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BCEI > SEC Filings for BCEI > Form 8-K on 4-Oct-2016All Recent SEC Filings

Show all filings for BONANZA CREEK ENERGY, INC.

Form 8-K for BONANZA CREEK ENERGY, INC.


4-Oct-2016

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 September 28, 2016, the Board of Directors (the "Board") of Bonanza Creek Energy, Inc. (the "Company") promoted Scott Fenoglio, previously the Company's Vice President, Planning, to serve as the Company's Senior Vice President, Finance & Planning and principal financial officer, effective as of October 1, 2016. Effective as of October 1, 2016, Wade E. Jaques no longer serves as the principal financial officer of the Company, but he continues to serve as the Company's Vice President, Chief Accounting Officer.
Mr. Fenoglio, age 42, joined the Company in March 2014, as Director of Planning and was promoted to Vice President, Planning, in May 2015. Mr. Fenoglio has over 20 years of experience working in the energy and financial services industries. Prior to joining the Company, Mr. Fenoglio served in roles of increasing responsibility at Noble Energy, Inc. from 2006 to 2014, culminating in the role of Senior Finance Manager for the U.S. Onshore Division where he led teams responsible for the development of all budgets and forecasts related to domestic exploration and production activities and was a member of the DJ Basin leadership team. Mr. Fenoglio holds a Bachelor of Arts in Finance from the University of Illinois, Urbana-Champaign and is a CFA charterholder. Mr. Fenoglio has no family relationships that require disclosure pursuant to Item 401(d) of Regulation S-K and has not been involved in any transactions that require disclosure pursuant to Item 404(a) of Regulation S-K.
As a result of the promotion and effective as of October 1, 2016, Mr. Fenoglio's base salary was increased to $275,000 and the target amount of his bonus opportunity under the Company's Short-Term Incentive Program (the "STIP") was increased to 75% of base salary, with the actual amount of his bonus determined based upon the achievement of corporate goals established annually and subject to the other terms of the STIP. Mr. Fenoglio's 2016 STIP bonus will be pro-rated to take into account the STIP target level for which he was eligible as the Company's Vice President, Planning. Mr. Fenoglio's existing equity incentive awards received in connection with his prior roles at the Company pursuant to the Company's Amended and Restated 2011 Long Term Incentive Plan were not amended and remain in effect.
Mr. Fenoglio will participate in the Company's Amended and Restated Executive Change in Control and Severance Plan (the "Severance Plan") as a Tier 3 Executive (as defined in the Severance Plan), which provides for certain payments and benefits if his employment is involuntarily terminated under specified circumstances. If the conditions of the Severance Plan are satisfied, upon Mr. Fenoglio's termination, he is entitled to, among other benefits, (i) a lump sum cash payment equal to two times his then-current base salary, (ii) a lump sum cash payment equal to the greater of the annual average of bonuses received by Mr. Fenoglio pursuant to the Company's STIP in the two calendar years prior to termination and his current target bonus amount, multiplied by two, and (iii) immediate vesting of any unvested equity incentive awards (subject to achievement of the applicable performance goals, in the case of performance-based awards).
Mr. Fenoglio is bound by the Company's Employee Restrictive Covenants, Proprietary Information and Inventions Agreement, pursuant to which he agrees to maintain the confidentiality of Company proprietary information. Additionally, for two years following any termination of employment, Mr. Fenoglio has agreed to certain non-competition and non-solicitation obligations assuming the Company meets its severance obligations.


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