LILIS ENERGY, INC. (OTCMKTS:LLEX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On May 5, 2017, Lilis Energy, Inc. (the Company) entered into
amendments to the employment agreements of each of Abraham
Mirman, Chief Executive Officer, Joseph Daches, Executive Vice
President and Chief Financial Officer, and Ariella Fuchs, EVP,
General Counsel and Secretary (each an Amendment). The Amendments
eliminate the executives eligibility to receive certain cash
incentive bonuses under the agreements that had been tied to BOE
and EBITDAX production thresholds. These incentive bonuses were
replaced with bonuses paid out immediately in a combination of
cash ($1,307,200 to Mr. Mirman; $998,900 to Mr. Daches; and
$861,000 to Ms. Fuchs) and shares of Company common stock
(280,000 shares to Mr. Mirman; 235,000 shares to Mr. Daches; and
150,000 shares to Ms. Fuchs) to each executive to terms agreed to
by the Board of Directors of the Company.
The foregoing description of the terms of each of the Amendments
with Mr. Daches, Mr. Mirman and Ms. Fuchs is not complete and is
subject in its entirety by reference to the terms of such
Amendments, copies of which are attached as Exhibits 10.1, 10.2
and 10.3 hereto.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 10.1 |
Second Amendment to Employment Agreement with Abraham |
|
| 10.2 |
First Amendment to Employment Agreement with Joseph Daches, dated as of May 5, 2017 |
|
| 10.3 |
Second Amendment to Employment Agreement with Ariella Fuchs, dated as of May 5, 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 up +0.21 at 4.26 with 192,138 shares trading hands.