TRGL » Topics » Cost incurred in relation to the resignation of former officers of the Company

This excerpt taken from the TRGL 10-Q filed Nov 10, 2008.

Cost incurred in relation to the resignation of former officers of the Company

        In June 2008, Mr. Michael FitzGerald resigned as Executive Vice President—Exploration and Production and Mr. Edward Ramirez resigned as Senior Vice President—Exploration and Production. The Separation and Release Agreements provide for one year of salary for each individual which resulted in an expense of $600,000, and for Mr. FitzGerald the immediate vesting of 5,000 shares of restricted stock grants and for Mr. Ramirez the immediate vesting of 7,000 shares of restricted stock grants which resulted in an expense of $35,000.

        Also in June 2008, three other employees resigned which resulted in an additional $304,000 of expense.

        In January 2007, Mr. G. Thomas Graves III resigned as President and Chief Executive Officer. The Separation Agreement between Mr. Graves and the Company called for the immediate vesting of all restricted stock grants which resulted in an expense of $1.1 million and two years of salary and one year of bonus of $1.1 million.

This excerpt taken from the TRGL 10-Q filed Aug 11, 2008.
Cost incurred in relation to the resignation of former officers of the Company
 
In June 2008, Mr. Michael FitzGerald resigned as Executive Vice President — Exploration and Production and Mr. Edward Ramirez resigned as Senior Vice President — Exploration and Production. The Separation and Release Agreements provide for one year of salary for each individual which resulted in an expense of $600,000, and for


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Mr. FitzGerald the immediate vesting of 5,000 shares of restricted stock grants and for Mr. Ramirez the immediate vesting of 7,000 shares of restricted stock grants which resulted in an expense of $35,000.
 
Also in June 2008, three other employees resigned which resulted in an additional $304,000 of expense.
 
In January 2007, Mr. G. Thomas Graves III resigned as President and Chief Executive Officer. The Separation Agreement between Mr. Graves and the Company called for the immediate vesting of all restricted stock grants which resulted in an expense of $1.1 million and two years of salary and one year of bonus of $1.1 million.
 

EXCERPTS ON THIS PAGE:

10-Q
Nov 10, 2008
10-Q
Aug 11, 2008
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