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RECV > SEC Filings for RECV > Form 8-K on 4-Dec-2012All Recent SEC Filings

Show all filings for RECOVERY ENERGY, INC.



Change in Directors or Principal Officers, Financial Statements and Exhibit

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 3, 2012, Recovery Energy, Inc. (the "Company") signed a Separation Agreement with Roger A. Parker, former Chief Executive Officer of the Company, Chairman of the Company's Board of Directors and director of the Company, who voluntarily retired and thereby resigned from the Company on November 15, 2012.

The Separation Agreements includes, among other terms, compensation provisions, a release of claims by Mr. Parker and non-competition provisions. The value of the compensation to be paid to Mr. Parker includes value reflecting the consulting services Mr. Parker will provide to the Company. The compensation provisions of the Separation Agreement include the following:

? pay Mr. Parker fifty-two weeks of continued base salary, at the same rate as of November 15, 2012;

? modify the terms of the vesting schedule for the restricted stock in Mr.
Parker's Fourteenth Amended and Restated Employment Agreement dated November 8, 2012; and

? pay Mr. Parker the aggregate of any accrued unpaid salary, and 20 days of accrued vacation.

Mr. Parker may revoke the Separation Agreement by providing notice to the Company no later than December 10, 2012.

The above summary of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated into this Item 5.02 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
10.1 Separation Agreement, entered into as of November 15, 2012.

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