Talos Energy Announces Changes in Executive Leadership and Compensation Plans

Talos Energy Inc. (NYSE:TALO) recently disclosed significant changes in its executive team and compensation arrangements via a Form 8-K filing with the Securities and Exchange Commission dated November 1, 2024. The company reported the departure of Timothy S. Duncan as President and Chief Executive Officer, effective August 29, 2024, and the appointment of Joseph A. Mills as the Interim Chief Executive Officer and President on the same day.

In light of Joseph A. Mills assuming the leadership role, the compensation committee of Talos Energy’s board of directors determined key aspects of Mr. Mills’ compensation. This includes a base salary of $800,000, effective August 29, 2024, which will be prorated for the remainder of the year. Additionally, the company will grant 43,630 restricted stock units (RSUs) to Mr. Mills, subject to specific vesting conditions tied to the appointment of a new Chief Executive Officer and President. Furthermore, Mr. Mills agreed to forfeit 4,273 RSUs granted to him in 2024 for his service as a non-employee board member.

Following his departure, Timothy S. Duncan entered into a Separation and Release Agreement with the company on November 1, 2024. As part of the agreement, Mr. Duncan will receive payments and benefits in line with the Talos Energy Operating Company LLC Amended and Restated Executive Severance Plan and his outstanding 2022 and 2023 awards. Notably, Mr. Duncan will also be granted a stock award and performance stock unit (PSU) award as per the 2024 Award Agreements.

The separation agreement outlines that upon a qualifying termination without cause, Mr. Duncan is entitled to various benefits, including a lump-sum cash payment, a pro-rated bonus for 2024, and continuation coverage under the company’s health plans. Additionally, accelerated vesting and settlement of outstanding unvested RSUs and PSUs are part of the agreement terms.

Apart from the specified benefits, no additional compensation beyond what Mr. Duncan is legally entitled to in the case of a termination without cause will be provided. Detailed terms of the Agreement and related equity awards can be found in Exhibit 10.3, Exhibit 10.4, and Exhibit 10.5 of the filing.

It is essential to note that these arrangements were reported in compliance with the 8-K filing requirements set forth by the SEC, providing transparency to investors and stakeholders regarding the changes in executive leadership and compensation packages at Talos Energy Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Talos Energy’s 8K filing here.

Talos Energy Company Profile

Talos Energy Inc, through its subsidiaries, engages in the exploration and production of oil, natural gas, and natural gas liquids in the United States and Mexico. It also engages in the development of carbon capture and sequestration. Talos Energy Inc was founded in 2011 and is headquartered in Houston, Texas.