CONSOL Energy Inc. (NYSE:CNX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 of Form 8-K, this Form 8-K/A is being filed for the purpose of reporting such compensation.
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective August 2, 2017, Mr. Rush will have a base salary of $350,000 and Mr. Rush’s target short-term incentive compensation (“STIC”) award opportunity to the Company’s Executive Annual Incentive Plan for 2017 will increase to 80% of his base salary, or $280,000. Mr. Rush’s 2017 STIC payout opportunity will be based upon the achievement of Company performance objectives. Mr. Rush also will receive, effective August 3, 2017, an award of restricted stock units (“RSUs”) granted under the Company’s Equity Incentive Plan (as amended and restated) with a fair market value of $500,000, which RSUs will vest ratably over a five-year period from the date of grant, subject to Mr. Rush’s continued employment with the Company. Further details on Mr. Rush’s compensation will be included in the Company’s 2018 proxy statement.
About CONSOL Energy Inc. (NYSE:CNX)
CONSOL Energy Inc. (CONSOL Energy) is an integrated energy company that operates through two divisions: oil and gas exploration and production (E&P) and coal mining. The principal activity of the E&P division is to produce pipeline quality natural gas for sale primarily to natural gas wholesalers. The E&P division’s segments are Marcellus, Utica, Coalbed Methane, and Other Gas. The Other Gas segment is primarily related to shallow oil and gas production, as well as Upper Devonian Shale, and includes the Company’s purchased gas activities and general and administrative activities, as well as various other activities assigned to the E&P division but not allocated to each individual well type. The principal activities of the Coal division are mining, preparation and marketing of thermal coal, sold primarily to power generators, and metallurgical coal, sold to metal and coke producers. The Coal division’s segments are Pennsylvania (PA) Operations, Virginia (VA) Operations, and Other Coal.