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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):
February 8, 2024
GENIE ENERGY
LTD.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
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1-35327 |
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45-2069276 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
520 Broad Street
Newark, New Jersey |
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07102 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including
area code: (973) 438-3500
Not Applicable
(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 (see General Instruction A.2.
below):
☐ | 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(s) |
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Name of each exchange on which registered |
Class B common stock, par value $.01 per share |
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GNE |
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New York Stock Exchange |
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.
On February 8, 2024, the Compensation
Committee of the Board of Directors of Genie Energy Ltd. (the “Registrant”) approved an amended and restated compensation
arrangement between the Registrant and Avi Goldin, the Registrant’s Chief Financial Officer. The Fourth Amended and Restated Employment
Agreement (the “Employment Agreement”) between the Registrant and Mr. Goldin is effective as of January 1, 2024 and provides
for: (i) a three-year term, (ii) an annual base salary of $425,000, (iii) an annual guaranteed bonus of $150,00 and additional performance
bonuses in the discretion of the Compensation Committee and (iv) severance upon certain terminations or non-renewal of the Employment
Agreement.
A copy of the Employment
Agreement is filed as Exhibit 10.01 to this report and is incorporated herein by reference.
Item 7.01 Regulation
FD Disclosure.
On February 8, 2024, the Registrant
posted the attached release (the “Release”) to the investor relations page of the Registrant’s website (www.genie.com)
relating to the Registrant’s forthcoming dividend payable to holders of its Class A and Class B common stock. A copy of the Press
Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The Registrant is furnishing
the information contained in this Report, including Exhibit 99.1, pursuant to Item 7.01 of Form 8-K promulgated by the Securities and
Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with the SEC or incorporated
by reference into any other filing with the SEC.
Item 8.01
Other Events.
The information contained in
Item 7.01 above is incorporated herein by reference into this Item 8.01.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURE
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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GENIE ENERGY LTD. |
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By: |
/s/ Michael Stein |
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Name: |
Michael Stein |
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Title: |
Chief Executive Officer |
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February 8, 2024 |
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Exhibit Index
3
Exhibit 10.01
FOURTH AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This FOURTH AMENDED
AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated as of February 8, 2024 and effective January 1, 2024, is
by and between Genie Energy Ltd., a Delaware corporation (the “Company”), and Avi Goldin, an individual (the “Employee”).
WHEREAS, the Employee is
currently employed as Chief Financial Officer of the Company pursuant to the terms of that certain Third Amended and Restated Employment
Agreement dated as of November 4, 2020 between the Company and the Employee (collectively, the “Existing Agreement”),
and serves as the President of Genie Solar, Inc. (“GSI”), a subsidiary of the Company;
WHEREAS, in recognition of
the Employee’s experience and abilities, the Company desires to assure itself of the continued employment of the Employee in accordance
with the terms and conditions provided herein; and
WHEREAS, the Employee wishes
to continue to perform services for the Company in accordance with the terms and conditions provided herein; and
WHEREAS, the parties desire
to amend and restate the Existing Agreement, with effect as of January 1, 2024 (the “Amendment Effective Date”), as
follows:
NOW, THEREFORE, in consideration
of the promises and the respective covenants and agreements of the parties herein contained, and intending to be legally bound hereby,
the parties hereto agree as follows:
1. Existing Agreement.
Until 11:59 p.m. on December 31, 2023, the Existing Agreement shall remain in full force and effect (unless terminated in accordance
with its terms), other than the provision of Section 3 thereof providing for automatic renewal of the terms thereof. From and after 12:00
a.m. on January 1, 2024, the Existing Agreement is hereby amended and restated in its entirety.
2. Employment. The
Company hereby agrees to continue to employ the Employee, and the Employee hereby agrees to continue to be employed by the Company and
to perform services for the Company or its subsidiaries and affiliates, on the terms and conditions set forth herein, in each case, with
effect as of the Amendment Effective Date.
3. Term. The
term of the Agreement as amended and restated (the “Term”) shall commence on the Amendment Effective Date and shall
terminate on December 31, 2026 (the “Initial Expiration Date”), or upon the Employee’s earlier death, or other
termination of employment pursuant to Section 10 hereof. The Term shall automatically be renewed or extended for additional
one year periods beyond its otherwise scheduled expiration unless, not later than ninety (90) days prior to any such expiration, either
party hereto shall have notified the other party in writing that such renewal extension shall not take effect.
4. Position.
During the Term, the Employee shall serve as the Chief Financial Officer of the Company (and may also be named as Chief Financial Officer
of one or more of the Company’s subsidiaries) and in such other capacities as shall be designated by the Board of Directors of the
Company (the “Board”) and agreed to by the Employee from time to time.
5. Duties and Reporting
Relationship. During the Term, the Employee shall, on a full-time basis, use his skills and render services to the best
of his abilities on behalf of the Company. The Employee shall report directly to the Chief Executive Officer of the Company (the “CEO”).
The Employee shall comply with all policies and procedures of the Company.
6. Place of Performance. The
Employee shall perform his duties and conduct his business on a full-time basis at the Company’s Headquarters (subject to work at
home as permitted by Company policy and agreed upon with the CEO) except for required travel on Company business.
7. Compensation and
Related Matters.
(a) Annual Base
Salary. During the Term, the Company shall pay to the Employee an annual base salary (the “Base Salary”)
at a rate of FOUR HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($425,000), payable less applicable taxes and customary withholdings, in accordance
with the Company’s standard payroll practices.
(b) Bonus; Equity.
| (i) | During the Term, the Employee shall also be entitled to an annual bonus in the gross amount of ONE HUNDRED
FIFTY THOUSAND DOLLARS ($150,000), less applicable taxes and customary withholdings, in respect of any year commencing with 2024 through
the Initial Expiration Date (“Guaranteed Bonus”). Payment of the Guaranteed Bonus shall be made to the Employee in
accordance with Company policy, but in no event later than ninety (90) days following the end of the fiscal year in respect of which it
is payable (each such payment date, a “Bonus Payment Date”). It is understood and agreed that the Employee shall be
eligible for such a Guaranteed Bonus only if the Employee has been continuously employed by the Company from the Amendment Effective Date
through end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment Date, issued notice of his resignation,
regardless of the reason for such resignation, or been terminated by the Company for Cause (as defined below). |
| (ii) | Additionally, the Employee shall be eligible to participate in any bonus pool established for, or broad-based
equity grant made to, employees or management of the Company, in each case at levels set in the sole discretion of the Company and upon
the approval of the Compensation Committee of the Company’s Board of Directors. The Employee shall have a target bonus of ONE HUNDRED
FIFTY THOUSAND DOLLARS ($150,000). Any bonus that is awarded under this provision (a “Discretionary Bonus”) shall be
paid to the Employee on the Bonus Payment Date following the end of the relevant fiscal year. It is understood and agreed that the Employee
shall be eligible for a Discretionary Bonus only if the Employee has been continuously employed by the Company from the Amendment Effective
Date through end of the applicable fiscal year, and the Employee has not, as of such Bonus Payment Date, issued notice of his resignation,
regardless of the reason for such resignation or been terminated by the Company for Cause. |
(c) Employee Benefits. During
the Term, the Employee will be eligible to participate in the Company’s benefit plans, in each case as available to similarly situated
employees (collectively the “Programs”), as such Programs are adopted by the Company, subject to the terms and conditions
of the Programs. In addition, during the Term, the Employee will be eligible to participate in the Company’s 401(k) savings
plan (the “401(k) Plan”) subject to the terms and conditions of the 401(k) Plan.
(d) Business
Expenses. The Company shall reimburse the Employee for all ordinary and necessary business expenses incurred by him in connection
with his employment (including without limitation, expenses for travel (with class of travel in accordance with Company policy) and entertainment
incurred in conducting or promoting business for the Company) upon submission by the Employee of receipts and other documentation in accordance
with the Company’s normal business expense reimbursement policies. The Employee must use the Company’s travel department
(if such a department exists) to arrange for all business related travel.
(e) Paid Vacation.
The Company will provide the Employee with paid vacation in addition to Company Closed Days as outlined in the Company’s Policy
Handbook for Employees as it may be amended from time to time.
8. Non-Disclosure
and Non-Competition Agreement. The Employee acknowledges that the Non-Disclosure and Non-Competition Agreement with the Company that
he previously executed (the “NDNC”) remains in full force and effect and binding on him. Notwithstanding
anything to the contrary contained herein, the remedies provided for in the NDNC are separate and distinct from those provided for in
this Agreement and in no event shall such remedies be superseded by any provision contained herein.
9. Representations.
The Employee represents and warrants to the Company that the execution and delivery of this Agreement, and the terms of the NDNC, do not,
and the performance by the Employee of his obligations thereunder shall not, conflict with, result in the breach of any provisions of
or the termination of, or constitute a default under, any agreement, contract, or other obligation to assign inventions or to keep information
confidential, to which the Employee is a party or by which the Employee was, is, or may be bound.
10. Termination. The
Employee’s employment hereunder may be terminated without breach of this Agreement as follows:
(a) Death;
Disability. The Employee’s employment hereunder shall terminate upon his death or, as permitted by law, Disability
(as hereinafter defined). Upon any such termination, the Employee (or, in the event of his death, his estate) (i) shall receive
any accrued or vested compensation, including salary and bonus(es), through the “Date of Termination” (as hereinafter
defined), and (ii) shall be reimbursed for unpaid and approved business expenses (in accordance with the Company’s normal business
expense reimbursement procedures) through such Date of Termination. The Employee (and in the event of his death, his estate)
shall not be entitled to any other amounts or benefits from the Company or otherwise, except payments pursuant to any Company life insurance
program/policy then in effect. For purposes of this Agreement, “Disability” shall mean the inability of
the Employee to perform his duties on account of a physical or mental illness for a period of sixty (60) consecutive days or ninety (90)
days in any six (6) month period, and the term “Disabled” shall have a corresponding meaning. Notwithstanding
anything contained herein to the contrary, during any period that the Employee is unable to perform the Employee’s duties because
of a physical or mental illness, the Company shall not be obligated to pay any compensation or other amounts to the Employee except as
otherwise provided for by the Programs then in effect or applicable law.
(b) Termination
for Cause; Resignation Without Good Reason. The Company may terminate the Employee’s employment hereunder for Cause
(as hereinafter defined) or the Employee may resign from his position with the Company without Good Reason (as hereinafter defined). For
purposes of this Agreement, the Company shall have “Cause” to terminate the Employee’s employment hereunder:
(i) upon the Employee’s indictment or conviction for the commission of an act or acts constituting a felony under the laws of the
United States or any State thereof, (ii) upon the Employee’s commission of fraud, embezzlement or gross negligence, (iii) upon the
Employee’s willful or continued failure to perform an act permitted by the Company’s rules, policies or procedures, including
without limitation, the Company’s Code of Business Conduct and Ethics that is within his material duties hereunder (other than by
reason of physical or mental illness or disability) or directives of the Board, or material breach of the terms hereof or of the NDNC,
in each case, after written notice has been delivered to the Employee by the Company, which notice specifically identifies the manner
in which the Employee has not substantially performed his duties or has committed a breach, and the Employee’s failure to substantially
perform his duties or breach is not cured within fifteen (15) business days after such notice has been given to the Employee; (iv) upon
any misrepresentation by the Employee of a material fact to or concealment by the Employee of a material fact from the Board, the Chairman, the
CEO, and/or general counsel; or (v) upon any material violation of the Company’s rules, policies, or procedures, including without
limitation, the Company’s Code of Business Conduct and Ethics. For purposes of this Section 10(b), no act or failure
to act on the Employee’s part shall be deemed “willful” unless done or omitted to be done, by the Employee not in good
faith and without reasonable belief that the Employee’s act, or failure to act, was in the best interest of the Company.
If the Company terminates
the Employee’s employment for Cause, or if the Employee shall resign from the Company without Good Reason, the Employee shall not
be entitled to any severance payments, any unvested stock options and other unvested equity incentive awards shall terminate, and the
Employee shall relinquish any and all rights to any amounts payable and to any benefits otherwise provided for herein, provided that the
Employee shall (A) be entitled to receive accrued or vested compensation, including salary and Guaranteed Bonus (to be paid when paid
to other officers of the Company), through the Date of Termination, and (B) have the right to be reimbursed for unpaid and approved business
expenses (in accordance with the Company’s normal business expense reimbursement procedures) through such Date of Termination.
If the Employee resigns from
the Company without Good Reason, or if the Employee does not intend to seek renewal of the Term, the Employee shall provide written notice
to the Company at least ninety (90) days prior to the actual Date of Termination of the Employee’s employment, which ninety-day
notice period may be waived by the Company in its sole discretion.
(c) Termination
Without Cause; Resignation for Good Reason or following a CEO Change. The Employee’s employment hereunder may also be terminated
by the Company at any time for any reason without Cause or by the Employee for Good Reason or due to a CEO Change.
For purposes of this Agreement,
the Employee shall have “Good Reason” to terminate his employment hereunder upon (i) the Company’s failure to
perform its material duties hereunder, which failure has not been cured by the Company within fifteen (15) days of its receipt of written
notice thereof from the Employee; (ii) a reduction by the Company (without the consent of the Employee, which consent may be revoked at
any time) in the Employee’s Base Salary, or substantial reduction in the other benefits provided to the Employee; (iii) the assignment
to the Employee of duties inconsistent with the Employee’s status as a senior executive officer of the Company, or the designation
by the Company of the Employee to any position or capacity other than (A) Chief Financial Officer of the Company, (B) Chief Financial
Officer of one of the Company’s subsidiaries, or (C) Chief Operating Officer of the Company; (iv) the relocation of the Employee’s
principle place of employment to a location more than thirty-five (35) miles from its current Newark, New Jersey location or outside of
the New York City metropolitan area; (v) the assignment of duties inconsistent with the Company’s rules, policies, or procedures,
including without limitation, the Company’s Code of Business Conduct and Ethics; (vi) any purported termination of the Employee’s
employment not in accordance with the terms hereof; or (vii) any Change in Control of the Company. For purposes of this Agreement,
a “Change in Control” shall mean and shall be deemed to have occurred if (A) any person or group (within the meaning
of Rule 13d-3 of the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended), other than Howard Jonas,
members of his immediate family, his affiliates, trusts or private foundations established by or on his behalf or for the benefit of members
of his immediate family or descendants, and the heirs, executors or administrators of Howard Jonas, shall acquire in one or a series of
transactions, whether through sale of stock or merger, voting securities representing more than 50% of the voting power of all outstanding
voting securities of the Company or any successor entity of the Company, or (B) the stockholders of the Company shall approve a complete
liquidation or dissolution of the Company. As used herein, a “CEO Change” shall mean the appointment as Chief Executive
Officer of the Company any person other than Michael Stein, Howard Jonas, the Employee, or any person that is affiliated with the holders
of the Class B common stock of the Company. The Employee’s right to terminate the Employee’s employment for Good Reason shall
not be affected by the Employee’s incapacity due to physical or mental illness. The Employee’s continued employment
shall not constitute consent to, or a waiver of rights, with respect to any act or failure to act constituting Good Reason hereunder. Notwithstanding
the foregoing, a termination shall not be treated as a resignation for Good Reason if the Employee shall have consented in writing to
the occurrence of the event giving rise to the claim of resignation for Good Reason.
If the Employee gives notice
of his intent to terminate his employment with Good Reason, the Employee shall first provide written notice to the Company, which notice
specifically identifies the event or circumstances giving rise to the Good Reason for which the Employee is terminating his employment,
within ninety (90) days of when such event or circumstance giving rise to the Good Reason becomes effective or transpires. The
notice of Good Reason must give the Company the opportunity to cure and if the Company fails to cure within thirty (30) business days
of its receipt of the notice, the Employee’s resignation for Good Reason shall be deemed effective.
If the Company terminates
the Employee’s employment without Cause or the Employee terminates his employment for Good Reason, (1) the terminating Party shall
provide the other Party with at least sixty (60) days’ notice (which time period may be shortened by mutual agreement of the parties)
of its intent to terminate this Agreement, if by the Company without Cause or if by the Employee for Good Reason; (2) ) the Company shall
have the sole right to determine whether or not the Employee shall actively work for the Company during the notice period; (3) the Company
shall pay to the Employee all accrued or vested compensation, including salary, Guaranteed Bonus, and Discretionary Bonus (with bonuses
to be paid when paid to other officers of the Company) through the Date of Termination, (4) the Company shall reimburse the Employee for
unpaid and approved business expenses through such Date of Termination (in accordance with the Company’s normal business expense
reimbursement procedures), (5) all awards theretofore granted to the Employee under the Company’s incentive plans shall continue
to vest (and the restrictions thereon lapse) on their then existing schedule notwithstanding the termination of employment, and (6) the
Company shall pay to the Employee a severance payment equal to his Base Salary plus the greater of (x) the amount he would be entitled
to under Company policy in effect at that time, and (y) his Base Salary plus Guaranteed Bonus plus Discretionary Bonus for the Minimum
Severance Period (the “Non-Cause Severance Payment”).
If the Employee provides written
notice to the Company of his resignation due to a CEO Change within thirty (30) days following announcement of such CEO Change, (AA) the
Employee shall provide the Company with at least sixty (60) days’ notice (which time period may be shortened by the Company) of
his intent to terminate this Agreement; and (BB) the Company shall pay to the Employee a severance payment equal to the greater of (1)
the amount he would be entitled to under Company policy in effect at that time, and (2) his Base Salary plus Guaranteed Bonus for a period
of twelve (12) months (the “CEO Change Severance Payment” and the CEO Change Severance Payment or the Non-Cause Severance
Payment, a “Severance Payment”).
As a condition to receiving
any Severance Payment, the Employee will be required to execute and deliver the Company’s standard release agreement (the “Release
Agreement”) by no later than twenty-one (21) days after the Date of Termination (unless applicable law requires a longer time
period, in which case this date will be extended to the minimum time required by applicable law) (and not thereafter revoke such agreement).
Subject to Section 19 hereof, the Severance Payment will be paid over the period of time covered thereby following the effective date
of the Release Agreement on the Company’s regularly scheduled payroll payment dates, and in accordance with the terms of the Release
Agreement.
As used in this Agreement,
the term “Minimum Severance Period” shall mean 20 months.
(d) Severance
upon expiration of the Term. Upon expiration of the Term, and in the event that the Company does not offer to extend the Term on terms
that, had such term been implemented by the Company during the Term, would not have given the Employee the right to terminate his employment
for Good Reason under clauses (ii), (iii) or (iv) of the definition thereof, and the Company and the Employee do not agree on terms and
conditions for continued employment, the Employee shall also be entitled to receive (1) all accrued or vested compensation, including
salary, commission, Guaranteed Bonus and Discretionary Bonus (with bonuses to be paid when paid to other officers of the Company) through
the Date of Termination, (2) unpaid and approved business expenses through such Date of Termination (in accordance with the Company’s
normal business expense reimbursement procedure), and (3) a severance payment equal to the greater of (A) the amount he would be entitled
to under Company policy in effect at that time, and (B) his Base Salary plus Guaranteed Bonus plus Discretionary Bonus (at the rates in
effect on the Date of Termination) for the Minimum Severance Period, subject to his execution and delivery of the Release Agreement by
no later than twenty-one (21) days after the Date of Termination (unless applicable law requires a longer time period, in which case this
date will be extended to the minimum time required by applicable law) (and not thereafter revoke such agreement) (and not thereafter revoke
such agreement). Subject to Section 19 hereof, the severance payment will be paid over the period of time covered thereby following the
effective date of the Release Agreement on the Company’s regularly scheduled payroll payment dates, and in accordance with the terms
of the Release Agreement. Further, upon such non-extension of the Term by the Company, and notwithstanding termination of Employee’s
employment, all awards theretofore granted to the Employee under the Company’s incentive plans shall continue to vest (and the restrictions
thereon lapse) on their then existing schedule through the end of the Minimum Severance Period following the Date of Termination.
(e) Notice
of Termination. Any termination of the Employee’s employment by the Company (other than termination upon the death of the Employee)
or by the Employee shall be communicated by written Notice of Termination by such party to the other in accordance with Section 11 hereof. For
purposes of this Agreement, a “Notice of Termination” shall mean a notice that shall indicate the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of the Employee’s employment under the provision so indicated (as applicable).
(f) Date
of Termination. “Date of Termination” shall mean (i) if the Employee’s employment is terminated by his death,
the date of his death, (ii) the date of expiration of the Term if either party elects not to renew the Term for an additional year or
(iii) if the Employee’s employment is terminated pursuant to any of the other terms set forth above, the date specified in the Notice
of Termination.
11. Notices. For the purposes
of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing and shall be deemed
to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or registered mail, return receipt
requested, postage prepaid, or by an overnight courier (signature required) or by electronic mail (return receipt requested) in each case
addressed as follows:
If to the Company:
Genie Energy Ltd.
520 Broad Street
Newark, New Jersey 07102
Attn: Chief Executive
Officer
with a copy to:
Genie Energy Ltd.
520 Broad Street
Newark, New Jersey 07102
Attn: General
Counsel
If to the Employee:
Avi Goldin
499 Emerson Avenue
Teaneck, NJ 07666
or to such other address or email address as either
party may have furnished to the other in accordance herewith, except that notices of change of address shall be effective only upon receipt.
12. Miscellaneous. No
provision of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in writing
signed by the Employee and such officer of the Company as may be specifically designated by the Board. No waiver by either
party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior
or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter
hereof have been made by either party, which are not set forth expressly in this Agreement. The validity, interpretation, construction,
and performance of this Agreement shall be governed by the laws of the State of New Jersey without regard to its conflicts of law principles. By
executing this Agreement, the Employee consents to the personal jurisdiction of all state and federal courts and arbitration forums located
in the State of New Jersey. This Agreement shall be binding upon and inure to the benefit of the Company, and its successors
and assigns, and upon the Employee. The obligations of the Employee shall not be assignable or otherwise transferable.
13. Validity. The invalidity
or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.
14. Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.
15. Entire Agreement.
Other than the NDNC, this Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter
contained herein and supersedes any and all other prior agreements, promises, covenants, arrangements, communications, representations
or warranties, whether oral or written, by any officer, employee or representative of any party hereof; and any prior agreement, including
but not limited to the Existing Agreement, of the parties hereto in respect of the subject matter contained herein is hereby terminated
and canceled.
16. Arbitration. Except
as set forth in Section 8 and Section 17 and claims that pursuant to applicable law a party is prohibited from requiring another party
to agree to submit to arbitration, the Employee and the Company agree that any claim, controversy or dispute between the Employee and
the Company (including, without limitation, its affiliates, officers, representative or agents) arising out of or relating to this Agreement,
the employment of the Employee, the cessation of employment of the Employee, or any matter relating to the foregoing shall be submitted
to and settled by arbitration pursuant to the Federal Arbitration Act in a forum of the American Arbitration Association (“AAA”)
located in the State of New Jersey and conducted in accordance with the AAA’s Employment Arbitration Rules. In such
arbitration: (i) the arbitrator shall agree to treat all evidence and other information presented by the parties to the same extent as
Confidential Information under the NDNC must be held confidential by the Employee, (ii) the arbitrator shall have no authority to amend
or modify any of the terms of this Agreement, and (iii) the arbitrator shall have ten business days from the closing statements or submission
of post-hearing briefs by the parties to render his or her decision. Any arbitration award shall be final and binding upon
the parties, and any court, state or federal, having jurisdiction may enter a judgment on the award. The foregoing requirement
to arbitrate claims, controversies, and disputes applies to all claims or demands arising out of or related to the Employee’s employment
at the Company, including, without limitation any rights or claims the Employee may have under the Age Discrimination in Employment Act
of 1967 (which prohibits age discrimination in employment), Title VII of the Civil Rights Act of 1964 (which prohibits discrimination
in employment based on race, color, national origin, religion, sex, or pregnancy), the Americans with Disabilities Act of 1991 (which
prohibits discrimination in employment against qualified persons with a disability), the Equal Pay Act (which prohibits paying men and
women unequal pay for equal work), ERISA, the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection
Act (or other federal or state whistleblower laws), or any other federal, state, or local laws or regulations pertaining to the Employee’s
employment or the termination of the Employee’s employment (except as set forth in Section 8 and Section 17 and claims that pursuant
to applicable law a party is prohibited from requiring another party to agree to submit to arbitration). The parties hereby confirm their
understanding that by signing this Agreement they are waiving any right to a trial by jury, and are forfeiting any right to bring claims
arising out of or related to the Employee’s employment at the Company in a court of law (except as set forth in Section 8 and Section
17 and claims that pursuant to applicable law a party is prohibited from requiring another party to agree to submit to arbitration), regardless
of whether such claims would be based on federal, state or local law or regulations. For the avoidance of doubt, the parties acknowledge
and agree that the existence of a claim by a party that is not subject to arbitration pursuant to this paragraph shall not impair the
enforceability of this paragraph with respect to any other claim brought by that party. Notwithstanding the foregoing, nothing in this
paragraph shall be interpreted to mean that the Employee cannot file a charge with the Equal Employment Opportunity Commission and/or
the National Labor Relations Board.
17. Remedies of the
Company. Notwithstanding the arbitration provisions of Section 16, upon any termination for Cause that may cause irreparable
harm to the Company or upon the violation of the NDNC, the Company shall be entitled, if it so elects, to institute and prosecute proceedings
to obtain injunctive relief and damages, costs and expenses, including, without limitation, reasonable attorneys’ fees and expenses,
with respect to such termination.
19. Representations. The
Employee has been advised to obtain independent counsel to evaluate the terms, conditions, and covenants set forth herein and he has been
afforded ample opportunity to obtain such independent advice and evaluation. The Employee warrants to the Company that he has
relied upon such independent counsel and not upon any representation (legal or otherwise), statement, or advice said or offered by the
Company or the Company’s counsel in connection herewith.
20. Compliance with
Section 409A. All provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements
for avoiding taxes or penalties under the Internal Revenue Code of 1986 (“Code”) Section 409A (“Section
409A”). By way of example, and not limitation, it is the intent of the parties that the Severance Payment, including each
payment in a series of installment payments, is intended to be a separate payment for purposes of Treas. Reg. §1.409A-2(b), and
is intended to be either: (i) exempt from Section 409A, including, but not limited to, by compliance with the short-term deferral
exemption as specified in Treas. Reg. § 1.409A-1(b)(4) and the involuntary separation pay exception within the meaning of
Treas. Reg. § 1.409A-1(b)(9)(iii), or (ii) in compliance with Section 409A, including, but not limited to, being paid pursuant
to a fixed schedule or specified date pursuant to Treas. Reg. §1.409A-3(a) and the provisions of this Agreement will be
administered, interpreted and construed accordingly. Notwithstanding the foregoing, if any payment would be subject to additional
taxes and interest under Section 409A because the timing of such payment is not delayed as provided in Code Section
409A(a)(2)(B)(i), and Employee constitutes a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i),
then any such payments that Employee would otherwise be entitled to during the first six months following Employee’s
“separation from service” within the meaning of Code Section 409A(a)(2)(A)(i) shall be accumulated and paid on the date
that is six months after Employee’s separation from service (or if such payment date does not fall on a business day of the
Company, the next following business day of the Company), or such earlier date upon which such amount can be paid under Section 409A
without being subject to such additional taxes and interest. In no event shall the Company be liable to Employee for any tax,
penalty, or interest levied on Employee as a result of the application of Code Section 409A to any payments or benefits provided to
Employee by the Company.
IN WITNESS WHEREOF, the parties
have executed this Fourth Amended and Restated Employment Agreement as of the date and year first written above.
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GENIE ENERGY LTD. |
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By: |
/s/ Michael Stein |
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Michael Stein |
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Chief Executive Officer |
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EMPLOYEE: |
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/s/ Avi Goldin |
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Avi Goldin |
11
Exhibit 99.1
Genie Energy Declares Fourth Quarter 2023
Common Stock Dividend of $0.075 Per Share
NEWARK NJ (February 8, 2024): The board of directors of Genie
Energy Ltd (NYSE: GNE) has declared a cash dividend of $0.075 per share of Class A and Class B common stock for the fourth quarter
of 2023.
The dividend will be paid on or about February 28, 2024 to stockholders
of record as of the close of business on February 20th. The distribution will be treated as an ordinary dividend for tax purposes.
About Genie Energy Ltd.
Genie Energy Ltd., (NYSE:
GNE) is a retail energy and renewable energy solutions provider. The Genie Retail Energy division supplies electricity, including electricity
from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division
is a vertically-integrated provider of commercial, community, and utility-scale solar energy solutions. For more information, visit Genie.com.
In this press release, all statements that
are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,”
“expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent
our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these
statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K
(under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”),
which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim
any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events
or otherwise.
Contact:
Brian Siegel IRC, MBA
Senior Managing Director
Hayden IR
(346) 396-8696
brian@haydenir.com
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