Rex Energy Corporation (NASDAQ:REXX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) On December30, 2016, Rex Energy Corporation (Rex Energy) and
its wholly owned subsidiary, Rex Energy Operating Corp. (Rex
Operating, and together with Rex Energy, the Company) entered
into an amendment to the Employment Agreement dated December13,
2013 with Thomas C. Stabley, President and Chief Executive
Officer of Rex Energy and Rex Operating.
The amendment extends the term of the Employment Agreement for
three years; as amended, the Employment Agreement will terminate
on December31, 2019, subject to automatic annual renewal
thereafter unless either the Company or Mr.Stabley provides
written notice of non-renewal at least 90 days prior to the
then-applicable termination date. If a change in control (as
defined in the Employment Agreement) of Rex Energy occurs, the
Employment Agreement will be extended automatically for an
additional two years.
Other than the extension of the term, the Employment Agreement is
unchanged and remains in full force and effect. The material
terms of the Employment Agreement were described in Item5.02 of
Form 8-K filed by Rex Energy on December17, 2013, and the
Employment Agreement was attached to that Form 8-K as Exhibit
10.1.
The foregoing summary of the amendment to Mr.Stableys Employment
Agreement is qualified in its entirety by reference to the full
text of the amendment, which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and incorporated herein by reference.
| Item9.01. | Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit No. |
Description |
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| 10.1 |
Amendment No. 1 to Employment Agreement by and between Thomas C. Stabley, Rex Energy Corporation and Rex Energy Operating Corp. dated as of December30, 2016. |
About Rex Energy Corporation (NASDAQ:REXX)
Rex Energy Corporation is an independent oil, natural gas liquid (NGL) and natural gas company. The Company has operations in the Appalachian Basin and Illinois Basin. In the Appalachian Basin, the Company is focused on its Marcellus Shale, Utica Shale and Upper Devonian (Burkett) Shale drilling and exploration activities. In the Illinois Basin, the Company is focused on its developmental oil drilling on its properties. The Company owns an interest in approximately 1,820 oil and natural gas wells. The Company produces an average of over 195.8 net millions of cubic feet equivalent (MMcfe) per day, composed of approximately 62.4% natural gas, over 9.5% oil and approximately 28.1% NGLs. In the Illinois Basin, the Company produces an average of approximately 1,998 barrels of oil per day (bopd). Including both developed and undeveloped acreage, the Company controls approximately 99,200 gross (over 79,700 net) acres in Illinois, Indiana and Kentucky. Rex Energy Corporation (NASDAQ:REXX) Recent Trading Information
Rex Energy Corporation (NASDAQ:REXX) closed its last trading session up +0.001 at 0.471 with 1,133,129 shares trading hands.