Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Chief Financial Officer
On January 4, 2021, the Board of Directors of American Battery Metals Corporation (the “Company”) appointed David Corsaut as Chief Financial Officer of the Company (the “CFO Appointment”).
In connection with the CFO Appointment, the Company entered into an employment agreement with Mr. Corsaut, dated December 29, 2020 (the “CFO Agreement”). The term of the CFO Agreement is three years. Pursuant to the CFO Agreement, Mr. Corsaut is entitled to receive an annual salary of $300,000. In addition, Mr. Corsaut shall be entitled to receive for bonus cash and equity compensation upon the achievement of certain milestones as set forth in the CFO Agreement. The CFO Agreement is attached as Exhibit 10.1 to this Current Report and incorporated herein by this reference.
Mr. Corsaut, age 65, has more than 35 years’ experience as a founder, leader, senior executive, advisor, trustee and financier of businesses in the United States, Europe, Latin America and Asia. Mr. Corsaut has managed more than 100 successful mergers and acquisitions. Mr. Corsaut was the co-founder of Exxedus Capital Partners, LLC (“ECP”) based in St Louis, a business consulting firm that receives 95% of its engagements through its extensive referral network. Mr. Corsaut was the COO of Distribution Services Limited (“DSL”), a $400 million international logistics/supply chain concern. Mr. Corsaut was a founder and COO of a global software services (“LMI”) company where his responsibilities included securing equity capital from VC funds for the expansion of the Company. LMI’s customers included Ford, Sony, Mitsubishi, Allen Bradley, CA and Microsoft. From 2003 to 2005, Mr. Corsaut acted as Trustee for the restructuring and merger of two publicly traded semiconductor firms. From 1999 through 2009, Mr. Corsaut was the co-founder and Managing Director of Cloyses Partners, LLC, a very successful consulting, merchant banking and turnaround firm based in Denver, CO. From 1987 to 1992, Mr. Corsaut was the Economic Development Advisor to the city government of Barcelona, Spain and the Spanish Government. Mr. Corsaut was the lead financier and a Director of a Colorado based real estate development and residential home builder, Pride-Mark Homes (“PMH”). PMH grew from annual sales of $15,000,000 to annual sales of over $100,000,000 in 1998. Mr. Corsaut earned a Bachelor of Science degree from Western Michigan University and has completed graduate work in accounting, finance and management both in the U. S. and Europe.
There are no arrangements or understandings between Mr. Corsaut and any other persons pursuant to which Mr. Corsaut was selected as Chief Financial Officer. There are no relationships between Mr. Corsaut and the Company that would require disclosure pursuant to Item 404(a) of Regulation S-K.