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WRES > SEC Filings for WRES > Form 8-K on 22-Jan-2014All Recent SEC Filings

Show all filings for WARREN RESOURCES INC



Change in Directors or Principal Officers

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

On January 21, 2014, Mr. Timothy A. Larkin, Executive Vice President, Mergers and Acquisitions, of Warren Resources, Inc. (the "Company") departed from the Company and will pursue other opportunities.

Pursuant to Mr. Larkin's agreement with the Company, he is entitled to:

A severance payment of $400,000;

COBRA continuation coverage paid in full by the Company for nine (9) months following the date of separation of employment.

Accelerated prorated vesting of his unvested equity-based awards that vest based solely on continued employment or service with the Company, which amount is 43,788 shares of restricted stock and 43,333 stock options exercisable at $2.75 per share; and

An extension of the time period during which he may exercise his then outstanding stock options, to the extent vested on the date of separation (taking into account the accelerated prorated vesting), until the earlier of (A) ninety (90) days from the date of separation, but excluding any stock trading blackout days, and (B) the latest date upon which such stock options would have expired by their original terms under any circumstances.

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