SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Amendment No. 1)
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of earliest event reported): December 27, 2012
Milagro Oil & Gas, Inc.
(Exact name of registrant as specified in its charter)
(Registrants telephone number, including area code)
(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 (see General Instruction A.2. below):
As was previously announced in the Current Report on Form 8-K filed on December 17, 2012, on December 13, 2012, James G. Ivey, the President and Chief Executive Officer of Milagro Oil & Gas, Inc. (the Company), as well as a director of the Company, resigned, effective immediately and his employment agreement with the Company was terminated.
Effective December 27, 2012, the Company entered into a Severance Agreement and Mutual Release with Mr. Ivey whereby (i) the termination of his employment agreement with the Company was confirmed, subject to the continued enforcement of the provisions relating to non-competition, non-solicitation, non-disparagement and confidentiality; (ii) he and the Company entered into mutual releases; (iii) he is entitled to a one time payment of $300,000, reflecting the expected bonus he would have earned for 2012; and (iv) he is entitled to receive his base salary of $25,000 per month for the next twelve months.
The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Severance Agreement and Mutual Release of Mr. Ivey, which is attached as Exhibit 10.1 hereto and incorporated by reference herein in its entirety.
The text set forth in Item 1.01 regarding the termination of the employment agreement of Mr. Ivey, and the terms and conditions of the Separation Agreement and Mutual Release with the Company, is incorporated into this Item 1.02 by reference.
(a) Financial Statements of business acquired
(b) Pro Forma Financial Information
(c) Shell Company Transactions
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 thereunto duly authorized.