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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
Date of Report (Date of earliest event reported): October 3, 2008
Petrol Oil and Gas, Inc.
(Exact name of registrant as specified in its charter)
Nevada 0-3009 90-0066187
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
11020 King Street, Suite 375
Overland Park, Kansas 66210
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(Address of principal executive office) (Zip Code)
(913) 323-4925
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(Registrant's telephone number, including area code)
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))
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Moll Employment Agreement
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On October 3, 2008, Petrol Oil and Gas, Inc. (the "Company") entered into
an employment agreement (the "Agreement") with its President and Chief Executive
Officer, Loren Moll. The Agreement is effective October 3, 2008 and has a term
of one year (the "Term"). During the Term, the Agreement may be terminated by
either the Company or Mr. Moll pursuant to the provisions of the Agreement.
As President and Chief Executive Officer, Mr. Moll will direct the day to
day functioning and conduct of the business of the Company. Under the terms of
the Agreement, Mr. Moll will be entitled to receive an annual salary of
$135,000. Additionally, Mr. Moll will be entitled to the following compensation:
(i) $100,000 of retroactive compensation in consideration of the services
previously provided as interim President and Chief Executive Officer, (ii)
exclusive use of the Company's 2007 Dodge Ram 1500 Sport 4X4 or a substantial
monetary equivalent, (iii) three (3) weeks of compensated vacation, five (5)
days of personal leave and ten (10) days of sick leave per calendar year, (iv)
medical and long term disability coverage on the same terms and conditions as
are provided to other management employees of the Company and (v) all benefits
of employment available to the Company's other managerial employees as Mr. Moll
becomes eligible for such benefits.
The Company will pay in advance or reimburse Mr. Moll for the following
expenses: (i) all reasonable business expenses of Mr. Moll incurred in
connection with the Company's business and Mr. Moll's performance of his duties
under the Agreement, (ii) reasonable expenses relating to maintaining any of Mr.
Moll's professional licenses, (iii) expenses related to Mr. Moll's home office,
including Internet access and home phone lines and (iv) reasonable relocation
expenses in the event the Company relocates its executive offices outside of the
Kansas City metropolitan area.
The Agreement provides for certain payments and benefits to be provided to
Mr. Moll in the event that he is terminated without "cause," as such term is
defined in the Agreement. In the event of Mr. Moll's death during the Term, the
Agreement will terminate and the Company will pay Mr. Moll's heirs the greater
of six month's salary or the amount of salary and other benefits remaining due
and owing under the Agreement.
The Company will indemnify and hold Mr. Moll harmless from any and all
claims and legal actions arising out of Mr. Moll's employment, regardless of
whether such claims and actions allege gross negligence or intentional acts.
The foregoing summary of the Agreement is qualified in its entirety by the
full text of such Agreement, which is filed herewith as Exhibit 10.1 and
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Ex. No. Description
10.1 Employment Agreement, effective October 3, 2008, between the
Company and Loren Moll
SIGNATURE
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.
PETROL OIL AND GAS, INC.
Dated: October 9, 2008
By: /s/ Loren Moll
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Loren Moll
President and
Chief Executive Officer
INDEX TO EXHIBITS
Exhibit No. Description
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10.1 Employment Agreement, effective October 3, 2008, between the
Company and Loren Moll