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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of David M. Wood as Director

On June 1, 2018, the Board of Directors (the “Board”) of the Company appointed David M. Wood as a member of the Board, effective immediately. This appointment filled a vacancy on the Board. Mr. Wood has been appointed to serve on the Board until the Company’s next annual meeting of stockholders or until his respective successor is duly elected and qualified.

As a result of his appointment to the Board, Mr. Wood will receive compensation as a non-employee director consistent with the Company’s standard compensation practices for non-employee directors, which includes the following: (i) an initial grant of 10,000 restricted shares of the Company’s common stock to be granted on the first business day on or after January 31 of each year (the “Annual Equity Date”), which common stock shall vest in three equal annual installments upon the anniversary of each Annual Equity Date; (ii) $60,000 in annual cash compensation as director’s fees, paid quarterly; (iii) an annual grant of shares of the Company’s common stock equal to $60,000 divided by the most recent per share closing price of the common stock on each Annual Equity Date; and (iv) a grant on the Annual Equity Date of 45,000 options to purchase shares of the Company’s common stock, of which 25,000 vest immediately and 20,000 vest in three equal annual installments upon the anniversary of the Annual Equity Date.

Mr. Wood does not have any direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K.

A copy of the press release announcing Mr. Wood's election to the Board is attached to this report on Form 8-K as Exhibit 99.1.

Resignation of Director

On June 1, 2018, G. Tyler Runnels resigned from his position as a member of the Board for personal and other business reasons.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibit is furnished as part of this report on Form 8-K.

99.1 Press release dated June 4, 2018.

LILIS ENERGY, INC. Exhibit
EX-99.1 2 tv495869_ex99-1.htm EXHIBIT 99.1   Exhibit 99.1   LLEX:NYSE American       LILIS ENERGY ANNOUNCES APPOINTMENT OF DAVID M. WOOD TO BOARD OF DIRECTORS   HOUSTON,…
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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.