0001144204-14-004468.txt : 20140128 0001144204-14-004468.hdr.sgml : 20140128 20140128161913 ACCESSION NUMBER: 0001144204-14-004468 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20140122 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20140128 DATE AS OF CHANGE: 20140128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Samson Oil & Gas LTD CENTRAL INDEX KEY: 0001404079 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 205250290 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33578 FILM NUMBER: 14553210 BUSINESS ADDRESS: STREET 1: LEVEL 16, AMP BUILDING STREET 2: 2 THE ESPLANDE CITY: PERTH, WESTERN AUSTRALIA STATE: C3 ZIP: 6000 BUSINESS PHONE: 618 9220 9830 MAIL ADDRESS: STREET 1: LEVEL 16, AMP BUILDING STREET 2: 2 THE ESPLANDE CITY: PERTH, WESTERN AUSTRALIA STATE: C3 ZIP: 6000 8-K 1 v366481_8k.htm FORM 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 22, 2014

 

Samson Oil & Gas Limited

(Exact name of registrant as specified in its charter)

 

Australia   001-33578   N/A
(State or other jurisdiction of incorporation or organization)   (Commission file number)   (I.R.S. Employer
Identification Number)
         

Level 16, AMP Building,

140 St Georges Terrace

Perth, Western Australia 6000

    
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code:  011 61 8 9220 9830

 

(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:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

ITEM 5.02 Compensatory Arrangements of Certain Officers.

 

(e)           On January 22, 2014, the Compensation Committee of Samson Oil & Gas Limited (the “Company”) adopted a Short Term Bonus Plan for 2014 (the “Plan”) pursuant to which the named executive officers became eligible for cash awards based on the performance of the Company for the 12 month period from January 1, 2014, to December 31, 2014. The Plan utilizes the following performance targets during such period:

 

Metric Target Weighting
     
Production   30%
- Threshold (no bonus for production) 132,000 BOE  
- Target for payment of 50% 158,000 BOE (+20%)  
- Stretch for payment of 100% 178,000 BOE (+35%)  
     
Reserves   30%
- Threshold (no bonus for reserves) 1367 MBOE  
- Target for payment of 50% 1640 MBOE (+20%)  
- Stretch for payment of 100% 1845 MBOE (+35%)  
     
Discretionary   40%

  

The 40% discretionary portion of the bonus will be based on such factors as the Compensation Committee, in its discretion, determines.

 

The maximum cash bonus pool available to all employees of the Company from the Plan is $627,500. The short term incentive / base salary ratios for the eligible bonus payment are:

 

CEO40%
Other Executives35%
All others25%

 

Under this ratio, the maximum bonus the CEO can earn is 40% of his base salary, or $160,000. The maximum bonus pool available to the remaining named executive officers is approximately $420,000, and a maximum of $207,500 is available for the Company’s other employees.

 

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SIGNATURE

 

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 hereunto duly authorized.

 

Date: January 28, 2014    
     
  Samson Oil & Gas Limited
     
     
  By: /s/ Robyn Lamont
    Robyn Lamont
    Chief Financial Officer

 

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