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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM 8-K |
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CURRENT REPORT |
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Pursuant to Section 13 or 15(d) of the |
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Securities Exchange Act of 1934 |
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Date of Report |
(Date of earliest event reported) |
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January 27, 2006 |
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THE EXPLORATION COMPANY OF DELAWARE, INC. |
(Exact name of registrant as specified in its charter) |
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Delaware | 0-9120 | 84-0793089 |
(State of | (Commission File | (IRS Employer |
incorporation) | Number) | Identification No.) |
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500 North Loop 1604 East, Suite 250 | |
San Antonio, Texas | 78232 |
(Address of principal executive offices) | (Zip Code) |
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(210) 496-5300 |
(Registrant's telephone number, |
including area code) |
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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 (seeGeneral Instruction A.2. below): |
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o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 1.01: Entry Into a Material Agreement |
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On January 27, 2006, the Board of Directors of the Company approved the base salaries for certain executive officers for 2006. The new base salaries, shown in the table below, are effective January 1, 2006. Mr. Sartor's and Mr. Sigmon's increases was disclosed on the previous Form 8-Ks. |
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Name and
Position | | Base Salary
for 2006 | |
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James J. Bookout
Vice President, Chief Operating Officer | | $160,000 | |
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P. Mark Stark
Vice President, Treasurer and
Chief Financial Officer | | $175,000 | |
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Roberto R. Thomae
Corporate Secretary and
Vice President Capital Markets | | $160,000 | |
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The Board also approved grants of restricted stock to non-employee directors and certain officers of the Company, and authorized the President, James E. Sigmon to make additional grants of restricted common stock under the Incentive Plan to other employees. The two directors added to the Board in December of 2005 were granted 40,000 shares each vesting over three years, while continuing directors were granted 10,000 shares each vesting over one year. Grants to directors and named executive officers are shown in the following table. |
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Name and
Position | | Restricted Shares
Granted | Vesting
Schedule |
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Stephen M. Gose, Jr.
Director | | 10,000 | All shares shall vest on January 27, 2007 |
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Michael J. Pint.
Director | | 10,000 | All shares shall vest on January 27, 2007 |
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Alan L. Edgar
Director | | 10,000 | All shares shall vest on January 27, 2007 |
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Robert L. Foree
Director | | 10,000 | All shares shall vest on January 27, 2007 |
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Dennis B. Fitzpatrick
Director | | 40,000 | One-third each shall vest on January 27 of 2007, 2008 and 2009. |
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Jon Michael Muckleroy
Director | | 40,000 | One-third each shall vest on January 27 of 2007, 2008 and 2009. |
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P. Mark Stark
Vice President, Treasurer and
Chief Financial Officer | | 30,000 | One-third each shall vest on January 27 of 2007, 2008 and 2009. |
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James J. Bookout
Vice President, Chief Operating Officer | | 30,000 | One-third each shall vest on January 27 of 2007, 2008 and 2009. |
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Roberto R. Thomae
Corporate Secretary and
Vice President Capital Markets | | 30,000 | One-third each shall vest on January 27 of 2007, 2008 and 2009. |
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Richard A. Sartor
Controller | | 6,000 | One-third each shall vest on January 27 of 2007, 2008 and 2009. |
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