| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On August 26, 2019, the board of directors (the “Board”) of Talos Energy Inc. (the “Company”) appointed Gregory Babcock to serve as the Company’s Chief Accounting Officer (Principal Accounting Officer), effective as of August 26, 2019. The biographical information for Mr. Babcock is included below.
Mr. Babcock succeeds Shannon E. Young III, who was initially appointed to serve as the Company’s Executive Vice President and Chief Financial Officer (Principal Financial Officer) on May 16, 2019 and was subsequently appointed to also serve as the Company’s Chief Accounting Officer (Principal Accounting Officer) on an interim basis, effective August 13, 2019. Effective as of August 26, 2019, Mr. Young ceased to serve as the Company’s Chief Accounting Officer.
Mr. Babcock, 36, has served as the Company’s Corporate Controller since May 2018 and in that role has been responsible for overseeing the Company’s accounting functions. Prior to that, Mr. Babcock served as the Assistant Controller of Talos Energy LLC from September 2015 until the May 2018 business combination of Talos Energy LLC and Stone Energy Corporation pursuant to which Talos Energy LLC became a wholly owned subsidiary of the Company. Before his promotion to Assistant Controller, Mr. Babcock served as Financial Reporting Manager of Talos Energy LLC from May 2014 to September 2015. Prior to his tenure with Talos Energy LLC, Mr. Babcock worked for Deloitte & Touche, holding positions of increasing responsibility in audit and mergers and acquisitions transaction services. Mr. Babcock began his career with Deloitte & Touche in 2007. Mr. Babcock is a Certified Public Accountant and holds a M.S. in Finance and B.B.A. in Accounting from Texas A&M University.
In connection with his appointment, the Board approved the Company’s provision of a promotion letter to Mr. Babcock (the “Promotion Letter”). Pursuant to the terms of the Promotion Letter, Mr. Babcock will be eligible to receive an annualized base salary of $260,000. Mr. Babcock will continue to be eligible to participate in the Company’s annual bonus program, with a target bonus equal to 50% of his annualized base salary for 2019, subject to the achievement of any applicable performance criteria and the terms and conditions of the program. The Promotion Letter also provides that Mr. Babcock will continue to be eligible to receive awards under the Talos Energy Inc. Long Term Incentive Plan (the “LTIP”), subject to approval by the Board and the terms and conditions of the LTIP, with an annual target value equal to 50% of his annualized base salary, beginning in 2020.
There are no related party transactions between the Company and Mr. Babcock reportable under Item 404(a) of RegulationS-K. There are no arrangements or understandings between Mr. Babcock and any other persons pursuant to which he was appointed as an officer of the Company and Mr. Babcock does not have any familial relationships with any director or executive officer of the Company.
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