Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Severance Arrangements with Mr. Sult
As previously reported on Form 8-K filed on August 22, 2016, John R. Sult ceased serving as the Company’s executive vice president and chief financial officer effective August 19, 2016.
On September 23, 2016, in connection with his departure, we entered into a Separation Agreement with Mr. Sult pursuant to which we will pay Mr. Sult a lump sum severance payment in the amount of $1,000,000 in exchange for a waiver and release for our benefit. Also effective September 23, 2016, we entered into a Consulting Services Agreement with Mr. Sult, pursuant to which he will provide consulting and advisory services to us from September 1, 2016 through February 28, 2017, in exchange for a lump sum consulting payment in the amount of $1,000,000. The consulting payment will be paid to Mr. Sult following the consulting period.
The foregoing summary is qualified in its entirety by reference to the Separation Agreement with Mr. Sult and the Consulting Services Agreement with Mr. Sult, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this Form 8-K and incorporated in this Item 5.02 by reference.
Severance Arrangements with Mr. Robertson
As previously reported on Form 8-K filed on August 22, 2016, Lance W. Robertson ceased serving as the Company’s vice president, resource plays effective August 19, 2016. Effective September 23, 2016, in connection with his departure, we entered into a Separation Agreement with Mr. Robertson pursuant to which we will pay Mr. Robertson a lump sum severance payment in the amount of $1,000,000 in exchange for a waiver and release for our benefit.
The foregoing summary is qualified in its entirety by reference to the Separation Agreement with Mr. Robertson, a copy of which is filed as Exhibit 10.3 to this Form 8-K and incorporated in this Item 5.02 by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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10.1
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Separation Agreement with John R. Sult, dated September 23, 2016
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10.2
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Consulting Services Agreement with John R. Sult, dated September 23, 2016
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10.3
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Separation Agreement with Lance W. Robertson, dated September 23, 2016
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