EMPIRE PETROLEUM CORPORATION (OTCMKTS:EMPR) 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
Effective as November 29, 2017, the Board of Directors authorized the following compensatory arrangements with each of Mr. Pritchard and Mr. Morrisett:
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subject to Empire having available funds, such officer shall initially be paid an annualized base salary of $120,000, effective December 1, 2017, payable at $10,000 per month; |
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upon the successful closing of a qualified transaction as determined by Empire's Board on or before March 31, 2018 (the "Transaction") and subject to Empire having available funds, such officer will be paid a bonus equal to $80,000 multiplied by a fraction, the numerator of which is the number of days that have elapsed between December 1, 2017 and the closing date of the Transaction and the denominator of which is 121; and |
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such officer received a warrant to purchase 3,000,000 shares of Empire's common stock at an exercise price of $0.25 per share, which warrant expires as of December 31, 2021 and is exercisable with respect to 500,000 shares of common stock upon grant and 2,500,000 shares of common stock upon the closing of the Transaction. |
Also effective as of November 29, 2017, the Board of Directors authorized the grant to Tony Kamin, a member of the Board of Directors, of a warrant to purchase 1,000,000 shares of Empire's common stock at an exercise price of $0.25 per share, which warrant expires as of December 31, 2021 and is exercisable with respect to all 1,000,000 shares upon grant.
Item 8.01 Other Events
On September 6, 2017, Empire issued a press release announcing that it had entered into a term sheet to acquire producing oil and gas assets located in North Louisiana. After completing its due diligence and prior to negotiating a purchase and sale agreement with respect to the potential acquisition, Empire decided not to proceed with the transaction.