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ZAZA > SEC Filings for ZAZA > Form 8-K on 16-Apr-2013All Recent SEC Filings

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Form 8-K for ZAZA ENERGY CORP


16-Apr-2013

Change in Directors or Principal Officers, Regulation FD Disclosure, Financial S


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

On April 11, 2013, ZaZa Energy Corporation (the "Company") terminated John E. Hearn, Jr.'s employment agreement without cause.

Pursuant to the terms of Mr. Hearn's employment agreement, upon termination without cause he is entitled to receive: (i) any unpaid base salary, unpaid expenses, and certain other benefits, (ii) the payment of any short term incentive payment due to him including the pro-rated portion of the fiscal year worked prior to his termination, (iii) the payment of any cash value of any outstanding, unvested long term incentive payments that would have been payable had his employment continued through the applicable vesting date and the immediate vesting of all unvested common shares including, but not limited to, any such shares that comprise any long term incentive award or any award of restricted common stock previously granted to him, (iv) continued payment of his base salary and target short term incentive awards for 24 months after he is terminated, (v) continued payment of medical benefits during such 24-month period, and (vi) reimbursement of outplacement fees not to exceed $20,000, payable for twelve (12) months following termination.



Item 7.01. Regulation FD Disclosure

On April 16, 2013, the Company issued a press release announcing Mr. Hearn's termination and the closing of Eaglebine Joint Venture Agreement. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this
Section 7.01 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing.




Item 9.01 Financial Statements and Exhibits

Exhibit No. Description

99.1 Press Release, dated April 16, 2013.


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