ZaZa Energy Corporation CEO to Take $1 Salary
14 May 2014 - 9:00PM
Business Wire
ZaZa Energy Corporation (“ZaZa” or the “Company”) (NASDAQ:ZAZA)
President and CEO Todd A. Brooks today disclosed that the
Compensation Committee has approved a proposal by the CEO to take a
$1 salary for the next two years. Under the terms approved by the
Committee, Mr. Brooks’ remaining short and long-term incentive
compensation for that period will consist solely of equity grants
or other equity-related compensation. Furthermore, the vesting of
that compensation will be tied primarily to the Company’s
achievement of further production and reserves growth. The
Compensation Committee expects to complete definitive documents and
effect these changes prior to the end of the second quarter.
President and CEO Todd A. Brooks stated, “Through a series of
transactions over the last two years, we have transformed ZaZa into
a growth vehicle for emerging unconventional plays, particularly in
East Texas. The elimination of my salary and adoption of STI and
LTI performance hurdles for the next two years further aligns me
with shareholders as we look forward to the delivery of continued
production and reserves growth.”
About ZaZa Energy Corporation
Headquartered in Houston, Texas, ZaZa Energy Corporation is an
independent oil and gas company focused on the exploration and
production of unconventional oil and gas assets. We currently
operate primarily through joint ventures in the Eaglebine trend in
East Texas and the Eagle Ford trend in South Texas. More
information about the Company may be found at
www.zazaenergy.com.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical fact, including without limitation,
statements and projections regarding the Company’s future financial
position, operations, performance, business strategy, returns,
budgets, reserves, levels of production and costs, ability to raise
additional capital or refinance indebtedness, statements regarding
future commodity prices and statements regarding the plans and
objectives of the Company’s management for future operations, are
forward-looking statements. The Company’s forward looking
statements are typically preceded by, followed by or include words
such as “will,” “may,” “could,” “would,” “should,” “likely,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,”
“goal,” “project,” “plan,” “intend” and similar words or
expressions. The Company’s forward-looking statements are not
guarantees of future performance and are only predictions and
statements of the Company’s beliefs based on assumptions that may
prove to be inaccurate. Forward-looking statements involve known,
unknown or currently unforeseen risks and uncertainties that may be
outside of the Company’s control and may cause the Company’s actual
results and future developments to differ materially from those
projected in, and contemplated by, such forward-looking statements.
Risks, uncertainties and other factors that could cause the
Company’s actual results to materially differ from the expectations
reflected in the Company’s forward-looking statements are listed in
the reports and other filings that the Company has filed and may
file with the Securities and Exchange Commission, including the
terms and timing of the final documentation for Mr. Brooks’
modified compensation arrangement, as well as whether that
documentation is finalized. Any forward-looking statements made by
the Company in this presentation and in other written and oral
statements are based only on information currently available to the
Company and speak only as of the date on which they are made. The
Company undertakes no obligation to update or revise any of its
forward-looking statements, whether as a result of new information,
future developments or otherwise.
JMR WorldwideJay Morakis, Partner, +1
212-266-0191jmorakis@jmrww.com
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