VAALCO Energy, Inc. (NYSE:EGY) 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.
On May 2, 2019, the Board of Directors (the “Board”) of VAALCO Energy, Inc. (the “Company”) adopted a form of change in control agreement (the “Change in Control Agreement”) and approved entering into such agreements with executive officers and certain other associates of the Company, including David A. DesAutels (Executive Vice President of Corporate Development), Elizabeth D. Prochnow (Chief Financial Officer) and Michael G. Silver (Executive Vice President and General Counsel). The Change in Control Agreement was adopted in order to provide severance benefits in connection with a change in control to executive officers and certain other associates of the Company.
Under the Change in Control Agreement, upon a termination of a participant’s employment by the Company without cause or a resignation by the participant for good reason three months prior to a change in control or six months following a change in control, the participant will be entitled to receive a cash amount equal to one-hundred percent of the participant’s base salary, seventy-five percent of the participant’s target bonus and continued participation in the Company’s group health plans for the participant and his or her eligible spouse and other dependents for six months. Any payments under the Change in Control Agreement are subject to the participant’s execution and non-revocation of a general waiver and release of claims against the Company.
The foregoing summary of the Change in Control Agreement does not purport to be complete and is qualified in its entirety by reference to the Change in Control Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
VAALCO ENERGY INC /DE/ Exhibit
EX-10.1 2 egy-20190508xex10_1.htm EX-10.1 Exhibit 101 – CIC Agreement Exhibit 10.1 CHANGE IN CONTROL AGREEMENT THIS CHANGE IN CONTROL AGREEMENT (the “Agreement”),…
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About VAALCO Energy, Inc. (NYSE:EGY)
VAALCO Energy, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas. Its segments include Gabon, Angola, Equatorial Guinea, the United States, and Corporate and other, which includes corporate and operations support. It owns producing properties and conducts exploration activities as an operator in Gabon, West Africa; conducts exploration activities as an operator in Angola, West Africa, and participates in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. In the United States, it operates unconventional resource properties in North Texas and hold undeveloped leasehold acreage in Montana. It also owns minor interests in conventional production activities as a non-operator in the United States. Its Etame Marin block is located offshore the Republic of Gabon. It owns over 640-acre lease in the Hefley field (Granite Wash formation) in North Texas.