LILIS ENERGY, INC. (OTCMKTS:LLEX) 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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously disclosed, Kevin Nanke ceased serving as Executive
Vice President and Chief Financial Officer of the Company. On
February 13, 2017, the Company entered into a Separation and
Release of Claims Agreement (the Separation Agreement) with Mr.
Nanke, providing for his separation as an officer of the Company,
effective January 23, 2017. to the Separation Agreement and the
terms of his employment agreement, Mr. Nanke will receive (i) a
lump sum severance payment in an amount equal to 24 months of
base salary in effect immediately prior to the date of
termination, (ii) a lump sum payment equal to 24 months of COBRA
premiums based on the terms of the Companys group health plan and
Mr. Nankes coverage under such plan as of the date of
termination, and (iii) a lump sum bonus payment of $175,000.
For consideration of the separation benefits listed above, Mr.
Nanke (i) provided a general release of claims against the
Company, its affiliates, and related parties, (ii) to the extent
reasonable, shall continue to provide full and continued
cooperation in good faith with the Company, its subsidiaries, and
affiliates for 24 months following the date of termination in
connection with certain matters relating to the Company, and
(iii) agreed to be bound by confidentiality commitments to the
Company.
Each of the Company and Mr. Nanke agreed and covenanted not to
make, publish or communicate to any person or entity or in any
public forum any defamatory or disparaging remarks, comments or
statements concerning the other party or its businesses, or any
of its employees or officers, and existing and prospective
customers, suppliers, investors and other associated third
parties, now or in the future. Additionally, the Company agreed
to waive all non-competition, non-solicitation and anti-raiding
provisions provided that they apply to any and all properties and
projects outside the Permian Basin.
The foregoing description is not complete and is qualified in its
entirety by the Separation Agreement, attached as Exhibit 10.1 to
this Current Report on Form 8-K, and incorporated herein by
reference.
| Item 9.01 | Financial Statements Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
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10.1 |
Separation and Release Agreement, dated February 13, 2017, |
About LILIS ENERGY, INC. (OTCMKTS:LLEX)
Lilis Energy, Inc. is an upstream independent oil and gas company. The Company is engaged in the acquisition, drilling and production of oil and natural gas properties and prospects. The Company drills for, operates and produces oil and natural gas wells through its land holdings located in Wyoming, Colorado, and Nebraska. Its total net acreage in the Denver-Julesburg (DJ) Basin is approximately 7,200 acres. The Company’s primary targets within the DJ Basin are the conventional Dakota and Muddy J formations. In addition to its DJ Basin holdings, it focuses on the Permian’s Delaware Basin in Winkler and Loving Counties, Texas and Lea County, New Mexico. The Company’s net acreage in the Delaware Basin is approximately 4,433 net acres. The vertical well produces approximately 690 net million cubic feet (mcf) per day. The well holds the lease to all depths, from surface down to approximately 22,000 feet, including the Wolfcamp, Bone Springs, and Avalon formations. LILIS ENERGY, INC. (OTCMKTS:LLEX) Recent Trading Information
LILIS ENERGY, INC. (OTCMKTS:LLEX) closed its last trading session down -0.07 at 3.90 with 198,983 shares trading hands.