Nothing like a late summer Friday afternoon 8-k.
These guys are getting paid. I like that they have to buy shares though. Can’t wait to see the details of the new equity compensation plan.
Nice parachute in there too.
On August 8, 2019, Texas Pacific Land Trust (the “Trust”) entered into employment agreements (the “Agreements”) with Tyler Glover, its General Agent and Chief Executive Officer (the “Glover Agreement”) and Robert Packer, its General Agent and Chief Financial Officer (the “Packer Agreement”). The Agreements are effective as of July 1, 2019. Pursuant to the Agreements, Mr. Glover will continue to serve as General Agent and Chief Executive Officer of the Trust, and Mr. Packer will continue to serve as General Agent and Chief Financial Officer of the Trust. Each officer will receive a base salary of $800,000 per annum, subject to annual review, and be eligible for an annual cash bonus of up to 300% of such base salary for achievement of specified performance targets, as established by the Nominating, Compensation and Governance Committee of the Trust. Until the Trust establishes an equity compensation plan, Mr. Glover and Mr. Packer are required to use at least 25% of their cash bonuses (net of estimated taxes) to purchase shares of the Trust’s common stock. The term of each Agreement ends on December 31, 2020, with automatic one (1) year extensions unless notice not to renew is given by either party at least 120 days prior to the relevant end date.