RE:RE:RE:Drilling announcement likely very soonAs far as I remember GB own words in the interviews he gave recently were something like : "I did well for MYSELF with the last companies I ran. Since I left they have some problems, but......".
For those who care, take the time to read through the latest Management Circular dated 02.JUN. Here a little fraction of it:
Termination and Change of Control Benefits
The Company and its subsidiaries have no employment contracts with any NEOs, any contract, agreement, plan or arrangement that provides for payments to the NEOs at, following or in connection with any termination (whether voluntary, involuntary or constructive), resignation, a change in control of the Company or a change in the NEOs’ responsibilities, except as follows: Pursuant to an engagement agreement made as of June 15, 2022, between the Company and Giulio T. Bonifacio, the Company agreed to retain Mr. Bonifacio to provide services as Executive Chair of the Company at a fee of $250,000 per annum to be paid in Restricted Share Units (“RSUs”). The agreement was amended on March 15, 2023 where $168,000 is to be paid in cash on a monthly basis (the “Fees”) and $82,000 in Restricted Share Units (“RSUs”) (the “Giulio T. Bonifacio Agreement”).
In the event the Company enters into a definitive agreement providing for a “change of control” (as defined in the Giulio T. Bonifacio Agreement) or a change of control of the Company occurs, Mr. Bonifacio has the right under the Giulio T. Bonifacio Agreement at any time to the date that is ninety (90) days following the date of the change of control, to terminate the Giulio T. Bonifacio Agreement, whereupon the Company is required to pay to Mr. Bonifacio a fee of $500,000 and monthly benefits; two (2) times the average bonus paid in the prior two years; and, all unvested stock options will vest immediately in lieu of notice, severance, damages or other payments of any kind.