Paragon Offshore plc (OTCMKTS:PGNPQ) 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.
Manz was no longer serving as Senior Vice President and Chief
Financial Officer of Paragon Offshore plc (Paragon).
and Chief Financial Officer of Paragon, on November 17, 2016,
Paragon and two of its subsidiaries who are not debtors in
Paragons previously announced chapter 11 cases, Paragon Offshore
Services LLC and Paragon International Investment Limited
(together with their respective affiliates, the Company), entered
into a Confidential Separation Agreement and General Release (the
Separation Agreement), that, subject to certain terms and
conditions, provides Mr. Manz with (i) a one-time lump sum
payment of $270,000; (ii) continued health insurance, dental and
vision insurance coverage (through the Companys payment of the
required COBRA payments) through August 31, 2017 or until Mr.
Manz is employed at a new employer that provides health insurance
coverage, whichever occurs first; and (iii) an acknowledgment
from the Company that the Separation Agreement satisfies Mr.
Manzs obligation to execute a full release of claims as required
by section 1 of the Key Employee Retention Plan (the KERP) dated
November 4, 2014, to prevent the forfeiture of the Commitment
Amount, as defined in the KERP, previously paid to Mr. Manz to
the KERP. The Separation Agreement also includes a general
release of claims (including any claims related to Mr. Manzs
employment agreement with Paragon Offshore Services LLC dated
September 16, 2014).
entirely by reference to the text of the Separation Agreement,
which is filed hereto as Exhibit 10.1 and incorporated by
reference herein.
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Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits.
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EXHIBIT NUMBER
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DESCRIPTION
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10.1
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Confidential Separation Agreement and General Release,
by and between Steven Manz and Paragon Offshore Services LLC, Paragon Offshore plc and Paragon International Investment Limited, dated November 17, 2016. |
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About Paragon Offshore plc (OTCMKTS:PGNPQ)
Paragon Offshore plc (Paragon) is a global provider of offshore drilling rigs. The Company’s operated fleet includes approximately 34 jackups (including two high specification heavy duty/harsh environment jackups), four drillships and two semisubmersibles. The Company refers to its semisubmersibles and drillships collectively as floaters. The Company operates in Contract Drilling Services segment. Its primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. The Company operates in hydrocarbon-producing geographies throughout the world, including Mexico, Brazil, the North Sea, West Africa, the Middle East and India. The Company conducts offshore contract drilling operations. The Company provides drilling and maintenance services (but do not provide a rig) on the Hibernia Project in the Canadian Atlantic. Paragon Offshore plc (OTCMKTS:PGNPQ) Recent Trading Information
Paragon Offshore plc (OTCMKTS:PGNPQ) closed its last trading session down -0.005 at 0.225 with shares trading hands.