Bonanza Creek Energy,Inc. (NYSE:BCEI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November27, 2018, based on a mutual decision with the Board, Scott A. Fenoglio announced his intention to leave his role as the Senior Vice President, Finance and Planning of Bonanza Creek Energy,Inc. (the “Company”). Mr.Fenoglio’s last day of employment with the Company will be November30, 2018 (the “Separation Date”).
On November27, 2018, in connection with his departure, Mr.Fenoglio entered into a Separation and General Release Agreement with the Company (the “Release”), whereby (i)his employment agreement with the Company was terminated; (ii)he entered into a mutual release with the Company; (iii)he will receive payment of his base salary through the Separation Date; (iv)he will receive any accrued employment benefits, including payment under the Company’s applicable retirement benefit plan, payment of accrued but unused vacation and payment of any approved but not yet reimbursed business expenses; (v)he will receive accelerated vesting of the equity grants he received upon the Company’s emergence from bankruptcy and partial accelerated vesting of a portion of the equity grants he received in May2018, resulting in his receipt of 16,254 non-qualified stock options and 19,973 shares of common stock of the Company; (vi)he will receive his annual target bonus for 2018 of $206,250 and (vii)he will be granted reimbursement of the difference between the amount he pays to effect and continue COBRA coverage and the employee contribution amount that active senior executive employees of the Company or its applicable affiliate pay for the same or similar coverage, for up to a one-year period following the Separation Date.
The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Release, which is filed herewith as Exhibit10.1, and incorporated by reference herein in its entirety.
Item 9.01 Exhibits.