Item 1.01 Entry into a Material Definitive Agreement
Completion of Spin-Off of Vitesse from Jefferies
On January 13, 2023 (the "Distribution Date"), Jefferies Financial Group Inc.
("Jefferies" or the "Company") completed the previously announced legal and
structural separation and distribution to its shareholders of all of the
outstanding shares of Vitesse Energy, Inc. ("Vitesse") held by Jefferies (the
"Spin-Off"). The distribution was made in the amount of one share of Vitesse
common stock for every 8.49668 Jefferies common shares (the "Distribution")
owned by the Company's shareholders as of the close of business on December 27,
2022, the record date of the Distribution.
On January 13, 2023, in connection with the Spin-Off, the Company entered into
several agreements with Vitesse and other related parties that set forth the
principal actions taken or to be taken in connection with the Spin-Off and that
govern the relationship of the parties following the Spin-Off, including a
Separation and Distribution Agreement and a Tax Matters Agreement.
Summaries of the material terms and conditions of each of the foregoing
agreements can be found in the section entitled "Certain Relationships and
Related Party Transactions-Agreements Related to the Spin-Off" of Vitesse's
information statement, dated January 6, 2023 (the "Information Statement"),
which was included as Exhibit 99.1 to the Company's Current Report on Form 8-K
filed with the U.S. Securities and Exchange Commission (the "SEC") on January 9,
2023 and which summaries are incorporated by reference herein. The summaries of
the Separation and Distribution Agreement and Tax Matters Agreement do not
purport to be complete and are qualified in their entirety by reference to the
full text of such Separation and Distribution Agreement and Tax Matters
Agreement, which are attached hereto as Exhibits 2.1 and 10.1, respectively, and
are incorporated by reference herein.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Vitesse Energy, Inc. Transitional Equity Award Adjustment Plan
The Vitesse Energy, Inc. Transitional Equity Award Adjustment Plan (the
"Transitional Plan") became effective on the Distribution Date. The Transitional
Plan will generally provide for the treatment of those Jefferies outstanding
compensatory equity awards that are to be adjusted into equity incentive awards
denominated both in shares of Vitesse common stock and in Jefferies common
shares in connection with the Spin-Off. The Transitional Plan provides for the
issuance of up to 2,182,299 shares of Vitesse common stock, subject to
adjustments as provided by the Transitional Plan. A summary of the material
terms of the Transitional Plan can be found in the Information Statement under
the section entitled "Certain Relationships and Related Party Matters-Agreements
Related to the Spin-Off-Transitional Equity Award Adjustment Plan," which
summary is incorporated by reference herein. The summary of the Transitional
Plan does not purport to be complete and is qualified in its entirety by
reference to the full text of the Transitional Plan, which is attached hereto as
Exhibit 10.2 and is incorporated by reference herein.
Item 8.01 Other Events
On January 17, 2023, the Company and Vitesse issued a joint press release
announcing the completion of the Spin-Off. A copy of the joint press release is
attached hereto as Exhibit 99.1 and is incorporated by reference herein.
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Item 9.01 Financial Statements and Exhibits
(d)
Exhibit
Number Description
2.1 Separation and Distribution Agreement, dated as of January 13, 2023,
by and among Jefferies Financial Group Inc., Vitesse Energy Finance
LLC, Vitesse Energy, Inc., and the other signatories listed therein*
10.1 Tax Matters Agreement, dated as of January 13, 2023, between
Jefferies Financial Group Inc. and Vitesse Energy, Inc.
10.2 Vitesse Energy, Inc. Transitional Equity Award Adjustment Plan*†
99.1 Joint Press Release issued by Jefferies Financial Group Inc. and
Vitesse Energy, Inc. on January 17, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
* Certain schedules and similar attachments have been omitted pursuant to Item
601(a)(5) of Regulation S-K. The Company undertakes to furnish supplemental
copies of any of the omitted schedules upon request by the SEC.
† Compensatory plan or arrangement.
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