EV Energy Partners, L.P. (NASDAQ:EVEP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 7, 2017, the Compensation Committee (the “Committee”) of the Board of Directors of EV Management, LLC (the “Company”), on behalf of the general partner of EV Energy Partners, L.P. (the “Partnership”), named John B. Walker, Executive Chairman of the Company, as a participant in the Company’s 2017-2018 Key Employee Incentive Plan (the “Incentive Plan”). In connection with Mr. Walker’s participation, the Committee also determined target levels regarding potential cash bonuses that may be paid to him under the terms of the Incentive Plan.

The Incentive Plan was adopted by the Company’s Board of Directors as of November 17, 2017 and is in effect for the four consecutive calendar quarters beginning October 1, 2017 and continuing through September 30, 2018. The Incentive Plan features pre-established target levels related to three key performance measures for the Partnership: production, lease operating expenses (“LOE”) and Adjusted EBITDAX of the Partnership.

Any actual cash bonuses that may be paid to Mr. Walker under the Incentive Plan will be determined and earned based on the achievement of quarterly threshold, target and maximum performance metrics and goals as of the end of each calendar quarter, or “performance period,” under the Incentive Plan. In addition to cash bonuses being determined on a quarterly basis, each performance metric will also be measured cumulatively as of the end of each performance period, and to the extent the Partnership’s performance equals or exceeds the cumulative performance goals/metrics, a “catch-up payment” will also be made to participants.

The quarterly threshold amount for Mr. Walker is $31,250, his quarterly target amount is $62,500 and his quarterly maximum amount is $93,750. Each of the performance metrics — production, LOE and Adjusted EBITDAX — is weighted equally (33.33% for each performance metric) in determining the total amount eligible to be earned by Mr. Walker. For the term of the Incentive Plan, the aggregate amounts of all four quarterly and all cumulative amounts that may be paid to Mr. Walker are $125,000 (threshold amount), $250,000 (target amount) and $375,000 (maximum amount).

These amounts assume that all quarterly payments and cumulative payments are made under the applicable category (threshold, target or maximum).

Michael E. Mercer, President and Chief Executive Officer of the Company, and Nicholas Bobrowski, Vice President and Chief Financial Officer of the Company, were previously named participants under the Incentive Plan, and their target levels were established, on November 17, 2017.

For a more detailed description of the Incentive Plan, please refer to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 24, 2017. A copy of the Incentive Plan was filed as Exhibit 10.3 to such Form 8-K, which is incorporated herein by reference. The foregoing description of the Incentive Plan in this Form 8-K does not purport to be complete and is qualified in its entirety by the full text of the Incentive Plan.

About EV Energy Partners, L.P. (NASDAQ:EVEP)

EV Energy Partners, L.P. is engaged in the acquisition, development and production of oil and natural gas properties and all of its operations are located in the United States. The Company’s oil and natural gas properties are located in the Barnett Shale; the Appalachian Basin, which includes the Utica Shale; the San Juan Basin; Michigan; Central Texas, which includes the Austin Chalk area; the Mid-Continent areas in Oklahoma, Texas, Arkansas, Kansas and Louisiana; the Monroe Field in Northern Louisiana, and the Permian Basin. The Company’s Barnett Shale properties are located in Denton, Montague, Parker, Tarrant and Wise counties in Northern Texas. The Company’s activities are concentrated in the Ohio and West Virginia areas of the Appalachian Basin. The Company’s properties are located in Rio Arriba County, New Mexico and La Plata County in Colorado. The Company’s properties are located in the Antrim Shale reservoir in Otsego and Montmorency counties in northern Michigan.