The electric motorcycles are developed in accordance with a set of proprietary design principles that elevate the brand, deliver differentiated riding experiences and bring emotion to electric propulsion.

Starting from the LiveWire ONE, the portfolio will expand on our ARROW architecture.

This approach establishes a path to grow the product set, beginning with the System2 (“S2”) Del Mar®, to meet a broad set of segments and price points.

The electric motorcycles are developed in accordance with a set of proprietary design principles that elevate the brand, deliver differentiated riding experiences and bring heightened emotional responses to electric propulsion.

Starting from the LiveWire ONE, the portfolio expanded on our ARROW architecture beginning with the System2 (“S2”) Del Mar®, followed by the Mulholland® and Alpinista®.

ARROW was developed in-house to take advantage of the benefits of scalable, modular architectures across the electric vehicle, electric vehicle systems and software.

5 unchanged sentences

Our S2 mobile app remotely bridges the rider to the bike using built-in cellular connectivity and GPS, providing status, notifications, and alerts.

In combination with the cloud system and the TCU, the mobile app enables an ecosystem of services provided to LiveWire electric motorcycle riders

In combination with the cloud system and the TCU, the mobile apps enable an ecosystem of services provided to LiveWire electric motorcycle riders.

Our Firmware Over the Air (“FOTA”) allows for continual upgrades and refinements to the electric motorcycle in the field, greatly reducing the need and inconvenience for service or repair appointments for setting or software updates.

1 unchanged sentence

In addition to the benefits to the Electric Motorcycles segment as the original equipment manufacturers, FOTA capability enables remote updates to bring the rider new features, functionality and enhancements as they are developed to continually improve the LiveWire electric motorcycle riding and ownership experience.

The Electric Motorcycles segment is continuing to focus on strategic expansion of its product offerings, including the planned production in the spring of 2026 of two new 125 cc-equivalent mini-motos, the S4 Honcho TM products, which are designed to expand access and affordability for riders globally.

Industry – The relevant internal combustion engine (“ICE”) and electric vehicle markets for the Electric Motorcycles segment include:

18 unchanged sentences

Electric Motorcycle Manufacturing – The Electric Motorcycles segment leverages its strategic partners to enable an asset-light approach which allows the business to scale with less investment than would be necessary if it had its own manufacturing operations.

The Electric Motorcycles segment purchases electric motorcycles from H-D through the Contract Manufacturing Agreement.

With the introduction of the S2 platform, LiveWire powertrains are assembled in H-D’s Powertrain Operations in Menomonee Falls, Wisconsin, and overall vehicle assembly will continue to be in the York facility.

On November 5, 2024, LiveWire announced a non-binding Memorandum of Understanding with KYMCO to collaborate on a new electric maxi-scooter project.

The Electric Motorcycles segment purchases S2 electric motorcycles from H-D through the Contract Manufacturing Agreement.

For the S2 platform, LiveWire powertrains are assembled in H-D’s Powertrain Operations in Menomonee Falls, Wisconsin, and overall vehicle assembly will continue to be in the York facility.

Raw Materials and Purchased Components – The Electric Motorcycles segment continues to establish and reinforce long-term, mutually beneficial relationships with its suppliers.

6 unchanged sentences

STACYC Segment

The STACYC segment primarily focuses on the designing and selling of electric balance bikes for kids, and related parts and accessories.

The STACYC segment primarily focuses on the designing and selling of electric balance bikes for kids, an adult pedal assist electric bike that was introduced in March 2025, and related parts and accessories.

The STACYC segment products are sold at wholesale to independent dealers and independent distributors, as well as, direct to consumers online.

1 unchanged sentence

2025 2024 2023

Electric balance bikes $ 14,043 $ 22,865 $ 29,669

Electric balance bikes and electric bikes $ 15,808 $ 14,043 $ 22,865

Parts, accessories and apparel 3,800 4,209 3,610

Revenue, net $ 19,608 $ 18,252 $ 26,475

Electric Balance Bikes – STACYC focuses on developing products and experiences that help kids develop sooner and empower them to define their own ride.

Electric Balance Bikes – STACYC focuses on developing products and experiences that help kids develop riding skills sooner and empower them to define their own ride.

STACYC sells electric balance bikes under the STACYC brand while working with brand partners on co-branded products.

1 unchanged sentence

With a growing segment of young riders graduating out of the 16-inch product, during 2022, STACYC introduced the 18- and 20-inch electric balance bikes that expanded the range of STACYC riders from 3 to 12 years old.

Industry/Competition – STACYC is a category creator, and while there have been some competitors who have entered the market, their products lack STACYC’s product maturity and features, and their distribution generally lacks the breadth of the STACYC network.

STACYC sponsors and supports off road racing events across the nation and is the first motorized vehicle allowed on USA BMX’s 300 tracks in the U.S., allowing kids to practice and race in USA BMX’s national series.

While we expect competition to grow as the market shifts to younger riders and more players begin to make serious investments, we believe STACYC’s established brand with the combination of commitment, capabilities and market position allows STACYC to compete effectively in the growing electric balance bike market.

Electric Bikes - STACYC introduced a bicycle equipped with an electric motor to assist with pedaling for adults riders in the United States in March 2025.

It includes a rechargeable battery, allowing riders to travel greater distances or tackle challenging terrain with less effort than a traditional bicycle.

Industry/Competition – STACYC is a category creator of electric balance bikes, and while there have been some competitors who have entered the market, their products lack STACYC’s product maturity and features, and their distribution generally lacks the breadth of the STACYC network.

STACYC sponsors and supports off road racing events across the nation and was the first motorized vehicle allowed on USA BMX’s 300 tracks in the U.S., allowing kids to practice and race in USA BMX’s national series.

Parts, accessories, and apparel – Parts and accessories products include replacement parts and mechanical and cosmetic accessories, clothing and riding gear.

2 unchanged sentences

Additionally, STACYC’s dealers, distributors, and OEM partners engage in a wide range of local and global marketing and events.

Seasonality – The seasonality of STACYC’s electric balance bike sales generally correlates with the timing of retail sales made by dealers.

Seasonality – The seasonality of STACYC’s electric balance bike and electric bike sales generally correlates with the timing of retail sales made by dealers.

Retail sales generally track closely with regional riding and holiday purchasing seasons, generally from mid-March through December.

Manufacturing – STACYC purchases electric balance bikes through a contract manufacturing agreement from strategic partners and bike assemblers located in Taiwan and China.

Manufacturing – STACYC purchases electric balance bikes and electric bikes through a contract manufacturing agreement from strategic partners and bike assemblers located in Taiwan and China.

Purchased Components – STACYC continues to establish and reinforce long-term, mutually beneficial relationships with its suppliers.

2 unchanged sentences

Our People and Culture

As of December 31, 2024, the Company’s global workforce was comprised of approximately 182 employees, including approximately 162 and 20 employees within the Electric Motorcycles and STACYC segments, respectively.

As of December 31, 2025, the Company’s global workforce was comprised of 151 employees, including 132 and 19 employees within the Electric Motorcycles and STACYC segments, respectively.

Of all employees, 93% are based in the U.S., and substantially all employees are salaried.

7 unchanged sentences

The principal purposes of our equity and cash incentive plans are to attract, retain and reward personnel through the granting of stock-based and cash-based compensation awards to eligible employees to increase stockholder value and the success of our company by motivating such individuals to perform to the best of their abilities and achieve our objectives.

All of our exempt associates participate in our cash-based incentive plans, which provides eligible associates with cash bonus opportunities based upon the Company’s

achievement of financial and other key performance metrics.

All of our associates participate in our cash-based incentive plans, which provides eligible associates with cash bonus opportunities based upon the Company’s achievement of financial and other key performance metrics.

Under the LiveWire Group, Inc.

2022 Incentive Award Plan (the “Incentive Award Plan”), we grant equity compensation awards, such as restricted stock units and performance awards, which vest over a period of time, to eligible associates to attract and retain key personnel, strengthen their commitment to the welfare of the Company, and align their interests with those of our stockholders.

In December 2022, the Company extended ownership to all employees by making a one-time equity grant, including to those employees that are not otherwise eligible for equity grants.

Additionally, our comprehensive health and welfare benefits program provides our employees with a variety of medical and dental plans, plus voluntary benefits like vision or critical illness protection.

8 unchanged sentences

The following summarizes certain, but not all, existing environmental, health and safety laws and regulations applicable to our operations and products.

National Highway Traffic Safety Administration (“NHTSA”) Safety and Self-Certification Obligations.

As a manufacturer of electric vehicles, our electric vehicles are subject to, and must comply with, numerous regulatory requirements established by NHTSA, including all applicable United States Federal Motor Vehicle Safety Standards (“Safety Standards” or “US FMVSS”).

National Highway Traffic Safety Administration (“NHTSA”) Safety and Self-Certification Obligations – As a manufacturer of electric vehicles, our electric vehicles are subject to, and must comply with, numerous regulatory requirements established by NHTSA, including all applicable United States Federal Motor Vehicle Safety Standards (“Safety Standards” or “US FMVSS”).

As set forth by the National Traffic and Motor Vehicle Safety Act, we must certify that our electric vehicles meet all applicable Safety Standards.

2 unchanged sentences

In addition, our products are also subject to certain laws and regulations that have been enacted or proposed, e.g., “Right to Repair” laws, that could require us to provide third-party access to our network and/or vehicle systems.

Environmental Protection Agency (“EPA”) Certificates of Conformity and Regulations.

The Clean Air Act requires that we obtain an EPA-issued Certificate of Conformity with respect to emissions from our electric vehicles and include labeling providing consumer information such as maximum range on a single charge.

Environmental Protection Agency (“EPA”) Certificates of Conformity and Regulations – The Clean Air Act requires that we obtain an EPA-issued Certificate of Conformity with respect to emissions from our electric vehicles and include labeling providing consumer information such as maximum range on a single charge.

The Certificate of Conformity is required each model year for electric vehicles sold in states covered by the Clean Air Act’s standards and is also required each model year for vehicles sold in states that have sought and received a waiver from the EPA to utilize California’s mobile source standards.

Battery Safety and Testing.

Our battery packs are tested in accordance with industry safety standards, including selected tests specified in the SAE J2464 and J2929 standards as well as tests defined by other standards and regulatory bodies and LiveWire’s own internal safety and quality tests.

Battery Safety and Testing – Our battery packs are tested in accordance with industry safety standards, including selected tests specified in the SAE J2464 and J2929 standards as well as tests defined by other standards and regulatory bodies and LiveWire’s own internal safety and quality tests.

These tests evaluate battery function and performance as well as resilience to conditions including immersion, humidity, fire and other potential hazards.

Hazardous Substances.

We are subject to regulations governing the proper handling, storage, transportation and disposal of hazardous substances, including those contained in our battery packs.

Hazardous Substances – We are subject to regulations governing the proper handling, storage, transportation and disposal of hazardous substances, including those contained in our battery packs.

Transportation of our battery packs (and of equipment containing them) is governed by regulations that address risks posed during different modes of transport (e.g.¸ air, rail, ground, ocean).

Governing transportation regulations in the U.S., issued by the Pipeline and Hazardous Materials Safety Administration (“PHMSA”), are based on the United Nations (“UN”) Recommendations and Model Regulations on the Transport of Dangerous Goods as well as related UN Manual Tests and Criteria.

We have completed the applicable UN Manual tests for our

production battery packs, and the test results demonstrate our compliance with the PHMSA regulations.

We have completed the applicable UN Manual tests for our production battery packs, and the test results demonstrate our compliance with the PHMSA regulations.

For example, our battery packs have received UN38.3 compliance for shipping of the units.

4 unchanged sentences

In the course of ordinary operations, we, directly and through third parties and contractors, may handle hazardous substances within the meaning of the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar federal and state statutes and, as a result, may be jointly and severally liable for all or part of the costs required to clean up sites at which any such hazardous substances have been released into the environment.

Workplace Safety.

Our operations are also subject to federal, state, and local workplace safety laws and regulations, including the U.S.

Workplace Safety – Our operations are also subject to federal, state, and local workplace safety laws and regulations, including the U.S.

Occupational Health and Safety Act, and equivalent laws and regulations, which require compliance with various workplace safety requirements, including requirements related to environmental safety.

2 unchanged sentences

Environmental, Health and Safety Regulations in the European Union

Europe Type Approval.

We have begun to export electric vehicles to certain countries in Europe.

Europe Type Approval – We export electric vehicles to certain countries in Europe.

Unlike the United States, once we started operating in this market, we had to obtain pre-approval from regulators to import and sell our electric vehicles into the EU and countries that recognize EU certification or have regulatory regimes aligned with the EU (collectively referred to as “Europe”).

4 unchanged sentences

Any changes to an approved vehicle type must go through updated Type Approval by the Competent Authority.

EU Emissions Regulations.

We believe Europe’s regulatory environment is generally conducive to the development, production and sale of electric vehicles.

EU Emissions Regulations – We believe Europe’s regulatory environment is generally conducive to the development, production and sale of electric vehicles.

Through emission legislation, tax incentives and direct subsidies, EU and non-EU countries in Europe are taking a progressive stance in reducing carbon emissions in the transport sector which may lead to increasing demand for electric vehicles.

This is reflected in the EU-wide target of a 90% reduction in greenhouse gas emissions from the transport sector by 2050 (compared to 1990 levels), as part of an economy-wide carbon-neutral target.

In 2023, the EU enacted revisions to its climate legislation framework that created “ETS2”, which will (i) introduce a pricing emissions trading system that applies to the road transport sector from 2027 (subject to a potential one year delay if energy prices in the EU exceed certain amounts);

and (ii) require increased levels of national greenhouse gas reduction commitments (which include the transport sector) pursuant to a revision of the Effort Sharing Regulation, as part of efforts to reduce EU emissions by 40% by 2030 (compared to 2005 levels) in certain sectors including transport and by 55% overall by 2030 (compared to 1990 levels).

In addition, the EU adopted its Batteries Regulation in 2023, which introduced seeks to introduce certain sustainability requirements in relation to batteries sold on the Union market, including electric vehicle batteries.

While certain provisions of the Batteries Regulation are already in effect, many of the specific obligations will only enter into effect in the coming years, and in many cases will be dependent on details set out in secondary legislation the remains to be adopted.

Further, aspects of the Energy Performance of Buildings Directive (“EPBD”) entered into effect in 2024, which require new infrastructure such as homes and businesses must be built so there is enough power to support charging stations for electric vehicles including motorcycles.

Hazardous Substances.

We are subject to regulations governing the proper handling, and disposal of products containing hazardous substances in the EU, including the EU Waste Framework Directive, in relation to which the European Commission has begun a consultation process to revise.

In relation to our batteries, disposal will be governed by specific provisions of the

Batteries Directive (in addition to existing Member State-specific waste disposal laws), which imposes, among other obligations, certain requirements in relation to the disposal of batteries, such as that producers of batteries and producers of other products that incorporate a battery are responsible for the waste management of batteries that they place on the market, in particular the financing of collection and recycling schemes.

In relation to our batteries, disposal will be governed by specific provisions of the Batteries Directive (in addition to existing Member State-specific waste disposal laws), which imposes, among other obligations, certain requirements in relation to the disposal of batteries, such as that producers of batteries and producers of other products that incorporate a battery are responsible for the waste management of batteries that they place on the market, in particular the financing of collection and recycling schemes.

Environmental, Health and Safety Regulations in Canada

10 unchanged sentences

Any changes to an approved vehicle type, must go through updated Type Approval by the Competent Authority.

Environmental, Health and Safety Regulations in the Rest of World

Should we expand into jurisdictions outside of the USA, Canada, and the EU, other jurisdictions also have a favorable regulatory environment with respect to electric motorcycles.

For example, in the UK, the government is consulting on future plans that all new motorcycles are to be fully zero emissions at the tailpipe from 2035, or earlier if it is determined that a faster transition seems feasible.

This plan is subject to feedback from a consultation process but reflects the UK’s broader strategy to phase out new combustion engines in all transport (including heavy duty vehicles) by 2040.

Manufacturer and Dealer Regulation – United States

1 unchanged sentence

Some states, however, do not permit motorcycle manufacturers to be licensed as dealers or to act in the capacity of a dealer.

To sell vehicles directly to residents of these states, we must conduct the sale out of state through our California location, over the internet or telephonically or through LiveWire retail partners who have obtained dealer licenses within these certain states to sell vehicles directly to residents within these states.

California has recently updated certain dealer laws which may, in the future, impact our ability to sell out of our California location.

For a manufacturer to sell vehicles directly to residents of these states, we must conduct the sale through our California manufacturer-owned dealer, over the internet or telephonically or through LiveWire retail partners who have obtained dealer licenses within these certain states to sell vehicles directly to residents within these states.

California has recently updated certain dealer laws which may, in the future, impact our ability to sell out of our California manufacturer-owned dealer.

In addition, certain states and territories require service facilities to be available for vehicles sold in the state or territory, which may be interpreted to require service facilities to be available for vehicles sold through our California location over the internet or telephonically to residents of the state or territory.

Puerto Rico, for example, is one such jurisdiction.

Such laws could limit our ability to sell vehicles in states either where we do not maintain service facilities or where we do not have retail partners licensed to act as service dealers who maintain appropriate service facilities within these states.

We believe that, as a matter of interstate commerce, we may sell an electric vehicle to any consumer in any state in the United States from a LiveWire retail partner that is duly licensed as a dealer by a state in the United States.

Such laws could limit our ability to sell vehicles in states or territories either where we do not maintain service facilities or where we do not have retail partners licensed to act as service dealers who maintain appropriate service facilities within these states.

That customer may contact a licensed LiveWire retail partner through the internet, by telephone or visiting the location directly.

1 unchanged sentence

Data Privacy and Cybersecurity Laws and Regulations

Our business collects, uses, handles, stores, receives, transmits and otherwise processes different types of information about a range of individuals, including our customers, riders of our electric vehicles, website visitors, users of our mobile application, our employees and job applicants, and employees of companies we do business with (such as our vendors and suppliers).

As a result, we are and may become subject to existing and emerging federal, state, local and international laws and regulations related to the privacy, security and protection of such information, such as the Federal Trade Commission Act, the GLBA, the TCPA, the CAN-SPAM Act, California Consumer Privacy Act as amended by the California Privacy Rights Act (“CCPA”) and other comprehensive state privacy laws.

Our business collects, uses, handles, stores, receives, transmits and otherwise processes different types of information about a range of individuals, including our customers, riders of our electric vehicles, website visitors, users of our mobile applications, our employees and job applicants, and employees of companies we do business with (such as our vendors and suppliers).

As a result, we are and may become subject to existing and emerging federal, state, local and international laws and regulations related to the privacy, security and protection of such information, such as the Federal Trade Commission Act, the GLBA, the Telephone Consumer Protection Act ("TCPA"), the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (“CAN-SPAM Act”), California Consumer Privacy Act as amended by the California Privacy Rights Act (“CCPA”) and other comprehensive state privacy laws.

In the United States, while there is not a single generally applicable federal law governing the processing of personal information, there are federal laws that apply to the processing of certain types of information, or the processing of personal information by certain types of entities, and the Federal Trade Commission and state attorneys general may bring enforcement actions against companies that engage in processing of personal information in a manner that constitutes an “unfair” or “deceptive” trade practice.

25 unchanged sentences

The duration of trademark registrations varies from country to country, but it is typically for ten years with unlimited ten-year renewal terms, subject to the payment of maintenance and renewal fees and the laws of the jurisdiction in which the trademark is registered.

Our trademarks include LIVEWIRE, the LiveWire logo, LIVEWIRE ONE, MULHOLLAND, ALPINISTA, DEL MAR, S2 and MAKE EVERY SECOND COUNT, as well as STACYC, STACYC STABILITY CYCLE, and unique designs of each.

We intend to continue to vigorously pursue intellectual property protection to the extent we believe it would be advantageous to our business objectives.

19 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business