Business
Further re Directorate Changes
Further re Directorate Changes.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 8868G\n Sound Energy PLC\n 19 March 2020\n \n \n \n \n \n \n \n \n \n \n 19 March 2020\n \n \n \n \n \n Sound Energy plc \n \n \n (\"Sound Energy\" or the \"Company\")\n \n \n \n \n \n Further re Directorate Changes\n \n \n \n \n \n Sound Energy, the Moroccan focused upstream gas company, announces the following information further to the Company's notifications of 12 November 2019 and 20 January 2020 (the \"Previous Notifications\"). The Previous Notifications described the resignations of James Parsons, the Company's former Chief Executive Officer, and Brian Mitchener, the Company's Exploration Director, respectively. \n \n \n \n \n \n James Parsons ceased to be a director of the Company on 23 January 2020 and Brian Mitchener remains a director of the Company until 31 March 2020. Both will remain employees of, and available to, Sound Energy for the remainder of the notice periods under their employment contracts ending on 12 May 2020 and 20 May 2020 respectively.\n \n \n \n \n \n As previously disclosed by the Company, certain of the Company's employees, including James Parsons and Brian Mitchener, are entitled to 'change of control' payments under their employment contracts in the event of that a transaction which constitutes a 'change of control' of the Company completes during the term of their employment. \n \n \n \n \n \n Under their existing employment contracts, should a transaction which constitutes a 'change of control' event complete during the term of their employment, James Parsons would be entitled to a payment equal to 18 months' salary and Brian Mitchener would be entitled to a payment equal to 8 months' salary (the \"Change of Control Clauses\"). No payments have been made or triggered under the Change of Control Clauses. \n \n \n \n \n \n At the times of their resignations, and to seek to incentivise Messrs Parsons and Mitchener to continue to assist the Company in advancing the proposed divestment transaction announced by Sound Energy on 6 November 2019 (the \"Proposed Transaction\"), the Company determined that it would be appropriate to agree to extend the period for which the executives would be eligible for a payment under their Change of Control Clauses beyond the end dates of their employment such that should the Proposed Transa...