Ring Energy Inc.
07/03/2024 | Press release | Distributed by Public on 07/03/2024 14:22
Management Change/Compensation Form 8 K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed by Ring Energy, Inc. (the "Company"), on July 1, 2024, Stephen D. Brooks retired as Executive Vice President of Land, Legal, Human Resources and Marketing of the Company. In connection with the retirement, the Company and Mr. Brooks entered into a consulting agreement dated July 1, 2024 and effective as of July 2, 2024 (the "Consulting Agreement") pursuant to which Mr. Brooks will provide general advisory services to the Company to support the transition of legal and regulatory work. The initial term of the Consulting Agreement is from July 2, 2024 to March 31, 2025, and will continue on a month-to-month basis thereafter until terminated by either party upon thirty days prior written notice. Mr. Brooks will be compensated at an hourly rate of $200. Additionally, Mr. Brooks is entitled to reimbursement for out-of-pocket and reasonable expenses. The Consulting Agreement clarifies that restricted stock unit awards previously granted to Mr. Brooks in connection with his prior employment with the Company that remained outstanding and unvested as of July 1, 2024 and that are scheduled to vest prior to March 31, 2025, will continue to vest in accordance with the vesting schedule in each applicable award agreement while Mr. Brooks remains a consultant of the Company.
The Consulting Agreement contains customary provisions and restrictive covenants, including provisions related to confidentiality and non-solicitation. The foregoing description of the Consulting Agreement does not purport to be complete and is qualified in its entirety by the full text of the Consulting Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.