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Posted 16 May, 2022

TELLURIAN INC. /DE/ appointed new CEO

CEO Change detected for ticker NYSE:TELL in a 8-K filed on 16 May, 2022.


  On May 12, 2022, R. Keith Teague, Chief Operating Officer of Tellurian Inc., a Delaware corporation (the "Company"), notified the Company that he intends to retire from his position as Chief Operating Officer effective July 15, 2022. Octávio M.C. Simões, President and Chief Executive Officer of the Company, will assume Mr. Teague's corporate responsibilities for the Company and its subsidiaries.  

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Overview of TELLURIAN INC. /DE/
Companies on the Energy Service • Oil & Gas Products/Services
Tellurian, Inc. engages in the production of natural gas and investing in natural gas projects. It operates through the following segments: Upstream, Midstream, and Marketing and Trading. The Upstream segment produces, gathers, and delivers natural gas and acquires and develops natural gas assets. The Midstream segment includes development, construction, and operation of LNG terminals and pipelines. The Marketing and Trading segment is involved in the purchasing and selling of natural gases. The company was founded by Charif Souki and Martin Joseph Houston in 1967 and is headquartered in Houston, TX.
Market Cap
$643M
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TELLURIAN INC. /DE/ by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On May 12, 2022, R. Keith Teague, Chief Operating Officer of Tellurian Inc., a Delaware corporation (the "Company"), notified the Company that he intends to retire from his position as Chief Operating Officer effective July 15, 2022. Octávio M.C. Simões, President and Chief Executive Officer of the Company, will assume Mr. Teague's corporate responsibilities for the Company and its subsidiaries. Biographical and related information regarding Mr. Simões is set forth in the Company's proxy statement for its 2022 annual meeting of stockholders, filed with the Securities and Exchange Commission on April 28, 2022, under the headings "Proposal 1-Election of Directors to the Company's Board-Executive Officers" and "Certain Relationships and Related Party Transactions-Sponsorship Agreements with Energy Dialogues LLC" and such information is incorporated by reference herein.


In connection with Mr. Teague's retirement, he entered into a Retirement Agreement and General Release (the "Retirement Agreement") and a Consulting Agreement (the "Consulting Agreement") with the Company.


Pursuant to the Retirement Agreement, Mr. Teague forfeited certain equity, equity-linked and cash-based awards, including 3,750,000 shares of restricted stock under the Company's equity incentive plans, a grant allocation of $8,000,000 under a construction incentive award with respect to the construction of Phases 3 and 4 of the Company's Driftwood Project and a stock option grant in respect of 90,000 shares (unless exercised within a 90-day post-separation exercise period). Mr. Teague's construction incentive award related to the construction of Phases 1 and 2 of the Driftwood Project, with a grant allocation of $12,000,000, and any outstanding long-term incentive awards under the Company's Incentive Compensation Program (the "ICP"), will remain outstanding and will vest on terms, and subject to certain conditions, set forth in the Retirement Agreement. Mr. Teague will not receive any short-term or long-term ICP awards in respect of 2022. Mr. Teague has agreed not to engage in certain business activities competitive with the Company for a period of two years.


Pursuant to the Consulting Agreement, Mr. Teague will provide consulting services to the Company for a period of two years commencing on July 16, 2022 and will be entitled to annual cash compensation of $250,000.


The foregoing description of the Retirement and Consulting Agreements is not complete and is qualified in its entirety by reference to the full text of the agreements, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated herein by reference.