Microvast Holdings Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of New Chief Financial Officer
On October 14, 2024, Microvast Holdings, Inc. (the “Company”) entered into an employment offer letter with Fariyal Khanbabi pursuant to which Ms. Khanbabi will serve as the Company’s Chief Financial Officer (the “Offer Letter”). Ms. Khanbabi is expected to commence employment with the Company on or about October 21, 2024.
Ms. Khanbabi, age 57, previously served as Group Chief Executive Officer of Dialight PLC (LSE: DIA) starting in August 2019. Prior to her promotion to CEO of Dialight, she held the position of Group Chief Financial Officer from September 2014 to August 2019. Prior to her tenure at Dialight, Ms. Khanbabi held several senior finance leadership roles, including serving as Chief Financial Officer at Harvest Energy from March 2009 to August 2014 and as Chief Financial Officer at Britannia Bulk Inc. from August 2006 to March 2009.
Pursuant to the Offer Letter, Ms. Khanbabi’s annual base salary will be $400,000, her target annual bonus opportunity will be 25% of her annual base salary, subject to achievement of individual and Company performance measures, and she will be eligible to participate in the Company’s long-term incentive program and other employee benefits and paid time off policies.
In addition to accrued obligations owed to Ms. Khanbabi upon her termination of employment for any or no reason, the Offer Letter also provides for the following severance benefits (the “Severance Benefits”) upon Ms. Khanbabi’s termination of employment: (i) if Ms. Khanbabi’s employment terminates due to her death or disability, Ms. Khanbabi will be entitled to receive any earned but unpaid annual bonus for the completed fiscal year prior to the year of termination and a pro-rata portion of her annual bonus for the fiscal year in which her employment terminates; and (ii) if Ms. Khanbabi’s employment is terminated by the Company without “Cause” or by Ms. Khanbabi’s resignation for “Good Reason” (each as defined in the Offer Letter), Ms. Khanbabi will be entitled to receive continued payment of her base salary for a period of six months and any earned but unpaid annual bonuses for the completed fiscal year prior to the year of termination. Receipt of the Severance Benefits is conditioned on Ms. Khanbabi’s execution and non-revocation of a general release of claims in favor of the Company and continued compliance with any restrictive covenants applicable to her.
There are no arrangements or understandings between Ms. Khanbabi and any other person pursuant to which Ms. Khanbabi was appointed as Chief Financial Officer of the Company. There are no family relationships between Ms. Khanbabi and any director or executive officer of the Company, and she has no interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
The above description of the Offer Letter is a summary and is qualified in its entirety by the full text of the Offer Letter, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference into this Item 5.02.
Item 9.01 Financial Statement and Exhibits
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Offer Letter, dated as of October 11, 2024, by and between Microvast Holdings, Inc. and Fariyal Khanbabi. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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 thereunto duly authorized.
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MICROVAST HOLDINGS, INC.
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| Date: October 18, 2024 | By: | /s/ Wu Yang |
| Name: Wu Yang | ||
| Title: Chief Executive Officer | ||