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Quotes & Info
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| KWK > SEC Filings for KWK > Form 8-K on 13-Jul-2012 | All Recent SEC Filings |
13-Jul-2012
Change in Directors or Principal Officers
As previously reported, Quicksilver Resources Inc. accepted the resignation of Jeff Cook as the Company's Executive Vice President - Operations and appointed him as Advisor to the Chairman on Special Projects and New Ventures effective as of June 20, 2012. Mr. Cook intends to remain in this position through December 31, 2012.
On July 9 and 13, 2012, the Compensation Committee of Quicksilver's Board of Directors, in connection with Mr. Cook's continuing service to Quicksilver, providing transitional and other services to the company and its management, and in recognition of his long-standing service and his dedicated commitment and numerous contributions to the company, approved the following compensatory benefits for Mr. Cook:
· Retirement treatment for Mr. Cook's outstanding options to purchase shares of Quicksilver's common stock, with the effect that all of his unvested options immediately became 100% vested and each of his outstanding options will remain exercisable for the shorter of 5 years following the date of Mr. Cook's termination of employment and the original term of the option;
· Immediate 100% vesting of Mr. Cook's outstanding restricted stock; and
· Subject to Mr. Cook's continued employment with Quicksilver through November 30, 2012 and his execution of a separation and release agreement satisfactory to Quicksilver, a grant on November 30, 2012, of $900,000 in restricted stock, which will be 100% vested on the date of grant.
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