Excelerate Energy, Inc 8-K, filed Nov 9, 2022
Excelerate Energy, Inc. (EE)
About this 8-K
Excelerate Energy, Inc filed this 8-K on November 9, 2022, reporting on events of November 8, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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:
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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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Retirement of Calvin A. Bancroft
On November 8, 2022, the Company announced that Calvin A. Bancroft, Executive Vice President and Chief Operating Officer, will resign from his position as Executive Vice President and Chief Operating Officer of the Company effective as of the close of business on December 31, 2022 (the “Transition Date”). Mr. Bancroft will continue his employment with the Company as a Senior Advisor reporting to the Chief Executive Officer of the Company through the close of business on September 30, 2023 at which time he is expected to retire (the “Separation Date”).
In connection with Mr. Bancroft’s transition to a Senior Advisor role and subsequent retirement, Mr. Bancroft and the Company entered into a Transition Services and Separation Agreement (the “Agreement”) on November 8, 2022. Among other things, the Agreement provides that Mr. Bancroft will receive: (i) the remaining $60,000 installment of a retention award granted to him in September of 2021, subject to his continued employment through payment of such amount, which will occur within 30 days following the Transition Date; (ii) a lump sum $175,000 payment in lieu of certain previously agreed upon deferred compensation plan contributions within 30 days following the Separation Date; (iii) a cash transition bonus in an aggregate amount of $150,000, payable in equal $75,000 installments on each of January 2, 2023 and the Separation Date; and (iv) subsidized COBRA premiums under the Company’s medical, dental and vision plans through September 30, 2024. The Agreement also includes a release of claims and customary post-termination restrictive covenants.
Promotion of David Liner
On November 8, 2022, the Company also announced that David Liner, Vice President of Operations and Maintenance, will become Executive Vice President and Chief Operating Officer of the Company effective January 1, 2023.
Mr. Liner, age 49, has served as Vice President of Operations and Maintenance of the Company since August 2021. Prior to joining the Company, Mr. Liner served in various leadership roles over his 20-year career at SeaRiver Maritime, Inc., a wholly owned subsidiary of ExxonMobil. These roles included the Americas Freight Trading Manager (2021), Americas Crude & Feedstocks Manager (2020), Planning & Strategy Manager (2018-2020), and as the Chief Commercial and Planning Officer for Qatar Gas Transport Company Ltd. (Nakilat) as a secondee from ExxonMobil (2015-2018). Mr. Liner also served in various roles for SeaRiver Maritime Inc. and ExxonMobil Development Company from 2001-2015, as an engineer for BMT Designs & Planners, Inc. from 2000-2001, and as an engineer for the American Bureau of Shipping from 1996-2000. Mr. Liner holds a Bachelor of Applied Science, Ocean Engineering, from the Florida Institute of Technology.
There are no family relationships between Mr. Liner and any director, executive officer, or any person nominated or chosen by the Company to become a director or executive officer. There are no related party transactions between the Company and Mr. Liner required to be disclosed under Item 404(a) of Regulation S-K.
A copy of the press release announcing Mr. Bancroft’s retirement and resignation and Mr. Liner’s promotion is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
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Description |
99.1 |
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Excelerate Energy, Inc. Press Release dated November 8, 2022 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
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Excelerate Energy, Inc. |
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Date: |
November 8, 2022 |
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/s/ Dana Armstrong |
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Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
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Press Release |
Excelerate Energy Announces Chief Operating Officer Succession Plan
THE WOODLANDS, TX, November 8, 2022 – Excelerate Energy, Inc. (NYSE: EE) (“Excelerate” or “Company”) announced today that Calvin (Cal) Bancroft will resign from his position as Executive Vice President and Chief Operating Officer on December 31, 2022. Mr. Bancroft will continue his employment with the Company as a Senior Advisor reporting to Steven Kobos, President and Chief Executive Officer, through September 30, 2023 at which point he is expected to retire. Consistent with the Company’s succession plan, David Liner, who currently serves as Vice President of Operations, will succeed Mr. Bancroft in the role of Executive Vice President and Chief Operating Officer as of January 1, 2023.
"I want to thank Cal for his leadership and dedication. He has been a key member of our executive team and an integral part of Excelerate’s transformation into the premier provider of flexible LNG solutions that it is today,” said Kobos. “I am grateful for all the contributions he has made to the Company and for being a true partner in enabling our strong operational performance. On behalf of all of us at Excelerate, we wish him joy in having the time to do anything and everything he has always desired to do.”
During his 40+ years of experience in the shipping industry, Mr. Bancroft has received recognition from the maritime industry as well as two Homeland Security Public Commendations. Prior to joining Excelerate, he served as Global Marine Operations Manager for Phillips 66, Commercial Logistics Manager-Americas for Shell Chemical L.P., and Vice President of Fleet Operations and Facility Security Officer for Ocean Shipholdings, Inc.
"It has been a tremendous honor and privilege to be part of the Excelerate team,” said Mr. Bancroft. “Excelerate is positioned extremely well for the next phase of its growth and success, guided by a clear strategy, outstanding leadership, and a superior workforce. I can retire with confidence knowing that David Liner has the knowledge, skills, and experience to be an exceptional Operations leader.”
Mr. Liner joined Excelerate in August of 2021 with over 25 years of maritime experience in the oil and gas industry. As Vice President of Operations, he has led the Operations and Maintenance team responsible for the Company’s fleet of vessels and terminals. Prior to joining Excelerate, he held a variety of roles with SeaRiver Maritime and ExxonMobil Development Company and served as the Chief Officer of Commercial & Planning at Qatar Gas Transport Company (Nakilat). Mr. Liner holds a bachelor’s degree in Ocean Engineering from the Florida Institute of Technology
ABOUT EXCELERATE ENERGY
Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.
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CONTACTS
Investors
Craig Hicks
Excelerate Energy
Craig.Hicks@excelerateenergy.com
Media
Stephen Pettibone / Frances Jeter
FGS Global
Excelerate@fgsglobal.com
or
media@excelerateenergy.com
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