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 of the Original 8-K to provide certain compensation information for Mr. Thomas to the Employment Agreement that was not determinable at the time of filing the Original 8-K, as well as amends Item 9.01 of the Original 8-K to file a copy of the Employment Agreement as an exhibit to the Original 8-K.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Employment Agreement provides that Mr. Thomas shall be employed as the Company’s President for an initial term beginning on the Effective Date and remaining in effect through at least July 31, 2020. Following the initial term, the agreement may be extended for such period as the parties mutually agree in writing.
Under the Employment Agreement, Mr. Thomas is entitled to, among other things, an annual base salary of not less than $400,000 and eligible to receive a cash bonus for the initial term of his employment equal to 50% of his base salary, based on performance in relation to the Company’s scorecard for executives. Mr. Thomas will continue to serve as a member of the Company’s Board of Directors, but as of the Effective Date he is no longer entitled to receive any compensation that the Company pays to its non-employee directors.
The Employment Agreement provides that if Mr. Thomas is separated from his employment due to (i) an involuntary termination without “Cause” (as defined in the Employment Agreement), (ii) death or disability or (iii) “Good Reason” (as defined in the Employment Agreement), Mr. Thomas will be entitled to severance in an amount equal to $50,000. In addition, if Mr. Thomas is separated from his employment due to (i) an involuntary termination without Cause, (ii) death or disability or (iii) Good Reason, and such separation occurs within a specified window following a “Change in Control” (as defined in the Employment Agreement), Mr. Thomas will be entitled to his regular severance plus a lump sum payment equal to the unpaid portion of his full target bonus. The right to receive any regular severance benefits or Change in Control severance benefits is conditioned upon Mr. Thomas executing a general release of claims in favor of the Company.
The Employment Agreement also contains customary provisions relating to, among other things, confidentiality, non-competition, non-solicitation and non-disparagement.
The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement, a copy of which is filed with as Exhibit 10.1 to this Amendment No. 1 to Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
VAALCO ENERGY INC /DE/ Exhibit
EX-10.1 2 egy-20200320xex10_1.htm EX-10.1 Exhibit 10.1 Exhibit 10.1 EXECUTIVE EMPLOYMENT AGREEMENT between VAALCO ENERGY,…
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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.