FF Top Holding LLC delivered a Notice of removal of Mr. Brian Krolicki from the Board of Directors of Faraday Future
On June 27, 2022, FF Top Holding LLC, a major shareholder of Faraday Future Intelligent Electric (FFIE), issued a Removal Notice to the Board, exercising its right to remove Board member Brian Krolicki. This action follows the June 23, 2022, nomination of Li Han, an experienced business advisor and former partner at O'Melveny & Myers, as Krolicki’s replacement. FF Top aims to address concerns regarding FFIE's performance and is seeking compliance with shareholder agreements to facilitate this leadership change.
- Appointment of Li Han brings extensive legal and business expertise to the board.
- FF Top's proactive approach may lead to improved governance and strategic direction.
- Concerns raised by FF Top indicate dissatisfaction with current board performance.
- Transition in board members may create short-term instability.
LOS ANGELES, June 27, 2022 /PRNewswire/ -- FF Top Holding LLC ("FF Top") a major shareholder of Faraday Future Intelligent Electric Inc.("FF", FFIE")(NASDAQ:FFIE), delivered a Notice of Removal of FF Top Designee (the "Removal Notice") to the Board of Directors of FFIE pursuant to Section 2.1(c) of the Shareholder Agreement, dated as of July 21, 2021, by and between FF Top and FFIE (the "Shareholder Agreement"), stating that it was exercising FF Top's right to remove Mr. Brian Krolicki, an FF Top Designee, from the Board of Directors.
On June 23, 2022, FF Top delivered a Notice of Nomination of Replacement FF Top Designee to the Board of Directors pursuant to the Shareholder Agreement, stating that FF Top was nominating Ms. Li Han, formerly a partner at an internationally recognized law firm, to replace Mr. Krolicki as an FF Top Designee on the Board of Directors.
Li Han is a seasoned business advisor and hands-on deal lawyer with experience leading billion-dollar M&A and capital-raising transactions, venture and private equity investments, and fund investments, as well as supervising public company disclosure, governance, and corporate compliance programs across multiple jurisdictions. She is a former Partner of O'Melveny & Myers and former General Counsel of Shanda Group. She also worked as an attorney with Sullivan & Cromwell LLP and Davis Polk & Wardwell LLP.
FF Top has attempted to address with FFIE's Board of Directors FF Top's concerns regarding the performance and direction of FFIE under the Board's leadership, and FF Top hopes that FFIE will constructively engage with FF Top and FFIE's other shareholders to address these concerns. In addition, FF Top hopes that FFIE complies with its obligations under the Shareholder Agreement to facilitate the removal of Mr. Krolicki and appointment of Li Han as his replacement.
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SOURCE FF Top Holding LLC
FAQ
What was the purpose of FF Top's Removal Notice regarding Brian Krolicki?
Who has been nominated to replace Brian Krolicki on the FFIE Board?
What qualifications does Li Han have for the FFIE Board position?
What are FF Top's expectations from FFIE's Board following the leadership change?
