EXTRACTION OILINC. (NASDAQ:XOG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Amendment of Employment Agreement
(e) On November 16, 2016, Extraction Oil Gas, Inc. (the Company)
entered into an Amended and Restated Employment Agreement with
Tom L. Brock (the Amended and Restated Employment Agreement). The
Amended and Restated Employment Agreement amends and restates the
Employment Agreement that Mr. Brock and the Company originally
entered into on October 28, 2016 (the Original Employment
Agreement). A summary of the material terms of the Original
Employment Agreement and biographical information about Mr. Brock
were disclosed in a Current Report on Form 8-K filed by the
Company with the Commission on October 31, 2016 and are
incorporated into this Item 5.02 by reference.
The Amended and Restated Employment Agreement amends the Original
Employment Agreement by stipulating that all of Mr. Brocks
then-outstanding equity-related awards shall vest immediately
upon his termination by the Company for reason other than cause
or by Mr. Brock for good reason (each such term as defined in the
Amended and Restated Employment Agreement) in the event that such
termination occurs within the 12-month period following the
occurrence of a change in control, as such term is defined in the
Original Employment Agreement.
The other terms and conditions of the Amended and Restated
Employment Agreement are materially consistent with the terms and
conditions of the Original Employment Agreement.
The foregoing does not purport to be a complete description of
the Amended and Restated Employment Agreement and is qualified by
reference to the full text of the Amended and Restated Employment
Agreement which is attached as Exhibit 10.1 to this Current
Report on Form 8-K and incorporated into this Item 5.02 by
reference.
Item9.01Financial Statements and Exhibits.
(d)Exhibits.
|
ExhibitNo. |
Description |
|
| 10.1 |
Amended and Restated Employment Agreement effective as of |
|
1
About EXTRACTION OIL & GAS, INC. (NASDAQ:XOG)
Extraction Oil & Gas, Inc., formerly Extraction Oil & Gas, LLC, is an energy company. It is focused on the acquisition, development and production of oil, natural gas and natural gas liquids (NGL) reserves in the Rocky Mountains, primarily in the Wattenberg Field of the Denver-Julesburg Basin (the DJ Basin) of Colorado. It focuses on the development of the Codell and Niobrara formations. It offers its exploration and production processes in various steps, such as seismic, site preparation, drilling the well, completing the well, monitoring the well and reclaiming the site. The Company utilizes sound walls to mute or redirect noise caused by its operations. The Company uses an electric rig to manage its drilling operations. It uses vapor recovery units to capture emissions from storage facilities. It uses lease automatic custody transfer (LACT) units to collect oil from tanks in a closed-loop system that manages air emissions associated with the oil gathering and transportation process. EXTRACTION OIL & GAS, INC. (NASDAQ:XOG) Recent Trading Information
EXTRACTION OIL & GAS, INC. (NASDAQ:XOG) closed its last trading session down -0.27 at 23.22 with 1,098,986 shares trading hands.