DEFA14A: Li-Cycle Announces Board Change Following Executive's Departure

Li-Cycle announces Tim Johnston's resignation from the Board of Directors following his employment conclusion on May 31, 2024, with a potential Glencore nominee to fill the vacancy.

Summary

• This document is a supplement to Li-Cycle's definitive proxy statement filed on April 12, 2024, for the annual general and special meeting of shareholders to be held on May 23, 2024.
• The supplement addresses a change in the Board of Directors.
• Tim Johnston will resign as a director following his employment conclusion on May 31, 2024.
• His decision is due to his desire to pursue other business endeavors.
• Following Johnston's departure, a vacancy on the Board may be filled by an additional Glencore nominee, as per the Side Letter terms.
• The proposals to be acted upon at the Meeting and the Board's recommendations remain unchanged.
• Shareholders who have already voted do not need to take action unless they wish to change their vote.
• Shareholders can change or revoke their proxy before it is voted at the Meeting.

Sentiment

Score: 6

Explanation: The announcement is neutral, detailing a board member's departure and potential replacement. It doesn't contain overtly positive or negative information.

Negatives

• Tim Johnston's resignation creates a vacancy on the Board of Directors.

Risks

• The departure of a board member could potentially disrupt the company's strategic direction.
• There is a risk that a suitable replacement for Tim Johnston may not be found promptly.

Future Outlook

The company will need to fill the vacancy on the Board of Directors following Tim Johnston's departure, potentially with a Glencore nominee.

Management Comments

• Tim Johnston expressed his desire to pursue other business endeavors as the reason for his resignation.

Industry Context

Board changes are common in publicly traded companies, especially when executives leave their employment. The appointment of a Glencore nominee highlights the strategic relationship between Li-Cycle and Glencore.

Management Changes

Stakeholder Impact

• Shareholders may be interested in the replacement for Tim Johnston on the Board.
• Employees may be affected by the departure of a senior executive.

Next Steps

• Li-Cycle will need to fill the vacancy on the Board of Directors.
• Shareholders will vote on the proposals at the Annual General and Special Meeting on May 23, 2024.

Key Dates

Keywords

Li-Cycle, Board of Directors, Tim Johnston, resignation, Glencore, proxy statement, annual meeting, shareholders