FREYR Battery Announces Board and Officer Changes
Ticker: TE-WT · Form: 8-K · Filed: Sep 10, 2024 · CIK: 1992243
| Field | Detail |
|---|---|
| Company | Freyr Battery, Inc. /De/ (TE-WT) |
| Form Type | 8-K |
| Filed Date | Sep 10, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $11.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, governance, corporate-action
Related Tickers: FREY
TL;DR
FREYR Battery shakes up its board and exec team, effective Sept 4.
AI Summary
FREYR Battery, Inc. announced on September 10, 2024, a series of significant corporate actions that took effect on September 4, 2024. These include the departure of certain directors and officers, the election of new directors, and the appointment of new officers. The company also disclosed details regarding compensatory arrangements for its key personnel.
Why It Matters
Changes in board and officer composition can signal shifts in company strategy, operational focus, or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in leadership and governance can introduce uncertainty regarding future strategy and execution.
Key Players & Entities
- FREYR Battery, Inc. (company) — Registrant
- September 10, 2024 (date) — Report Date
- September 4, 2024 (date) — Earliest Event Date
FAQ
What specific corporate actions were reported by FREYR Battery, Inc.?
FREYR Battery, Inc. reported the departure of directors or certain officers, the election of directors, the appointment of certain officers, and details on compensatory arrangements for certain officers.
When did the earliest reported event take effect?
The earliest reported event took effect on September 4, 2024.
What is the filing date of this Current Report?
The filing date of this Current Report is September 10, 2024.
What is FREYR Battery, Inc.'s jurisdiction of incorporation?
FREYR Battery, Inc. is incorporated in Delaware.
What is the SIC code for FREYR Battery, Inc.?
The Standard Industrial Classification (SIC) code for FREYR Battery, Inc. is 3670, which corresponds to Electronic Components & Accessories.
Filing Stats: 642 words · 3 min read · ~2 pages · Grade level 10.8 · Accepted 2024-09-10 16:04:11
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value FREY The New York Stock E
- $11.50 — e Common Stock at an exercise price for $11.50 per share FREY WS The New York Stoc
Filing Documents
- ea0214021-8k_freyr.htm (8-K) — 31KB
- ea021402101ex10-1_freyr.htm (EX-10.1) — 37KB
- 0001213900-24-077363.txt ( ) — 289KB
- frey-20240904.xsd (EX-101.SCH) — 4KB
- frey-20240904_def.xml (EX-101.DEF) — 26KB
- frey-20240904_lab.xml (EX-101.LAB) — 36KB
- frey-20240904_pre.xml (EX-101.PRE) — 25KB
- ea0214021-8k_freyr_htm.xml (XML) — 6KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Termination of Employment of Chief Legal Officer On September 4, 2024, FREYR Battery, Inc., a Delaware corporation (the "Company"), notified Are L. Brautaset, Chief Legal Officer ("CLO"), that his employment with the Company will terminate effective September 30, 2024 (the "Termination Date"). The Company is searching for a replacement CLO to be based in the U.S., consistent with the Company's strategic plans and as a continuation of the Company's recent re-domiciliation into the U.S. Mr. Brautaset will assist the Company with the transition until his termination. In connection with Mr. Brautaset's departure, the Company, FREYR Battery Norway AS (a wholly-owned subsidiary of the Company) and Mr. Brautaset entered into a Separation and Release Agreement on September 10, 2024 (the "Separation Agreement"), pursuant to which Mr. Brautaset will be entitled to receive a lump sum cash payment equal to 1.5 times base annual salary, less any applicable withholding taxes, subject to his execution of a release of claims. The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, which is attached to this Current Report as Exhibit 10.1 and incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Separation and Release Agreement between FREYR Battery, Inc., FREYR Battery Norway AS and Are L. Brautaset, dated September 10, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 1 SIGNATURE 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. FREYR Battery, Inc. By: /s/ Daniel Barcelo Name: Daniel Barcelo Title: Chairman of the Board of Directors Dated: September 10, 2024 2