Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 3, 2021, Matthew J. Smith was appointed as a member of the board of directors (the "Board") of Spartan Acquisition Corp. III (the "Company"), effective immediately. The Board has determined that Mr. Smith is an "independent director" as defined in the New York Stock Exchange ("NYSE") listing standards and applicable U.S. Securities and Exchange Commission ("SEC") rules and regulations.

Under the NYSE listing standards and applicable SEC rules, the Company had one year from the effective date of the registration statement for its initial public offering to have the audit committee of the Board (the "Audit Committee") be comprised solely of independent members. Prior to Mr. Smith's appointment, one of the members of the Board's Audit Committee, Geoffrey Strong, was not independent. In connection with Mr. Smith's appointment to the Board, Mr. Smith will replace Mr. Strong as a member of the Board's Audit Committee.

Matthew J. Smith, age 43, currently serves as the Founder and Managing Partner of Deep Basin Capital LP since January 2017. Mr. Smith has over 16 years of investment management experience in the energy, renewable and utility sectors across both public and private investments, including the roles of portfolio manager at Citadel's Surveyor Capital Ltd. from June 2010 through January 2016, senior analyst in the energy and other cyclical sectors for Highfields Capital Management LP from January 2009 to December 2009 and Copper Arch Capital. LLC from July 2005 to December 2007 and as a financial analyst at Equity Office Properties Trust from August 2001 to May 2003. Mr. Smith is a CFA Charterholder. He holds a B.B.A. from the University of Iowa Tippie College of Business and a M.S. in Finance from Wisconsin-Madison's Applied Security Analysis Program (ASAP). The Company believes Mr. Smith is well qualified to serve as a director due to his extensive experience in the energy, renewable and utility sectors across both public and private investments.

In connection with his appointment to the Board, Mr. Smith has joined that certain letter agreement, dated February 8, 2021, among the Company, its officers and directors and Spartan Acquisition Sponsor III LLC (the "Letter Agreement") by entering into an Insider Letter Acknowledgment and Agreement, a copy of which is attached hereto as Exhibit 10.1. Please see the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for information regarding the Letter Agreement. The Company also entered into an Indemnification Agreement with Mr. Smith, a copy of which is attached hereto as Exhibit 10.2, which requires the Company to indemnify him to the fullest extent permitted under Delaware law and to advance expenses incurred as a result of any proceeding against him as to which he could be indemnified.

In connection with his appointment to the Board, Mr. Smith will receive a one-time cash payment of $250,000. In addition, Mr. Smith will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company's behalf such as identifying potential target businesses and performing due diligence on suitable business combinations.

Item 9.01. Financial Statements and Exhibits





Exhibit
  No.                              Description of Exhibits

            Insider Letter Acknowledgment and Agreement, dated May 3, 2021, between
 10.1     the Company and Matthew J. Smith.
            Indemnification Agreement, dated May 3, 2021, between the Company and
 10.2     Matthew J. Smith.

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