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MILL > SEC Filings for MILL > Form 8-K on 18-Oct-2013All Recent SEC Filings

Show all filings for MILLER ENERGY RESOURCES, INC.



Change in Directors or Principal Officers

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

On October 17, 2013, our Board of Directors, on the recommendation of our Compensation Committee, used its discretion to approve a cash bonus of $250,000 and restricted stock grant of 35,000 shares of our common stock to Mr. David Hall, our Chief Operating Officer and Chief Executive Officer of our wholly-owned subsidiary, Cook Inlet Energy, LLC. The restricted stock grant is contingent upon shareholder approval of an increase in the number of shares available for grant under our 2011 Equity Compensation Plan sufficient to cover this grant and all previously approved awards that have been similarly conditioned. The bonus and restricted stock grant were awarded in recognition of Mr. Hall's performance during fiscal 2013, which ended on April 30, 2013.

Although Mr. Hall was not awarded an incentive bonus under the fiscal 2013 incentive compensation metrics because the revenue metric and Adjusted EBITDA metric set by the Board were not met, management suggested that Mr. Hall's leadership in Alaska along with operational performance during the period, including the commencement of our offshore drilling program with Rig-35 and the success of new reworks on wells brought online, nevertheless warranted the award of a bonus to Mr. Hall for fiscal 2013. The Compensation Committee and Board of Directors considered these points in meetings held on October 11, 2013 and October 17, 2013, respectively, and agreed with management's assessment, using their discretion to award the bonus described above.

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