Business Context and Reporting Period
This Form 8-K Current Report was filed by American Battery Technology Company on May 22, 2023, covering events occurring on May 18 and May 19, 2023. The filing primarily addresses executive leadership changes within the company's finance department.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel appointments and compensation arrangements.
Material Changes
- Departure of CFO: Kimberly Eckert's last day as Chief Financial Officer was May 18, 2023.
- Appointment of CFO: Jesse Deutsch was appointed Chief Financial Officer on May 19, 2023, with an effective employment date of May 22, 2023.
Management Commentary, Compensation, and Risks
Mr. Deutsch brings over 25 years of finance and strategy leadership experience, including nearly 20 years as a CFO for global brands such as Kraft Foods, Aramark Inc., Visa, and Bank of New York Mellon. He has led over 75 M&A deals and possesses expertise in financial planning, reporting, and controls.
Compensation Package for Jesse Deutsch:
- Base Salary: $250,000 annually.
- Signing Bonus: 500,000 Restricted Stock Units (RSUs) vesting on the last day of the fiscal quarter following the first year anniversary.
- Performance Bonus: Eligible for cash bonus up to 75% of base salary and an additional 500,000 RSUs with a four-year vesting schedule, subject to achieving certain performance milestones.
- Employment Status: At-will employee.
The filing states there are no family relationships between Mr. Deutsch and any director or executive officer, and no undisclosed transactions exceeding $120,000 involving related persons.
Investor Verification Checklist
- Verify the vesting schedule and performance milestones for the 1,000,000 total RSUs granted to the new CFO.
- Review the full text of the Offer Letter (Exhibit 10.1) for specific performance criteria and termination provisions.
- Confirm the transition timeline between the departure of Kimberly Eckert and the start of Jesse Deutsch.
- Check subsequent filings for any updates on the company's financial status, as this 8-K contains no operational or financial results.