Item 5.02. Departure of Certain Directors or Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Election of Directors
As described below in Item 5.07, on
The board has determined that the new board member meets the requirements of an independent director under the rules of the
Departure of Directors
2014 Incentive Plan
In addition, at the Annual Meeting, the stockholders of the Company approved and adopted the
The 2014 Plan provides for the granting of options, restricted stock awards, performance awards, incentive awards, and bonus stock awards (collectively, "Awards"). The 2014 Plan is designed to encourage the achievement of superior results over time, align executive and stockholder interests, and retain executive management. The Company's board of directors believes that by providing employees, consultants, and directors incentive compensation awards that encourage long-term retention and which strengthen their concern for the welfare of the Company.
The directors and all employees and consultants of the Company and its affiliates are eligible to participate in the 2014 Plan and to receive Awards under the plan. The 2014 Plan (i) consolidates all of the Prior Plans into a single plan through a consolidated amendment and restatement of the Prior Plans that is largely based upon the 2010 Plan document, and (ii) authorizes an incremental 2,075,000 shares of common stock that may be utilized for equity based grants under the 2014 Plan, in addition to any shares of common stock that are currently available (or in the future become available) for equity based grants under the Prior Plans. No more than 1,000,000 shares of common stock may be issued pursuant to Awards granted under the 2014 Plan to any one individual in any calendar year. The maximum aggregate cash payout to any one individual during a calendar year is
The 2014 Plan is administered by the Company's Compensation Committee, which consists solely of "non-employee directors" within the meaning of Rule 16b-3 of the Securities Exchange Act of 1934, as amended. The Compensation Committee has full authority to select the individuals who will receive Awards, to determine the form and amount of each of the Awards to be granted, and to establish the terms and conditions of Awards.
A more detailed description of the 2014 Plan appears on pages 23 to 33 of the Company's Definitive Proxy Statement on Schedule 14A (the "Proxy Statement"), which was filed with the
Item 5.07 Submission of Matters to a Vote of Security Holders.
The Company held its 2014 Annual Meeting of Stockholders on
The results of the matters voted upon at the Annual Meeting are as follows:
Proposal No. 1 - Election of Directors: The election of each director was approved as follows: Nominee For Withheld Broker Non-Votes John B. Connally III 23,400,043 7,409,770 520,720 James H. Browning 25,945,700 4,864,113 520,720 William D. Lancaster 26,847,108 3,962,705 520,720
Proposal No. 2 - Ratification of the Appointment of
For Against Abstain 30,507,244 700,805 122,484
Proposal No. 3 - Approval of the 2014 Stock Incentive Plan: The 2014 Stock Incentive Plan was approved as follows:
For Against Abstain Broker Non-Votes 22,024,869 8,483,068 301,876 520,720
Proposal No. 4 - Approval, on an Advisory Basis, of the Compensation of the Company's Named Executive Officers: The compensation of the Company's named executive officers was approved, on an advisory basis, as follows:
For Against Abstain Broker Non-Votes 19,012,096 11,461,201 336,516 520,720
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit Number Description of the Exhibit 10.1
Endeavour International Corporation2014 Long-Term Incentive Plan (Incorporated by reference to Appendix B to the Company's definitive proxy statement on Schedule 14A filed on April 17, 2014).
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