TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM) 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.
Appointment of Chief Restructuring Officer
On May24, 2017, Triangle Petroleum Corporation (the Company)
engaged Development Specialists, Inc. (DSI) to provide various
restructuring advisory and consulting services. In connection
therewith, Mr. Bradley D. Sharp of DSIwas appointed as the
Companys Chief Restructuring Officer. Mr.Sharps services to the
Company are billed by DSI, and he is not separately compensated
by Triangle for serving as its Chief Restructuring Officer. DSI
is not an affiliate of the Company or any of its subsidiaries.
Mr.Sharp, age 54, is the President CEO of DSI with more than 20
years of experience providing crisis management, financial
advisory and third party fiduciary services. He has been employed
at DSI since 1993 and was appointed as its President CEO in
January 2017. Mr. Sharp has advised and operated companies in
numerous industries and has previously served as Chief
Restructuring Officer at various companies.
Mr. Sharp has no family relationship with any director or
executive officer of the Company and has not been involved in any
related person transaction that would require disclosure to Item
404(a) of Regulation S-K.Mr. Sharp has executed the Companys
standard form of Indemnification Agreement, a copy of which was
filed as Exhibit 10.1 to the Companys Current Report on Form 8-K
filed with the Securities and Exchange Commission on March 24,
2016 and is incorporated herein by reference.
Agreement with Ryan McGee
On May 24, 2017, the Company entered into a Special Compensation
Agreement (the Compensation Agreement) with Mr. Ryan McGee, the
Companys General Counsel and Secretary. to the Compensation
Agreement, Mr. McGees monthly base salary is set at $35,000, and
he received a cash retention bonus of $150,000 upon execution of
the agreement.The cash retentionbonus, which is intended to
secure Mr. McGees services while the Company continues to explore
and evaluate strategic alternatives, is repayable by Mr. McGee if
the Company terminateshis employment with cause or he terminates
his employment without good reason before the earlier of the six
month anniversary of the effective date of the Compensation
Agreement or the consummation of certain Company reorganization
The foregoing description of the Compensation Agreement is a
summary only and is qualified in its entirety by reference to the
full text of the Compensation Agreement, a copy of which is
attached as Exhibit 10.1 to this Current Report on Form 8-K and
incorporated in this Item 5.02 by reference.
Item 9.01Financial Statements and Exhibits.
Special Compensation Agreement, dated May 24, 2017,
About TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM)
Triangle Petroleum Corporation (Triangle) is an energy holding company. The Company operates through two segments: exploration and production segment, and oilfield services segment. The focus of the exploration and production operating segment is finding and producing oil and natural gas. The focus of the oilfield services operating segment is pressure pumping and complementary services for both TUSA-operated wells and third-party-operated wells. The Company has three principal lines of business: oil and natural gas exploration, development and production; oilfield services, and midstream services. It conducts these activities in the Williston Basin of North Dakota and Montana through the Company’s subsidiaries and its equity joint venture. Triangle USA Petroleum Corporation (TUSA), the Company’s subsidiary, conducts its exploration and production operations by acquiring and developing unconventional shale oil and natural gas resources. TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM) Recent Trading Information
TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM) closed its last trading session up +0.0001 at 0.0403 with 341,938 shares trading hands.