Titan Energy, LLC (OTCMKTS:TTEN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On May 23, 2017, Titan Energy, LLC (the “Company”) entered into a retention agreement (the “Retention Agreement”) with Mark D. Schumacher, its President.
The Retention Agreement provides that, if Mr. Schumacher remains employed with the Company for one year following the entry into the Retention Agreement, he will receive a cash retention bonus in the amount of $320,000 (the “Retention Bonus”). The Retention Bonus amount is payable in three installments: one-quarter following entry into the Retention Agreement, one-quarter on November 2, 2017 and the remaining half on May 2, 2018 (each a “Payment Date”), provided Mr. Schumacher is actively employed by the Company on each Payment Date. If Mr. Schumacher resigns or is terminated for cause prior to May 2, 2018, he will not be eligible for any unpaid portion of the Retention Bonus. However, if Mr. Schumacher is terminated by the Company without cause, the Company will pay him any unpaid portion of the Retention Bonus within sixty days of such termination.
Titan Energy, LLC (OTCMKTS:TTEN) Recent Trading Information
Titan Energy, LLC (OTCMKTS:TTEN) closed its last trading session down -0.10 at 9.99 with shares trading hands.