UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Date of Report (Date of Earliest Event Reported): | | May 14, 2008 |
Double Eagle Petroleum Co.
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(Exact name of registrant as specified in its charter)
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| Maryland | 0-6529 | 830214692 |
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(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
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| 777 Overland Trail, P.O. Box 766, Casper, Wyoming | | 82602 |
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(Address of principal executive offices) | | ___________
(Zip Code) |
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| Registrant’s telephone number, including area code: | | 3072379330 |
Not Applicable
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Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 7, 2008 (the "Effective Date"), the Company entered into Employment Agreements (the "Agreements") with Messrs Kurtis Hooley--Chief Financial Officer, D. Steven Degenfelder--Vice President Land and Regulatory Affairs and Robert Reiner--Vice President of Operations.
Mr. Hooley's Agreement is for a term of one year from the Effective Date, and is automatically renewable for a one year successive period unless terminated by Mr. Hooley or the Company. Mr. Hooley will receive a yearly base salary of $200,000 and is eligible for a performance-based cash bonus. In addition, Mr. Hooley is eligible to participate in all of the Company’s equity-based compensation plans, which currently consist of the Company’s 2000 Stock Option Plan, the 2002 Stock Option Plan, the 2003 Stock Option and Compensation Plan and the 2007 Stock Incentive Plan. Additionally, Mr. Hooley is entitled to 12 months severance in the event his employment is terminated without cause and 18 months severance in the event h e is terminated under circumstances related to a change in control of the Company. A copy of the Agreement is attached hereto as Exhibit 10.1.
Mr. Degenfelder's Agreement is for a term of one year from the Effective Date, and is automatically renewable for a one year successive period unless terminated by Mr. Degenfelder or the Company. Mr. Degenfelder will receive a yearly base salary of $170,000 and is eligible for a performance-based cash bonus. In addition, Mr. Degenfelder is eligible to participate in all of the Company’s equity-based compensation plans, which currently consist of the Company’s 2000 Stock Option Plan, the 2002 Stock Option Plan, the 2003 Stock Option and Compensation Plan and the 2007 Stock Incentive Plan. Additionally, Mr. Degenfelder is entitled to 6 months severance in the event his employment is terminated without cause and 12 months severance in the event he is terminated under circumstances related to a change in control of the Company. A copy of the Agreeme nt is attached hereto as Exhibit 10.2.
Mr. Reiner's Agreement is for a term of one year from the Effective Date, and is automatically renewable for a one year successive period unless terminated by Mr. Reiner or the Company. Mr. Reiner will receive a yearly base salary of $165,000 and is eligible for a performance-based cash bonus. In addition, Mr. Reiner is eligible to participate in all of the Company’s equity-based compensation plans, which currently consist of the Company’s 2000 Stock Option Plan, the 2002 Stock Option Plan, the 2003 Stock Option and Compensation Plan and the 2007 Stock Incentive Plan. Additionally, Mr. Reiner is entitled to 6 months severance in the event his employment is terminated without cause and 12 months severance in the event he is terminated under circumstances related to a change in control of the Company. A copy of the Agreement is attached hereto as Exhibit 10.3.
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | Double Eagle Petroleum Co. |
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| May 14, 2008 | | By: | | Kurtis S. Hooley
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| | | | | Name: Kurtis S. Hooley |
| | | | | Title: Chief Financial Officer |
Exhibit Index
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| Exhibit No. | | Description |
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|
10.1 | | Employment Agreement--Kurtis S. Hooley |
10.2 | | Employment Agreement--D. Steven Degenfelder |
10.3 | | Employment Agreement--Robert Reiner |
