Aurora Oil & Gas Corp (Other) (8-K)
September 24 2007 - 12:08PM
Edgar (US Regulatory)
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):
|
September
18, 2007
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AURORA
OIL & GAS CORPORATION
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(Exact
name of registrant as specified in its charter)
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UTAH
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000-25170
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87-0306609
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
|
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4110
Copper Ridge Drive, Suite 100, Traverse City, MI
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49684
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
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(231)
941-0073
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|
|
|
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(Former
name or former address, if changed since last
report.)
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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):
o
|
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))
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Item
5.02
Compensatory
Arrangements of Certain Officers.
(e)
Executive
Compensation Arrangement
Aurora
Oil & Gas Corporation (the “Company”) has engaged the services of an
investment banker to assist the Company in exploring its strategic alternatives,
and it is possible that this could result in a sale or some other transaction
or
occurrence that would involve a change in control of the Company. On September
18, 2007, the Board of Directors of the Company approved a stay bonus
arrangement to encourage employees to remain with the Company through any
possible change in control. For purposes of this arrangement, “change in
control” means any transaction or occurrence (including a sale of stock or a
merger) where the shareholders of the Company before the transaction or
occurrence own less than 50% of the Company’s voting shares after the
transaction or occurrence or there is a sale or disposition of a majority of
the
Company’s assets.
The
stay
bonus arrangement provides that if a change in control occurs on or before
September 1, 2008, and employees remain continuously employed with the Company
through such change of control, employees are then eligible for a stay bonus
in
the amount of 50% of their then current annual base salary. The Company will
pay
this stay bonus upon the occurrence of a change in control less applicable
withholdings and taxes. Certain officers of the Company are covered by this
arrangement and their potential stay bonuses are estimated on their current
salaries as follows: (i) Ronald E. Huff (President and Chief Financial Officer)
$100,000; (ii) John V. Miller ( Vice President) $67,500; (iii) John C. Hunter
(Vice President) $66,000; and (iv) Lorraine M. King ( Former Chief Financial
Officer) $62,500.
SIGNATURE
According
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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AURORA
OIL & GAS CORPORATION
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Date: September
24, 2007
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/s/ William
W. Deneau
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By:
William W. Deneau
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Its:
Chief Executive Officer
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