ABRAXAS PETROLEUM CORPORATION (NASDAQ:AXAS) 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.
(e) Effective on April 1, 2019, Abraxas Petroleum Corporation (the “Company”) issued performance-based shares of restricted stock to certain officers and employees, including its named executive officers (“NEOs”) under the Abraxas Petroleum Corporation Amended and Restated 2005 Employee Long-Term Equity Incentive Plan (the “LTIP”).
The shares will vest in 2022 upon the achievement of performance goals based on the Company’s Total Shareholder Return (“TSR”) as compared to the following peer group of companies: Approach Resources, Inc. (AREX), Contango Oil & Gas Company (MCF), Earthstone Energy, Inc. (ESTE), Halcon Resources (HK), Lilis Energy, Inc. (LLEX), Ring Energy, Inc. (REI) and Rosehill Resources Inc (ROSE). The number of shares which would vest depends upon the rank of the Company’s TSR as compared to the peer group at the end of the three-year vesting period, and can range from zero percent of the initial grant up to 200% of the initial grant.
Initial awards of performance-based restricted stock under the LTIP were as follows:
|
Name |
Performance-based restricted shares granted |
|
Robert L.G. Watson |
97,015 |
|
Steven P. Harris |
46,642 |
|
Peter A. Bommer |
51,306 |
|
Kenneth W. Johnson |
51,306 |
|
Stephen T. Wendel |
51,306 |
The agreement related to these shares is attached as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
|
10.1 |
Restricted Stock Award Agreement. |
ABRAXAS PETROLEUM CORP Exhibit
EX-10.1 2 ex_140045.htm EXHIBIT 10.1 ex_140045.htm ABRAXAS PETROLEUM CORPORATION. RESTRICTED STOCK AWARD AGREEMENT PERFORMANCE SHARES This Restricted Stock Award Agreement (the “Agreement”),…
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About ABRAXAS PETROLEUM CORPORATION (NASDAQ:AXAS)
Abraxas Petroleum Corporation is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and gas. The Company’s estimated net proved reserves are approximately 43.2 million barrels of oil equivalent (MMBoe), of which over 38% are classified as proved developed, approximately 71% are oil and natural gas liquids (NGL), and approximately 95% of which (on a PV-10 basis) are operated by the Company. The Company’s daily net production is approximately 5,970 barrels of oil equivalent per day (Boepd), of which over 77% is oil or liquids. The Company’s oil and gas assets are located in three operating regions: the Rocky Mountain, Permian Basin and onshore Gulf Coast. The Company’s properties in the Rocky Mountain region are located in the Williston Basin of North Dakota and Montana, and in the Green River Powder River and Unita Basins of Wyoming and Utah.
