VQ » Topics » Litigation by former directors and former preferred stockholders

This excerpt taken from the VQ 10-K filed Apr 5, 2006.

Litigation by former directors and former preferred stockholders

        In December 2004, a lawsuit was filed against the Company by two of its former directors and the former preferred shareholders. The claim was for indemnification of attorneys' fees and expenses incurred in defending the former directors in litigation filed by the former CEO in connection with the termination of his employment from the Company. At December 31, 2004, the Company accrued $750,000 with respect to this matter in accordance with SFAS No. 5, Accounting for Contingencies. The Company settled this litigation for $700,000 in July 2005. The case was dismissed in August 2005.

This excerpt taken from the VQ 10-Q filed Nov 22, 2005.

Litigation by former directors and former preferred stockholders

In December 2004, a lawsuit was filed against the Company by two of its former directors and the former preferred shareholders. The claim is for indemnification of attorneys’ fees and expenses incurred in defending the former directors in litigation filed by the former CEO in connection with the termination of his employment from Venoco. Fees incurred in the defense total approximately $1,000,000. The Company contends that plaintiffs are not entitled to indemnification because the alleged acts occurred prior to the time they were directors. If a court determines that plaintiffs are entitled to indemnification the Company believes that the amount of the Company’s indemnity obligation would be significantly less than $1,000,000. The Company has accrued certain amounts with respect to this matter in accordance with SFAS No. 5, Accounting for Contingencies.

This excerpt taken from the VQ 10-Q filed Nov 22, 2005.

Litigation by former directors and former preferred stockholders

In December 2004, a lawsuit was filed against the Company by two of its former directors and the former preferred shareholders. The claim is for indemnification of attorneys’ fees and expenses incurred in defending the former directors in litigation filed by the former CEO in connection with the termination of his employment from Venoco. Fees incurred in the defense total approximately $1,000,000. On July 28, 2005 the Company entered into a settlement agreement with the former directors and the former preferred shareholder and settled the litigation for amounts which did not differ materially from the amount previously accrued.

This excerpt taken from the VQ 10-Q filed Nov 21, 2005.

Litigation by former directors and former preferred stockholders

In December 2004, a lawsuit was filed against the Company by two of its former directors and the former preferred shareholders. The claim was for indemnification of attorneys’ fees and expenses incurred in defending the former directors in litigation filed by the former CEO in connection with the termination of his employment from Venoco. Fees incurred in the defense total approximately $1,000,000. On July 28

This excerpt taken from the VQ 10-Q filed Aug 15, 2005.

Litigation by former directors and former preferred stockholders

In December 2004, a lawsuit was filed against the Company by two of its former directors and the former preferred shareholders. The claim is for indemnification of attorneys’ fees and expenses incurred in

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defending the former directors in litigation filed by the former CEO in connection with the termination of his employment from Venoco. Fees incurred in the defense total approximately $1,000,000. On July 28, 2005 the Company entered into a settlement agreement with the former directors and the former preferred shareholder and settled the litigation for amounts which did not differ materially from the amount previously accrued.

This excerpt taken from the VQ 10-Q filed May 16, 2005.

Litigation by former directors and former preferred stockholders

        In December 2004, a lawsuit was filed against the Company by two of its former directors and the former preferred shareholders. The claim is for indemnification of attorneys' fees and expenses incurred in defending the former directors in litigation filed by the former CEO in connection with the termination of his employment from Venoco. Fees incurred in the defense total approximately $1,000,000. The Company contends that plaintiffs are not entitled to indemnification because the alleged acts occurred prior to the time they were directors. If a court determines that plaintiffs are entitled to indemnification the Company believes that the amount of the Company's indemnity obligation would be significantly less than $1,000,000. The Company has accrued certain amounts with respect to this matter in accordance with SFAS No. 5, Accounting for Contingencies.

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