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SYRG > SEC Filings for SYRG > Form 8-K on 25-Jun-2014All Recent SEC Filings

Show all filings for SYNERGY RESOURCES CORP

Form 8-K for SYNERGY RESOURCES CORP


25-Jun-2014

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.

Effective June 1, 2013 the Company entered into a new employment agreements with Ed Holloway, and William E. Scaff, Jr., the Co-Chief Executive Officers of the Company. The employment agreements, which expire on May 31, 2016, provide that the Company will pay Mr. Holloway and Mr. Scaff each an annual salary of $420,000 and require Mr. Holloway and Mr. Scaff to devote approximately 80% of their time to the Company.

Effective June 23, 2014 the Company amended its employment agreements with Mr. Holloway and Mr. Scaff, Jr. The amended employment agreements provide that the Company will pay Mr. Holloway and Mr. Scaff each an annual salary of $540,000. Mr. Holloway and Mr. Scaff will also receive a stock grant in the amount of 60,000 shares which will vest at the rate of 2,500 shares per month for each month through June 1, 2016, with the first vesting of 2,500 shares on June 23, 2014. All other provisions of the employment agreements remain in effect.

The amendments to the employment agreements with Mr. Holloway and Mr. Scaff were approved by the Company's Compensation Committee and Board of Directors.

On June 23, 2014 the Company's directors approved the following compensation arrangements for the Company's directors:

o each non-employee Board member will be granted 5,000 shares of the Company's common stock; and

o each non-employee Board member will be paid an annual retainer of $80,000 payable in cash or shares of the Company's common stock.

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