Titomic CEO Jim Simpson appointed as Managing Director
Released
Released
Announcement PDF
13 January 2025
ASX Announcement
Titomic CEO Jim Simpson appointed as
Managing Director
Titomic Limited (ASX: TTT) (“Titomic” or the “Company”) the world’s
leading provider of cold spray solutions, announces that Jim Simpson, the
Company’s CEO, has been appointed to the Board as Managing Director
effective 10 January 2025.
Jim, who assumed the role of President of Titomic USA, Inc. upon his
appointment to the Company in October 2024, became the Chief Executive
Officer of the Company on 1 January 2025.
Jim has more than 40 years’ experience in the Satellite, Aerospace, and Defense
sectors having held leadership roles ranging from CEO of satellite companies
Saturn Satellite Networks and ABS Corporation, to senior leadership positions
at Virgin Orbit, Aerojet Rocketdyne, as well as Boeing. He possesses intimate
know-how and in-depth experience within the U.S. national security,
international, commercial, and civil aerospace arenas.
Jim holds a B.S. and M.S. in Engineering from UCLA and an M.B.A. from USC.
He is a member of the AIAA (American Institute of Aeronautics and
Astronautics) and the Beta Gamma Sigma Business Honor Society.
“We are very pleased with Jim’s contribution to Titomic in his short time with
us” said Executive Chairman Dag W.R. Stromme. “Jim has already proven to
be an outstanding leader of our business in leading the Company’s United
States expansion to Huntsville, Alabama and further building our commercial
business. The appointment as Managing Director is a natural progression for
Jim and we are excited about the contribution he can make for the Company in
2025 and beyond.”
INVESTOR ENQUIRIES
Geoff Hollis
Titomic
CFO and Company Secretary
P: +61 438 168 008
E: geoff.hollis@titomic.com
MEDIA ENQUIRIES
Ben Andrews
Titomic
Global Marketing Manager
P: +61 438 759 620
E: ben.andrews@titomic.com
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ABOUT TITOMIC LIMITED
Titomic Limited (ASX: TTT) is an Australian public company specialising in large integrated solutions for industrialscale metal additive manufacturing, using its patented cold spray additive manufacturing (Cold Spray AM)
technology. Titomic provides Cold Spray AM solutions, OEM production and R&D services to the global Aerospace,
Defense, Shipbuilding, Oil & Gas, Mining and Automotive industries. Titomic also offers global sales and support
for all of its Cold Spray AM activities from its Melbourne Head Office, as well as through local presence in the USA
and Europe. Titomic delivers competitive advantages in metal additive manufacturing at every stage in the
product value chain. For more information, please visit www.titomic.com.
FORWARD LOOKING STATEMENTS
Certain statements made in this release are forward-looking statements and are based on Titomic’s current
expectations, estimates and projections. Words such as “anticipates”, “expects,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” “guidance” and similar expressions are intended to identify forward-looking statements.
Although Titomic believes the forward-looking statements are based on reasonable assumptions, they are subject
to certain risks and uncertainties, some of which are beyond Titomic’s control, including those risks or
uncertainties inherent in the process of both developing and commercialising technology. As a result, actual
results could materially differ from those expressed or forecasted in the forward-looking statements. The forwardlooking statements made in this release relate only to events as of the date on which the statements are made.
Titomic will not undertake any obligation to release publicly any revisions or updates to these forward-looking
statements to reflect events, circumstances or unanticipated events occurring after the date of this release except
as required by law or by any appropriate regulatory authority.
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SUMMARY OF KEY TERMS OF THE EXECUTIVE EMPLOYMENT
AGREEMENT BETWEEN TITOMIC AND JAMES (JIM) SIMPSON
Mr. Simpson will be based in Huntsville and be employed by Titomic USA, Inc.
a 100% owned subsidiary of Titomic Limited and will be subject to U.S.
employment law.
1. Commencement date
Mr. Simpson has been appointed to the role of President of Titomic USA, Inc.
commencing 14 October 2024, Chief Executive Officer of Titomic Limited
commencing 1 January 2025, and Managing Director commencing 10 January
2025.
2. Term
The initial term is for a period of three years with the ability to extend by
mutual agreement of both parties subject to the termination provisions set
out below.
3. Remuneration
Mr. Simpson will commence on a base salary of US$375,000 per annum. In
addition to this Mr Simpson will be eligible to participate in Titomic’s U.S.
based benefits program including healthcare coverage and matching 401k
contributions.
Mr. Simpson will be reimbursed US$4,000 for insurance coverage.
Short Term Incentive (STI)
Mr. Simpson will be eligible to earn up to 100% of his base salary in his first
12 months of employment. The STI will be payable 50% in cash and 50% in
shares. Mr. Simpson will have a series of specific deliverables in year one in
relation to sales targets and strategic partnering. Mr. Simpson can only earn
the maximum STI should stretch targets be met.
Future STI’s will be determined annually between the Board the Mr. Simpson.
Long Term Incentive (LTI)
The LTI is an equity-based incentive under which Mr. Simpson will be entitled
to 30,000,000 options over the initial three-year term (Options). 5,000,000
of the Options will be granted immediately but will only vest after completion
of 12 months of service. The options shall have a strike price of $0 and shall
expire seven (7) years after granting if not exercised.
Thereafter, 5,000,000 Options will be granted on 11 October 2025 assuming
Mr. Simpson is still employed and the Titomic stock price achieves a targeted
Share Price equal to final issue price of the next equity issue plus 25%, have
been met and maintained (based on 15 day VWAP). The options shall have a
strike price of $0 and shall expire seven (7) years after granting if not
exercised.
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An additional 10,000,000 Options will be granted on 11 October 2026
assuming Mr. Simpson is still employed and the Titomic stock price achieves a
targeted Share Price equal to final issue price of the next equity issue plus
50%, have been met and maintained (based on 15 day VWAP). The options
shall have a strike price of $0 and shall expire seven (7) years after granting
if not exercised.
An additional 10,000,000 Options will be granted on 11 October 2027
assuming Mr. Simpson is still employed and the Titomic stock price achieves a
targeted Share Price equal to final issue price of the next equity issue plus
150%, have been met and maintained (based on 15 day VWAP). The options
shall have a strike price of $0 and shall expire seven (7) years after granting
if not exercised.
4. Termination
Mr. Simpsons’ Executive Employment Agreement can be terminated in the
following circumstances:
– By the Company, without cause, with 6 months’ notice;
– By the Company, with cause, with no notice period; and
– By the Executive, for good reason, with 6 months’ notice.
On any termination, any outstanding remuneration and accrued but untaken
statutory entitlements are payable (to the extent required by law), together
with reimbursement of expenses.
5. Other
Titomic will provide a company flat in Huntsville for Mr. Simpson and other
senior company executives. Mr. Simpson is entitled to relocation expenses up
to US$50,000.
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