Indonesia Energy Amends President Frank Ingriselli's Employment Pact
Ticker: INDO · Form: 6-K · Filed: Jan 3, 2024 · CIK: 1757840
| Field | Detail |
|---|---|
| Company | Indonesia Energy Corp Ltd (INDO) |
| Form Type | 6-K |
| Filed Date | Jan 3, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $150,000, $80,000 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: executive-compensation, corporate-governance, employment-agreement
TL;DR
**IEC just updated President Frank Ingriselli's employment contract, effective Jan 1, 2024.**
AI Summary
Indonesia Energy Corp Ltd (IEC) filed a 6-K on January 3, 2024, announcing a Third Amendment to the Employment Agreement with its President, Frank Ingriselli, effective January 1, 2024. This amendment updates his existing agreement from February 1, 2019. This matters to investors because changes to executive compensation or terms can signal shifts in company strategy, leadership stability, or financial commitments, potentially impacting the company's operational efficiency and future profitability.
Why It Matters
Changes to executive employment agreements can reflect shifts in company strategy, leadership stability, or financial commitments, which can directly influence investor confidence and the company's future performance.
Risk Assessment
Risk Level: low — This filing primarily concerns an amendment to an executive employment agreement, which is a routine corporate governance matter and does not inherently present significant immediate financial risk.
Analyst Insight
Investors should monitor future filings for details of the 'Third Amendment to Employment Agreement' to understand any changes to executive compensation, incentives, or terms that could impact the company's financial health or strategic direction.
Key Players & Entities
- Indonesia Energy Corp Ltd (company) — the registrant
- Frank Ingriselli (person) — the Company's President
- U.S. Securities and Exchange Commission (company) — declared the shelf registration statement effective
- 001-39164 (other) — Commission File Number
- 333-252520 (other) — Registration Number for Form F-3
FAQ
What is the purpose of this 6-K filing by Indonesia Energy Corporation Limited?
The purpose of this 6-K filing is to report the entry into a Third Amendment to Employment Agreement with Frank Ingriselli, the Company’s President, on December 28, 2023, effective January 1, 2024.
Who is Frank Ingriselli and what is the significance of the amendment to his employment agreement?
Frank Ingriselli is the President of Indonesia Energy Corporation Limited. The significance of the amendment is that it updates and restates his existing employment agreement, which was originally effective February 1, 2019.
When was the Ingriselli Third Amendment entered into and when did it become effective?
The Ingriselli Third Amendment was entered into on December 28, 2023, and its effective date was January 1, 2024.
Into which previous filing is this 6-K Report incorporated by reference?
This 6-K Report is incorporated by reference into the shelf registration statement on Form F-3, as amended (Registration Number 333-252520), which was declared effective by the U.S. Securities and Exchange Commission on February 16, 2021.
What is the Commission File Number for Indonesia Energy Corporation Limited?
The Commission File Number for Indonesia Energy Corporation Limited is 001-39164.
Filing Stats: 692 words · 3 min read · ~2 pages · Grade level 15.7 · Accepted 2024-01-03 16:01:27
Key Financial Figures
- $150,000 — ary for Mr. Ingriselli will remain at US$150,000; and (iii) Mr. Ingriselli was granted a
- $80,000 — ry for Mr. Overholtzer will remain at US$80,000. Except for the foregoing, no further
Filing Documents
- form6-k.htm (6-K) — 23KB
- ex10-1.htm (EX-10.1) — 14KB
- ex10-2.htm (EX-10.2) — 13KB
- 0001493152-24-000280.txt ( ) — 51KB
SIGNATURES
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, thereunto duly authorized. INDONESIA ENERGY CORPORATION LIMITED Dated: January 3, 2024 By: /s/ Wirawan Jusuf Name: Wirawan Jusuf Title: Chief Executive Officer EXHIBIT INDEX Exhibit Number Description 10.1 Third Amendment to Employment Agreement, dated December 28, 2023, between the Company and Frank Ingriselli. 10.2 Third Amendment to Employment Agreement, dated January 1, 2024, between the Company and Gregory Overholtzer.