Tronox Ltd (NYSE:TROX) issued a press release announcing the appointment of Timothy C. Carlson (“Mr. Carlson”) as Senior Vice President and Chief Financial Officer of Tronox, effective as of October 31, 2016 (the “Effective Date”). A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
On October 17, 2016, Tronox LLC, a wholly-owned subsidiary of the Company, entered into an employment agreement with Mr. Carlson (the “Employment Agreement”). The Employment Agreement is effective as of the Effective Date and provides for Mr. Carlson to serve as the Chief Financial Officer of the Company (and any successor) and contemplates an initial three year term of employment, unless terminated by either party upon at least 30 days advance notice. In addition, the Employment Agreement provides for an annual base salary of no less than $520,000, the entitlement to customary employee benefits, and an annual cash target bonus opportunity of up to 70% of base salary.
In the event Mr. Carlson’s employment is terminated without “cause” or he terminates employment for Good Reason, subject to the execution of a release of claims, he will receive pursuant to the terms of the Employment Agreement: (i) his base salary through the date of termination plus a pro rata bonus for the year of termination; and (ii) an amount equal to one times the sum of his base salary and annual target bonus, payable in equal installments over the course of twelve months in accordance with the Company’s normal payroll practices.
In addition, the Employment Agreement provides for (i) general restrictions on the disclosure of confidential information, (ii) an inventions assignment covenant, (iii) an agreement that during his employment and for a period of 12 months thereafter he will not compete with the Company’s core business, or solicit the Company’s employees, and (iv) a mutual agreement between Mr. Carlson and the Company that during his employment and for a period of two years thereafter he will not disparage the Company or its directors and executive officers, and the Company, as well as its executive officers and members of the board of directors, will not disparage Mr. Carlson.
Mr. Carlson, age 51, has served as Chief Financial Officer of Precision Valve Corporation since July 2015. Prior to this position, Mr. Carlson served as the Executive Vice President, Chief Financial Officer and Treasurer of ATMI, Inc. from September 2007 to May 2014. Mr. Carlson holds a Bachelor of Science degree in economics from the University of Pennsylvania, Wharton School of Business, and is a Certified Public Accountant.
