Form 8-K - Current report
10 5월 2024 - 5:59AM
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2024-05-09
2024-05-09
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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):
May 9, 2024
IVANHOE
ELECTRIC INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-41436 |
|
32-0633823 |
(State or other jurisdiction of
incorporation or organization) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
450
E Rio Salado Parkway, Suite 130
Tempe, Arizona |
|
|
85281 |
(Address of principal executive offices) |
|
|
(Zip Code) |
|
|
|
|
Registrant’s telephone number, including
area code: (480) 656-5821
(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 |
Common
Stock, par value $0.0001 per share |
|
IE |
|
NYSE
American |
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 1.01. Entry into a Material Definitive
Agreement.
On May 9, 2024, Ivanhoe Electric Inc.
(the “Company”) entered into a compensation and change of control arrangement with Robert Friedland with respect to his services
as the Executive Chairman of the Company. The arrangement is set forth in a letter to Mr. Friedland dated May 9, 2024 (the “Compensation
Letter”).
Pursuant to the terms of the Compensation Letter,
Mr. Friedland is entitled to an annual base salary of $500,000 per year (“Base Salary”), effective from January 1,
2024. Mr. Friedland will be eligible on an annual basis to receive short-term and long-term incentive awards, with a short-term bonus
target of 100% of his Base Salary (“Short Term Bonus”) and a long-term bonus target of 200% of his Base Salary (“Long
Term Bonus”), based on the terms and conditions of the Company’s then effective annual incentive and equity-based incentive
plans or programs and contingent upon the degree of achievement of any applicable performance goals. Short Term Bonus and Long Term Bonus
shall be awarded in a form of equity as determined by the Board of Directors and pursuant to the Company’s equity based incentive
plans and associated award agreements.
Compensation covered in the Compensation Letter
is subject to annual review.
In the event of a Change of Control (as defined
in the Compensation Letter) where Mr. Friedland’s services as Executive Chairman are terminated during the 12 month period
following such Change in Control, then Mr. Friedland will be entitled to receive a lump sum cash payment, less applicable withholdings,
equal to 18 months of his annual Base Salary and his equity incentive awards shall be governed in accordance with the terms of the applicable
plans and award grant agreements.
The foregoing summary of the Compensation Letter
does not purport to be a complete description of the Compensation Letter and is qualified in its entirety by reference to the full text
of the Compensation Letter, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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.
|
IVANHOE ELECTRIC INC. |
|
|
|
Date: May 9, 2024 |
By: |
/s/ Taylor Melvin |
|
|
Taylor Melvin |
|
|
President and Chief Executive Officer |
Exhibit 10.1
May 9, 2024
Re: ANNUAL COMPENSATION
Dear Robert Friedland,
In recognition of your valuable contribution to the achievements of
Ivanhoe Electric as Executive Chairman, I am pleased to advise you that the Ivanhoe Electric Board of Directors ("Board") recently approved the following annual compensation
and change of control terms for you:
Compensation
Effective January 1, 2024, your annual base
salary is set at US$500,000 (“Base Salary”), which shall be paid retroactively from the effective date. The Base Salary will
be reviewed from time to time and, if increased or decreased, such increased or decreased amount shall be the Base Salary hereunder.
In addition to the above Base Salary, you are eligible on an annual
basis to receive short term and long term incentive awards, with a short-term bonus target of 100% of Base Salary ("Short Term Bonus")
and a long-term bonus target of 200% of Base Salary (“Long Term Bonus”), based on the terms and conditions of the Company's
then effective annual incentive and equity based incentive plans or programs as adopted by the Board and contingent upon the degree of
achievement of any applicable performance goals. Short Term Bonus and Long Term Bonus shall be awarded in a form of equity as determined
by the Board and pursuant to Company’s equity based incentive plans, including the 2022 Long Term Incentive Plan (“Equity
Plans”), and associated award agreements.
The compensation set out in this letter will be reviewed annually.
Change in Control
If a Change in Control occurs and,
at any time during the twelve (12) month period following such Change in Control, there occurs a termination of your services as
Executive Chairman of the Company, you shall
be entitled to receive:
| (i) | a lump sum cash payment, less applicable withholdings, equal to eighteen (18) months of your annual Base Salary; and |
| (ii) | your equity incentive awards shall be governed in accordance with the terms of the applicable Equity Plans and award grant agreements. |
For the purposes of this Agreement,
"Change in Control" means any of the following events occurring after the date hereof:
| (i) | a transaction or series of transactions (other than an offering of Common Stock, as defined the Company’s Long Term Incentive
Plan, to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any "person"
or related "group" of "persons" (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act)
directly or indirectly acquires beneficial ownership (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) of securities
of the Company possessing more than 50% of the total combined voting power of the Company's securities outstanding immediately after such
acquisition; provided however that the following acquisitions shall not constitute a Change in Control: (i) any acquisition by the
Company or any of its Subsidiaries; (ii) any acquisition by an Employee benefit plan maintained by the Company or any of its Subsidiaries,
(iii) any acquisition which complies with Sections 10.3(f)(iii)(I), 10.3(f)(iii)(II) and 10.3(f)(iii)(III) or (iv); in
respect of an Award (as defined in the Company's Long Term Incentive Plan) held by a particular Holder, any acquisition by the Holder
or any group of persons including the Holder (or any entity controlled by the Holder or any group of persons including the Holder); |
| (ii) | the Incumbent Directors, as defined in the Company's Long Term Incentive Plan, or successor plan, cease for any reason to constitute
a majority of the Board; |
| (iii) | the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially
all of the Company's assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock
of another entity, in each case other than a transaction: |
| (a) | which results in the Company's voting securities outstanding immediately before the transaction continuing to represent (either by
remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company's assets or otherwise
succeeds to the business of the Company (the Company or such person, the "Successor Entity")) directly or indirectly, at least
a majority of the combined voting power of the Successor Entity's outstanding voting securities immediately after the transaction, and |
| (b) | after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided however that no person or group shall be treated for purposes of this Section as beneficially owning 50% or more
of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation
of the transaction; and |
| (c) | after which at least a majority of the board of directors (or the analogous governing body) of the Successor Entity were Board members
at the time of the Board's approval of the execution of the initial agreement providing for such transaction; or |
| (iv) | the date which is 10 business days prior to the completion of a liquidation or dissolution of the Company. |
Notwithstanding the foregoing, if a Change in Control constitutes a
payment event with respect to any amount that provides for the deferral of compensation that is subject to Section 409A of the Code,
to the extent required to avoid the imposition of additional taxes under Section 409A, the transaction or event described in subsection
(i), (ii), (iii) or (iv) with respect to such payment (or portion thereof) shall only constitute a Change in Control for purposes
of the payment if such transaction also constitutes a "change in control event," as defined in Treasury Regulation Section 1.409A-3(i)(S).
I would like to thank you for your outstanding
contributions and look forward to what we will achieve in the remainder of 2024.
Sincerely,
Priya Patil
Chair of the Compensation and Nominating Committee
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Ivanhoe Electric (AMEX:IE)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Ivanhoe Electric (AMEX:IE)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024