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Yahoo
29-05-2025
- Business
- Yahoo
Euro Manganese closes C$11.2m financing package for Chvaletice project
Euro Manganese has closed a financing package totalling C$11.2m ($8m), earmarked for the development of its Chvaletice Manganese Project. The financing package, approved by shareholders at an annual general and special meeting on 15 May 2025, comprises a private placement of common shares and CHESS Depositary Interests, raising C$9.8m. Additionally, a share purchase plan with certain eligible shareholders contributed C$1.4m. The company also announced an option grant to certain directors, officers, employees and consultants. Euro Manganese CEO Martina Blahova said: 'We are extremely pleased with the strong support demonstrated by both our existing shareholders and new investors, including the notable participation of Mr. Eric Sprott. 'As Euro Manganese's largest shareholder, EBRD's [European Bank of Reconstruction and Development] investment reinforces its support and commitment to the Chvaletice Project. This critical financing enables the company to pursue certain key milestones and advance project development. We thank shareholders for their ongoing support.' The net proceeds will be used for ongoing development activities at the Chvaletice Manganese Project. These activities include securing additional offtake term sheets and strategic investments, operating the demonstration plant as needed and advancing the project's permitting process. The Chvaletice Project represents a unique waste-to-value recycling and remediation opportunity by reprocessing old tailings from a decommissioned mine. It is reputed to be the only significant manganese resource in the EU, strategically positioning Euro Manganese to supply critical raw materials for battery supply chains, supporting the global transition to a circular, low-carbon economy. In March, the Czech Government officially designated the manganese deposit at Euro Manganese's Chvaletice project as a strategic deposit under the Czech Mining Act amendments. This recognition emphasises the importance of manganese as a strategic and critical raw material for the Czech Republic and is expected to streamline the permitting process, enhancing the predictability and efficiency of project development. "Euro Manganese closes C$11.2m financing package for Chvaletice project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
28-05-2025
- Business
- Yahoo
Euro Manganese Closes C$11.2 million (A$12.3 million) Financing
Highlights Financing included an upsized C$9.8 million (A$10.8 million) Private Placement and an oversubscribed A$1.5 million (C$1.4 million) Share Purchase Plan Company welcomes the European Bank of Reconstruction and Development and Eric Sprott as significant shareholders Funds raised to support ongoing development of the Chvaletice Manganese Project and customer engagements to secure additional offtake term sheets and strategic investments Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Euro Manganese Inc. (TSXV) (ASX: EMN) (FSE: E060) (the "Company" or "Euro Manganese") is pleased to announce that, following the approval by its shareholders at its Annual General and Special Meeting held on May 15, 2025 (the "AGSM"), it has closed the previously announced financing package which included: (a) a private placement (the "Placement") of common shares ("New Shares") and CHESS Depositary Interests ("New CDIs" together with the New Shares, "New Securities") in the capital of the Company of C$9.8 million (approximately A$10.8 million); and (b) a Share Purchase Plan ("SPP", together with the Placement, the "Financing") with certain eligible shareholders in the amount of A$1.5 million (approximately C$1.4 million). The Company also announces an option grant to certain directors, officers, employees, and consultants as described below. Martina Blahova, CEO of Euro Manganese, commented:"We are extremely pleased with the strong support demonstrated by both our existing shareholders and new investors, including the notable participation of Mr. Eric Sprott. As Euro Manganese's largest shareholder, EBRD's investment reinforces its support and commitment to the Chvaletice Project. This critical financing enables the Company to pursue certain key milestones and advance project development. We thank shareholders for their ongoing support." The net proceeds of the Financing will be used to support ongoing development of the Chvaletice Manganese Project, including customer engagements to secure additional offtake term sheets and strategic investments, the operation of the demonstration plant, as needed, to market the Company's product to potential customers and to advance permitting. All defined terms in this press release have the same meaning as set out in the press releases dated March 6, 2025 and April 1, 2025, unless such terms are otherwise defined herein. Details of the Placement The Placement consisted of the issuance of an aggregate of 54,578,350 New Securities, comprised of 39,671,662 New Shares at a price of C$0.18 per New Share and 14,906,688 New CDIs (with each New CDI representing one New Share) at a price of A$0.195 per New CDI, and 54,578,350 Warrants for aggregate gross proceeds of C$9.8 million (approximately A$10.8 million). Warrants issued in connection with the Placement are exercisable any time prior to November 28, 2026 (Vancouver), and have an exercise price of C$0.225 per New Security. Included in the Placement were: 14,650,278 New CDIs and 14,650,278 Warrants subscribed for under the Placement led by the Joint Lead Managers (as defined below); 39,463,331 New Shares and 39,463,331 Warrants subscribed for directly with the Company, which included (i) 21,400,000 New Shares and 21,400,000 Warrants subscribed for by the European Bank for Reconstruction and Development ("EBRD") (the "EBRD Subscription"); (ii) 16,666,666 New Shares and 16,666,666 Warrants subscribed for by Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by Mr. Sprott; and (iii) 1,396,665 New Shares and 1,396,666 Warrants subscribed for by other, non-related investors; and subscriptions by directors of the Company for 464,741 New Securities (comprised of 208,331 New Shares and 256,410 New CDIs) and 464,741 Warrants (the "Related Party Subscription"). As the number of New Securities and Warrants issued under the Placement led by the Joint Lead Managers, pursuant to the EBRD Subscription, and subscribed for directly with the Company exceeded the number of securities permitted to be issued without obtaining prior shareholder approval under Listing Rule 7.1 of the Australian Securities Exchange ("ASX"), the Company was required to seek shareholder approval. Similarly, the Related Party Subscriptions were subject to shareholder approval as required by ASX Listing Rule 10.11.1 and 10.11.4. Resolutions approving these issues were sought and received at the AGSM. Since certain directors and management of the Company participated in the Placement, the Placement is considered to be a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Placement by such directors and management does not exceed 25% of the fair market value of the Company's market capitalization, as calculated in accordance with MI 61-101. Details of the Share Purchase Plan The SPP was conducted pursuant to a Prospectus dated April 23, 2025 and was comprised of 7,692,307 New CDIs at a price of A$0.195 per CDI, and 7,692,307 Warrants, for aggregate gross proceeds of A$1.5 million (approximately C$1.4 million). Warrants issued in connection with the SPP are exercisable any time prior to November 28, 2026 (Vancouver), with an exercise price of C$0.225 per New Security. As announced in the Company's news release of May 15, 2025, the SPP was oversubscribed and subscriptions were scaled back to the maximum aggregate amount permitted. As the number of New CDIs and Warrants issued under the SPP exceeded the Company's Placement Capacity under ASX Listing Rule 7.1, the Company was required to seek shareholder approval, such approval having been received at the AGSM. Broker Fees and Additional Warrants Canaccord Genuity (Australia) Limited ("Canaccord Genuity") and Foster Stockbroking Pty Ltd ("FSB", together with Canaccord Genuity, the "Joint Lead Managers") acted as Joint Lead Managers and Bookrunners for the Financing. Aggregate fees payable in cash by the Company to Canaccord Genuity and FSB in connection with the Financing consisted of A$498,918 (approximately C$454,016). In addition, the Company also issued 4,904,478 broker warrants (the "Broker Warrants") to Canaccord Genuity and FSB, representing 12% of the aggregate number of New Securities issued under the Placement and the SPP, excluding those issued pursuant to the EBRD Subscription. The Broker Warrants are exercisable any time prior to May 28, 2027 (Vancouver), with an exercise price of C$0.225 per New Security. Additionally, as announced previously on March 6, 2025 and April 1, 2025, and in connection with an amendment to the Company's Convertible Loan Royalty Agreement (the "CLRA") with OMRF (BK) LLC ("Orion") the Company has issued 22,263,733 warrants to purchase New Securities (the "Additional Warrants") to Orion, exercisable any time prior to November 28, 2026 (Vancouver), with an exercise price of C$0.225 per New Security. Additional details about the CLRA are available in the news releases of the Company dated December 3, 2024, November 29, 2023 and November 27, 2023. As the number of the Broker Warrants and Additional Warrants exceeded the Company's Placement Capacity under ASX Listing Rule 7.1, the Company was required to seek shareholder approval, such approvals having been received at the AGSM. Applicable Hold Periods New Shares issued or made issuable under the Financing will not be permitted to be traded in or into Canada or through the facilities of the TSX Venture Exchange (the "TSX-V") prior to a four month and one day statutory hold period expiring on September 29, 2025 (Vancouver), and will be subject to legending requirements under Canadian securities laws. New Shares will be listed on the TSX-V and New CDIs listed on the ASX. The Warrants, Broker Warrants and Additional Warrants will not be listed. New CDIs will not be permitted to be exchanged for common shares and traded through the facilities of the TSX-V prior to the four month and one day statutory hold period expiring on September 29, 2025 (Vancouver). The Warrants, Broker Warrants and Additional Warrants will not be listed. Common shares issued upon exercise of the Warrants, Broker Warrants or Additional Warrants prior to September 29, 2025 (Vancouver) are subject to the same restrictions noted above. The Warrants, Broker Warrants or Additional Warrants may not be traded in or into Canada prior to September 29, 2025 (Vancouver) and will be subject to legending requirements under Canadian securities laws. Early Warning Disclosure for The European Bank for Reconstruction and Development EBRD acquired the 21,400,000 units pursuant to the Placement at a price per unit of C$0.18 for total consideration of C$3,852,000. Prior to the completion of the EBRD Subscription, EBRD owned 3,560,000 common shares, representing an ownership interest of 4.42% of the issued and outstanding common shares of the Company. On completion of the EBRD Subscription, EBRD's ownership interest increased to 24,960,000 common shares, representing an ownership interest of 17.48% of the issued and outstanding common shares and an increase of 13.06%. Assuming the exercise by EBRD of all its Warrants, and assuming the exercise of (i) all Warrants issued under the Placement, (ii) all Warrants issued under the SPP, and (iii) all Additional Warrants, EBRD's ownership interest will be in aggregate 46,360,000 common shares, representing an aggregate beneficial ownership interest of 19.96% of the issued and outstanding shares and an increase of 15.54%. EBRD has agreed, pursuant to the terms of the Warrants issued to EBRD, that for so long as the Company is listed on the TSX-V, unless approval from the TSX-V and disinterested shareholders of the Company have been obtained pursuant to the policies of the TSX-V (provided that such approval is required at the relevant time), EBRD will not be permitted to exercise such number of warrants that would result in it beneficially owning more than 19.99% of the outstanding common shares of the Company. EBRD acquired the New Shares and Warrants for investment purposes. Depending on market conditions and other factors, EBRD may from time to time acquire and/or dispose of securities of the Company or continue to hold its current position. To obtain a copy of the early warning report to be filed by EBRD in connection with this press release, please contact: Michael Zlobin at +44 207338 8981. EBRD's address is 5 Bank Street, London, E14 4BG, United Kingdom. Early Warning Disclosure for Eric Sprott Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him acquired 16,666,666 units pursuant to the Placement, at $0.18 per unit for total consideration of C$3,000,000. Prior to the Placement, Mr. Sprott did not beneficially own or control any securities of the Company. As a result of the Placement, Mr. Sprott now beneficially owns 16,666,666 Shares and 16,666,666 Warrants, representing approximately 11.7% of the outstanding Shares on a non-diluted basis and 20.9% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants. The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of the early warning report with respect to the foregoing will appear on Euro Manganese's profile on SEDAR+ at and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5). Option Grant The Company today also granted stock options ("Options") to certain of its directors, officers, employees, and consultants to purchase up to an aggregate of 7,020,000 common shares ("Shares"). Of these, 1,330,000 Options have been granted to directors, 2,530,000 Options have been granted to officers, and 3,160,000 Options have been granted to employees and consultants. The Options are exercisable for a term of ten years at an exercise price of CAD$0.19 per Share. All of the Options will vest one-third immediately and then one third on each of the first and second anniversaries of today's date of grant, except that 1,650,000 of the Options granted to certain officers, employees and consultants will all vest immediately in recognition of such individuals work in managing the successful completion of the oversubscribed Financing. Interim CFO As announced earlier this month, the Company will be appointing a new Chief Financial Officer ("CFO") in the coming weeks. Until such time, following the departure of Dean Larocque as CFO on May 30, 2025, Martina Blahova will serve as interim CFO. About Euro Manganese Euro Manganese is a battery materials company focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The Company is advancing development of the Chvaletice Manganese Project in the Czech Republic and an early-stage opportunity to produce battery-grade manganese products in Bécancour, Québec. The Chvaletice Project is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. It is also the only sizable resource of manganese in the European Union, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy. Euro Manganese is dual listed on the TSX-V and the ASX. Authorized for release by the CEO of Euro Manganese Inc. Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) or the ASX accepts responsibility for the adequacy or accuracy of this release. Enquiries Martina BlahovaChief Executive Officer+1 (604) 681-1010martina@ LodeRock AdvisorsNeil WeberInvestor and Media Relations - North America+1 (647) 222-0574 Jane Morgan Management Jane Morgan Investor and Media Relations - Australia +61 (0) 405 555 618 jm@ Company Address: #709 -700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8Website: us on: LinkedIn | Twitter | YouTubeClick Here to Subscribe to our mailing list for updates Forward-Looking Statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company, its Chvaletice Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. All forward-looking statements are made based on the Company's current beliefs including various assumptions made by the Company including that the Chvaletice Project will be developed and operate in accordance with current plans, appointment of permanent CFO, that the Company will be able to raise the financing that it requires, and that it will meet conditions of its secured credit facility. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks and uncertainties related to the Company's ability to meet the conditions of its secured credit facility, risks related to maintaining and securing necessary licenses or permits; risks related to acquisition of surface rights; inability to secure sufficient offtake agreements; the availability of acceptable financing; the potential for unknown or unexpected events to cause contractual conditions to not be satisfied; developments in EV (Electric Vehicles) battery markets and chemistries; and risks related to fluctuations in currency exchange rates, changes in laws or regulations; and regulation by various governmental agencies. For a further discussion of risks relevant to the Company, see "Risk Factors" in the Company's annual information form for the year ended September 30, 2024, available on the Company's SEDAR+ profile at Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release. NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES To view the source version of this press release, please visit
Yahoo
16-05-2025
- Business
- Yahoo
Euro Manganese Announces Appointment of Ms. Martina Blahova as Permanent President & Chief Executive Officer
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - Euro Manganese Inc. (TSXV: EMN) (ASX: EMN) (OTC Pink: EUMNF) (FSE: E060) (the "Company" or "Euro Manganese") is pleased to announce that it has appointed Ms. Martina Blahova as permanent President and Chief Executive Officer ("CEO") effective May 12, 2025 and will appoint Ms. Blahova to the Company's Board of Directors (the "Board"). Ms. Blahova's appointment to the Board will not take effect until she has obtained a director identification number from the Australian Business Registry Services. Ms. Blahova was appointed as Interim CEO in November 2024. After assessing Ms. Blahova's considerable contributions as Interim CEO and her depth of experience at Euro Manganese and at other companies, the Board determined that she is the best-qualified individual to continue to advance the Company's strategy and execute on the development of the Chvaletice Manganese Project (the "Project"). Martina Blahova, President and CEO of Euro Manganese commented, "I am honoured to be appointed CEO during this transformative period for both Euro Manganese and the European battery materials industry. In recent months, we've secured critical government designations, made significant progress on measures to strengthen our financial position, and validated the Project's strategic relevance to Europe's decarbonization goals. I am incredibly proud of our team's achievements and excited to build long-term value for our stakeholders as we advance our vision of providing a resilient, local, and sustainable supply of high-purity manganese." Mr. Rick Anthon, Chairman of the Board, added, "Martina has been instrumental in advancing Euro Manganese's mission to become Europe's leading producer of high-purity manganese. As Interim CEO, she demonstrated a clear vision, deep strategic insight, and steady leadership, which are qualities that have helped position the Chvaletice Manganese Project at the heart of Europe's clean energy transition. Following a robust period of progress under her guidance, the Board is pleased to confirm her appointment as CEO and looks forward to working with her as we move to the next phase of growth." Since joining Euro Manganese in 2018, Ms. Blahova has held various senior leadership roles including Chief Financial Officer and Interim CEO, helping guide the company through significant project development milestones and operational transformation. As CEO, she will continue to focus on advancing the Company's long-term growth strategy, delivering value to shareholders, and fostering a culture of excellence. About Martina Blahova Ms. Blahova has served as the Chief Financial Officer of the Company since January 2020, and Interim CEO since November 2024. She has extensive financial and leadership experience gained from working in Canada, the Czech Republic, and in the UK. Her full bio is available here. About Euro Manganese Euro Manganese is a battery materials company focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The Company is advancing development of the Chvaletice Manganese Project in the Czech Republic and an early-stage opportunity to produce battery-grade manganese products in Bécancour, Québec. The Chvaletice Project is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. It is also the only sizable resource of manganese in the European Union, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy. Euro Manganese is dual listed on the TSX-V and the ASX. Authorized for release by the Chairman of Euro Manganese Inc. Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) or the ASX accepts responsibility for the adequacy or accuracy of this release. Enquiries LodeRock AdvisorsNeil WeberInvestor and Media Relations - North America+1 (647) 222-0574 Jane Morgan Management Jane Morgan Investor and Media Relations - Australia +61 (0) 405 555 618 jm@ Company Address: #709 -700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8Website: us on: LinkedIn | Twitter | YouTubeClick Here to Subscribe to our mailing list for updates Forward-Looking Statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company, its Chvaletice Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward-Looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Forward-Looking statements include statements regarding director appointment process and any expected outcome and ability to navigate current market conditions. All forward-looking statements are made based on the Company's current beliefs including various assumptions made by the Company, including that the Chvaletice Project will be developed and operate as planned, the Company will obtain sufficient financing, and that the Company will be able to meet the conditions of its secured financing. Factors that could cause actual results or events to differ materially from current expectations include, among other things: insufficient working capital; inability to meet the conditions of its secured financing, risks due to granting security, lack of availability of financing for developing and advancing the Chvaletice Project; the potential for unknown or unexpected events to cause contractual conditions to not be satisfied; developments in EV (Electric Vehicles) battery markets and chemistries; risks related to fluctuations in currency exchange rates; and regulation and changes in laws by various governmental agencies. For a further discussion of risks relevant to the Company, see "Risk Factors" in the Company's annual information form for the year ended September 30, 2024, available on the Company's SEDAR+ profile at Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release. Appendix A Summary of Material Contract Terms for Incoming Chief Executive Officer In accordance with ASX Listing Rule 3.16.4, the following are the material terms of the employment agreement with Ms. Martina Blahova for the role of Chief Executive Officer of Euro Manganese Inc. ("EMN"), which was entered into effective May 12, 2025. The key remuneration and contract terms related to Ms. Blahova's employment agreement are set out below: Effective Date: May 12, 2025 Term: Permanent CEO Fixed Annual Remuneration (FAR): CAD$450,000 per annum, to be taken as cash. Incentives:Short Term Incentive Plan (STIP): Ms. Blahova is eligible for a short term incentive plan of up to 75% of her FAR based on the achievement of certain corporate and individual performance targets, payable as a cash bonus. Board has discretion to amend STIP performance targets and payment schedule upon certain events and/or transactions, including in the event of change in control. Annual awards under STIP are subject to Ms. Blahova's individual performance (achievements and conduct) and EMN and Ms. Blahova achieving Board-approved targets. Service Bonus Ms. Blahova will be entitled to receive a service bonus equal to 12 months of her FAR payable upon the occurrence of a change in control of the Company and/or its subsidiary as a retention bonus. This payment is not connected with any actual or potential termination of Ms. Blahova's Employment Agreement. A change of control for this purpose includes 40% change in ownership or voting power of the Company and/or its subsidiary. Long Term Incentive Plan (LTIP): The form of Ms. Blahova's participation in EMN's LTIP is by way of Stock Option Plan and Board approval. Stock options granted to Ms. Blahova can range from 0% - 100% of the target LTIP opportunity, based upon the achievement of corporate and individual performance targets. Ms. Blahova's annual performance is measured against corporate and individual performance objectives, the weighting of each being dependent upon her role in the organization and relative influence over corporate performance objectives. Any future stock option grants to Ms. Blahova are expected to have an expiry of 10 years, and the vesting schedule will be 1/3 of the stock option grant will immediately, 1/3 will vest on the first anniversary of the date of the grant, and 1/3 will vest on the second anniversary of the date of the grant, all subject to the Board's discretion Termination Provisions:Resignation by Ms. Blahova Ms. Blahova may terminate her employment at any time by giving EMN not less than six weeks' written notice. Termination by EMN with Notice The Company may terminate Ms. Blahova's employment at any time with 12 months severance. Additionally, upon a termination without cause, all unvested stock options shall vest. Termination by EMN Without Notice Upon the Company's termination of Ms. Blahova's employment for cause, Ms. Blahova shall not be entitled to reasonable written notice of termination or pay in lieu of notice of termination, or any other compensation or damages for severance. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
