Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Mr. Kulaksizoglu as Chief Financial Officer
As previously disclosed, on February 11, 2022, Sisecam Chemicals USA Inc., a
wholly owned subsidiary of Turkiye Sise ve Cam Fabrikalari A.S. of Istanbul,
Turkey, issued a press release announcing its intention to appoint Mr. Mehmet
Nedim Kulaksizoglu (age 43) as the Chief Financial Officer of Sisecam Chemicals
Resources LLC ("Sisecam LLC") and its subsidiaries, including Sisecam Resource
Partners LLC (the "General Partner"), the general partner of Sisecam Resources
LP (the "Partnership") effective upon the receipt of all requisite U.S.
immigration and corporate approvals. Effective as of March 29, 2022 (the
"Kulaksizoglu Effective Date"), all requisite U.S. immigration and corporate
approvals were obtained, and the Board of Directors of the General Partner (the
"Board") appointed Mr. Kulaksizoglu as the Chief Financial Officer of the
General Partner, to serve until his successor has been duly elected and
qualified or until his death, resignation or removal. Effective as of the
Kulaksizoglu Effective Date, Mr. Ahmet Tohma resigned as the Chief Financial
Officer of the General Partner in order to pursue other opportunities with the
Ciner Group and will continue to serve as the Ciner Group's Chief Financial
Officer. There are no disagreements between Mr. Tohma and the Board, the General
Partner or the Partnership's management regarding any matter relating to the
Partnership's operations, policies or practices.
Most recently, Mr. Kulaksizoglu has served as Chief Financial Officer of Pacific
Soda LLC, a joint venture between Sisecam and affiliates of the Partnership.
Immediately before assuming that role, he served as global head of taxation for
Sisecam, a position that he was appointed to in June 2016. Mr. Kulaksizoglu also
served as CFO for the glass packaging group in Russian and CIS operations. He
held both a Plant General Manager role as well as financial and operational
leadership roles in the European and Russian operations of Sisecam and financial
roles in Turkey. Mr. Kulaksizoglu has a degree in Economics from Dokuz Eylul
University and is an alumnus of Harvard Business School's General Management
Program.
As of the Kulaksizoglu Effective Date, Mr. Kulaksizoglu will be employed and
compensated by Sisecam LLC, subject to reimbursement by the Partnership. It is
not anticipated that Mr. Kulaksizoglu will enter into an employment agreement
for his role as the Chief Financial Officer of the General Partner. The portion
of Mr. Kulaksizoglu's compensation that will be payable by the Partnership
includes the amount of compensation allocated to the Partnership by Sisecam LLC
(and reimbursed to Sisecam LLC by the Partnership), with such allocations
determined by the amount of time he actually spends working for the Partnership
relative to the amount of time he spends working for Sisecam LLC and its other
affiliates. Mr. Kulaksizoglu's initial compensation package, a portion of which
will be allocated to the Partnership, will include (i) an annual base salary of
$350,000; and (ii) an annual bonus target opportunity equal to 30% of the base
salary.
The Partnership and the General Partner are not aware of any transactions or
existing relationships in which Mr. Kulaksizoglu has a direct or indirect
material interest that would require disclosure pursuant to Item 404(a) of
Regulation S-K other than as set forth herein, and are not aware of any family
relationship between Mr. Kulaksizoglu and the General Partner's executive
officers, directors or any person nominated to become a director or executive
officer of the General Partner that would require disclosure under Item 401(d)
of Regulation S-K. Except as set forth herein, no material plan, contract, or
arrangement was entered into or materially amended by the Partnership or the
General Partner in connection with the foregoing, and there was no grant or
award made by the Partnership or the General Partner to Mr. Kulaksizoglu or
modification thereto under any such plan, contract, or arrangement.
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