Lonestar Resources US Inc. (NASDAQ:LONE) 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.
(f)Determination of Cash Bonus Awards for Fiscal Year 2016.
Summary Compensation Table
On August 22, 2017, the Board of Directors (the “Board”) of Lonestar Resources US Inc. (the “Company”), approved the 2016 annual bonuses for Messrs.Bracken, Schneider, and Olle, the Company’s named executive officers, based on the recommendation it received from the Compensation Committee of the Board to approve such bonus awards.
All other compensation for the named executive officers for the fiscal year ended December31, 2016 was previously reported by the Company in the 2016 Summary Compensation Table beginning on page 38 of the Company’s amended and restated proxy statement, filed with the United States Securities and Exchange Commission on April 17, 2017 (the “Proxy Statement”). As of the filing of the Proxy Statement, the 2016 bonus awards for the named executive officers had not been determined and, therefore, were not included in the 2016 Summary Compensation Table. In accordance with Item 5.02(f)of Form8-K, the Company is providing a revised 2016 Summary Compensation Table, which includes the bonuses paid to the named executive officers and revised total compensation figures for 2016:
2016 Summary Compensation Table
|
Name and Principal Position |
Year |
Salary ($) |
Bonus ($) |
All Other Compensation ($) |
Total ($) |
|
|
Frank D. Bracken, III |
600,000 |
300,000 |
454,603 |
(1) |
1,354,603 |
|
|
Chief Executive Officer |
600,000 |
277,500 |
23,890 |
(1) |
901,390 |
|
|
Barry D. Schneider |
420,000 |
210,000 |
30,702 |
(2) |
660,702 |
|
|
Chief Operating Officer |
420,000 |
194,250 |
31,353 |
(2) |
645,603 |
|
|
Thomas H. Olle |
350,000 |
75,000 |
20,200 |
(3) |
445,200 |
|
|
Senior Vice President—Operations |
350,000 |
157,500 |
20,200 |
(3) |
527,700 |
|
(1) |
For 2016, includes $440,033 special payment to assist with tax obligations as a result of stock compensation awarded in 2013, $570 for executive medical coverage and $14,000 representing Mr.Bracken’s auto allowance. For 2015, includes $9,890 for executive medical coverage and $14,000 representing Mr.Bracken’s auto allowance. |
|
(2) |
For 2016, includes $8,102 for executive medical coverage, $12,000 representing Mr.Schneider’s auto allowance and $10,600 representing company matched 401(k) contributions. For 2015, includes $8,753 for executive medical coverage, $12,000 representing Mr.Schneider’s auto allowance and $10,600 representing company matched 401(k) contributions. |
|
(3) |
For 2016, includes $9,600 representing Mr.Olle’s auto allowance and $10,600 representing company matched 401(k) contributions. For 2015, includes $9,600 representing Mr.Olle’s auto allowance and $10,600 representing company matched 401(k) contributions. |
