false 0000061398 0000061398 2023-12-19 2023-12-19 0000061398 us-gaap:CommonStockMember 2023-12-19 2023-12-19 0000061398 tell:SeniorNotes8.25PercentDue2028Member 2023-12-19 2023-12-19 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):       December 19, 2023

 

 

 

Tellurian Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-5507   06-0842255
(State or other jurisdiction of
incorporation)		   (Commission File Number)   (I.R.S. Employer
Identification No.)

 

1201 Louisiana Street, Suite 3100, Houston, TX   77002
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code:     (832) 962-4000  

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol   Name of each exchange on which registered
Common stock, par value $0.01 per share   TELL   NYSE American LLC
         
8.25% Senior Notes due 2028   TELZ   NYSE American LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

As previously disclosed, on December 8, 2023 (the “Termination Date”), pursuant to and in accordance with that certain employment agreement entered into as of October 1, 2021 by and between Tellurian Inc. (the “Company”) and Charif Souki (the “Souki Employment Agreement”), the Company provided Mr. Souki with notice of termination of his employment with the Company “without Cause” (as defined in the Souki Employment Agreement) effective as of December 8, 2023 (the “Notice of Termination”). In connection with the Souki Employment Agreement and the Notice of Termination, on December 19, 2023, the Company and Mr. Souki executed a Separation Agreement and General Release (the “Separation and Release Agreement”).

 

In addition to thirty (30) days’ base salary in a lump sum of $105,000 in lieu of the 30-day notice period specified under Section 4(d) of the Souki Employment Agreement, the Separation and Release Agreement provides that Mr. Souki will receive benefits consisting of (i) a cash severance amount equal to $6,428,000, payable in substantially equal installments over 12 months following the Termination Date with the first payment commencing on the sixtieth (60th) day after the Termination Date, (ii) a lump sum payment of $1,000,000 payable on December 22, 2023, (iii) a pro-rated annual bonus for the 2023 calendar year; provided that the Company approves and pays 2023 annual bonuses for each of the Company’s executive officers, (iv) the transfer of certain travel-related benefits to Mr. Souki with a cost to the Company of approximately $660,000, and (v) eligibility for any unvested and outstanding tracking units granted to Mr. Souki under the Company’s incentive compensation program which will remain outstanding and eligible to vest pursuant to the terms of the program and applicable award agreement without regard to the continuous service requirement. The Separation and Release Agreement confirms that certain provisions contained in the Souki Employment Agreement, including confidentiality, non-competition, non-solicitation and certain restrictions relating to the disclosure of proprietary information, shall remain in full force and effect. The Separation and Release Agreement also contains customary terms applicable to the departure of an executive of the Company, including recoupment and confidentiality provisions, as well as the resignation by Mr. Souki from the board of directors of the Company effective as of December 19, 2023.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  TELLURIAN INC.
     
Date: December 20, 2023 By: /s/ Simon G. Oxley
 

Name:

Simon G. Oxley

  Title: Executive Vice President and Chief Financial Officer

 

 

v3.23.4
Cover
Dec. 19, 2023
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Dec. 19, 2023
Entity File Number 001-5507
Entity Registrant Name Tellurian Inc.
Entity Central Index Key 0000061398
Entity Tax Identification Number 06-0842255
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 1201 Louisiana Street
Entity Address, Address Line Two Suite 3100
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77002
City Area Code 832
Local Phone Number 962-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol TELL
Security Exchange Name NYSE
Senior Notes 8. 25 Percent Due 2028 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 8.25% Senior Notes due 2028
Trading Symbol TELZ
Security Exchange Name NYSE
Tellurian (AMEX:TELL)
Graphique Historique de l'Action
De Mar 2025 à Avr 2025 Plus de graphiques de la Bourse Tellurian
Tellurian (AMEX:TELL)
Graphique Historique de l'Action
De Avr 2024 à Avr 2025 Plus de graphiques de la Bourse Tellurian