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CVEO > SEC Filings for CVEO > Form 8-K/A on 1-Jul-2014All Recent SEC Filings

Show all filings for CIVEO CORP

Form 8-K/A for CIVEO CORP


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.

As reported on a current report on Form 8-K filed June 23, 2014, Civeo Corporation terminated the employment of Ron R, Green, former Senior Vice President, North America, effective June 18, 2014. In connection with the termination, Civeo has agreed to provide certain severance benefits to Mr. Green, including (1) a lump sum cash payment in the amount of $1.6 million; (2) cash settlement of all outstanding phantom stock units in the amount of approximately $2.8 million; (3) vesting of all outstanding restricted stock awards; (4) eligibility to exercise all vested and outstanding stock options for the remainder of their term and (5) continuation of medical benefits under Civeo's Canadian benefit plan for a period of 24 months, and Mr. Green has agreed to release of claims, non-compete, non-solicitation and confidentiality provisions.

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