Newpark Resources, Inc. announced that Chipman Earle, Vice President, General Counsel, Chief Compliance Officer, Chief Administrative Officer and Corporate Secretary of Newpark Resources, Inc. will be departing the Company effective April 30, 2023 (the “Departure Date”). Mr. Earle's departure is part of a larger restructuring of the Company's support functions (including the legal, tax, and human resources functions) that is intended to resize and reduce the Company's overall general and administrative expenses to better align with the Company's overall scale and complexity. The Company has determined that the termination is without “cause” as defined in the Company's U.S. Executive Severance Plan (the “Severance Plan”) and his Employment Agreement with the Company (as amended to date, the “Employment Agreement”).

Until the Departure Date, Mr. Earle will continue to perform his services to the Company, including overseeing the transition of his roles and responsibilities to Celeste Frugé, age 50, the Company's Deputy General Counsel and Assistant Corporate Secretary. As of the Departure Date, Mr. Earle will become entitled to receive certain previously disclosed payments and benefits due to him in accordance with the Company's U.S. Executive Severance Plan (the “Severance Plan”) and his Employment Agreement with the Company (as amended to date, the “Employment Agreement”). In addition, Mr. Earle will receive payment of the amount due under his previously disclosed Cash Retention Award Agreement with the Company (the “Retention Agreement”).

Severance benefits will be subject to compliance with general release conditions and certain restrictive covenants, including a non-disparagement covenant, an agreement not to disclose confidential information, and to non-competition and non-solicitation covenants that apply for 12 months following the Effective Date. The Company has appointed Ms. Frugé to succeed Mr. Earle as the Company's Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary, effective May 1, 2023. Ms. Frugé has served as the Company's Deputy General Counsel and Assistant Corporate Secretary since February 2020 and has been employed with the Company since April 2008 in various legal roles of increasing responsibility, including the role of Associate General Counsel from January 2011 to February 2020 and Senior Corporate Counsel from April 2008 through December 2010.