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RNO > SEC Filings for RNO > Form 8-K on 3-Jun-2014All Recent SEC Filings




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 May 29, 2014, Rhino GP LLC ("Rhino GP"), the general partner of Rhino Resource Partners L.P. (the "Partnership"), entered into an amended and restated employment agreement (as amended and restated, the "Agreement") with Richard A. Boone, which is effective June 1, 2014. The Agreement sets forth the parties' duties and obligations with respect to Mr. Boone's employment as the Executive Vice President and Chief Financial Officer of Rhino GP. The Agreement has a two-year term.

Pursuant to the terms of the Agreement, Mr. Boone's compensation and benefits will include the following: (i) an annualized base salary of $315,000 per year (subject to annual evaluations for potential increases); (ii) participation in any Rhino GP annual or long-term, cash or equity incentive plan; (iii) an annual performance-based discretionary bonus of up to 100% of Mr. Boone's base salary;
(iv) eligibility to participate in Rhino GP's 401(k) plan and profit sharing and non-qualified deferred compensation plans, if any; (v) eligibility to participate in Rhino GP's medical plan and other employee welfare benefit plans;
(vi) three weeks of annual paid vacation; and (vii) the use of a company vehicle.

If Rhino GP terminates Mr. Boone's employment for "cause" or Mr. Boone resigns his employment without "good reason" (as such terms are defined in the Agreement), Mr. Boone will be entitled to: (i) any earned but unpaid base salary through the date of termination; (ii) payment in respect of any accrued but unused vacation through the date of termination, and (iii) reimbursement for any accrued business expenses (collectively, the "Accrued Obligations").

If Rhino GP terminates Mr. Boone's employment without "cause" or Mr. Boone resigns his employment with "good reason," subject to Mr. Boone's execution and non-revocation of a release of claims in favor of Rhino GP, Mr. Boone would be entitled to: (i) a lump sum payment equal to twelve months of base pay and
(ii) any Accrued Obligations.

Mr. Boone (or his estate, as applicable) is also entitled to the payment of any Accrued Obligations in the event of his death or disability, and, in the event of his death, a pro rata portion of his discretionary bonus at the determination of Rhino GP, as well as any other death benefits payable to the designated beneficiary(ies) of Mr. Boone.

Under the agreement, Mr. Boone is subject to certain non-competition and non-solicitation covenants that apply during the term of the agreement and for certain periods after the termination of his employment.

The foregoing summary of the material terms of Mr. Boone's amended and restated employment agreement with Rhino GP does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in their entirety by reference to the amended and restated employment agreement, a copy of which will be filed as an exhibit to the Partnership's quarterly report on Form 10-Q for the quarter ended June 30, 2014.

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