Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
Effective June 4, 2021, Piedmont Lithium Inc. (the “Company”) entered into an executive employment agreement (the “Agreement”) with Michael White, pursuant to which Mr. White was appointed as Executive Vice President and Chief Financial Officer of
the Company.
Prior to the execution of the Agreement, Mr. White was party to an employment agreement (the “Prior Employment Agreement”) with Piedmont Lithium Carolinas, Inc. and Piedmont Lithium Limited (“Piedmont Australia”), each a wholly owned subsidiary of
the Company. On May 17, 2021, Piedmont Australia completed a transaction (“Redomiciliation”) pursuant to which the business of Piedmont Australia was redomiciled in the United States and is now operated by the Company. The Agreement was entered into
in connection with the Redomiciliation to supersede the Prior Employment Agreement.
Mr. White joins the Company from ChampionX Corporation, formerly Apergy Corporation, a multi-billion-dollar manufacturing, chemicals, and services company, where he served as Vice President, Chief Accounting Officer and Corporate Controller with
responsibilities for leading the company’s global accounting and financial reporting. In this role, Mr. White led enterprise-wide transformation of the global controllership function, created sustainable financial reporting with key performance
metrics for operational leadership, and provided financial leadership related to mergers and acquisition activities, including a successful IPO. Prior to ChampionX, Mr. White held the position of Senior Vice President, Chief Accounting Officer and
Corporate Controller for Aegion Corporation, a global manufacturing and services company serving the industrial, oil and gas and water industries. Mr. White has held senior financial leadership positions throughout his 25-year career with companies
primarily in the energy and technology sectors, including roles as Chief Financial Officer of Baker Energy and as a manager in the assurance practice with Ernst & Young.
Under the terms of the Agreement, Mr. White will receive an annual base salary of $350,000. The Agreement also provides that Mr. White will be eligible beginning in calendar year 2021 for a discretionary annual performance bonus of up to 50% of
his annual base salary.
Upon his termination of employment, Mr. White will receive any accrued but unpaid base salary and other accrued and unpaid compensation, including any accrued but unpaid vacation. If the termination is due to a Covered Termination (as defined in
the Agreement), under certain circumstances, Mr. White will be entitled to receive certain additional severance benefits.
The foregoing description of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by
reference.