0001299933-11-002045.txt : 20110707 0001299933-11-002045.hdr.sgml : 20110707 20110707171337 ACCESSION NUMBER: 0001299933-11-002045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110705 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20110707 DATE AS OF CHANGE: 20110707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARVEST NATURAL RESOURCES, INC. CENTRAL INDEX KEY: 0000845289 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 770196707 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10762 FILM NUMBER: 11956977 BUSINESS ADDRESS: STREET 1: 1177 ENCLAVE PARKWAY STREET 2: STE 300 CITY: HOUSTON STATE: TX ZIP: 77077 BUSINESS PHONE: 281-899-5700 MAIL ADDRESS: STREET 1: 1177 ENCLAVE PARKWAY STREET 2: STE 300 CITY: HOUSTON STATE: TX ZIP: 77077 FORMER COMPANY: FORMER CONFORMED NAME: HARVEST NATURAL RESOURCES INC DATE OF NAME CHANGE: 20020805 FORMER COMPANY: FORMER CONFORMED NAME: BENTON OIL & GAS CO DATE OF NAME CHANGE: 19920703 8-K 1 htm_42254.htm LIVE FILING Harvest Natural Resources, Inc. (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):   July 5, 2011

Harvest Natural Resources, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Delaware 1-10762 77-0196707
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
1177 Enclave Parkway, Suite 300, Houston, Texas   77077
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   281-899-5720

Not Applicable
______________________________________________
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:

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

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 5, 2011, Harvest Natural Resources, Inc. (the "Company") and G. Michael Morgan entered into a separation and release agreement (the "Separation Agreement") relating to the termination of Mr. Morgan’s employment as the Company’s Vice President, Business Development. The Separation Agreement is effective as of July 5, 2011 (the "Separation Date").

The Separation Agreement provides that the Company will make a one-time payment to Mr. Morgan of $631,600 on January 2, 2012, and will reimburse him for up to $20,000 for expenses for outplacement services incurred by him no later than December 31, 2013. Under the Separation Agreement, Mr. Morgan will be evaluated as part of the Company’s discretionary annual performance bonus program for 2011 and, at the Company’s sole discretion, he may receive a prorated amount of the annual performance bonus he could have received under the program. Mr. Morgan’s stock appreciation rights and options to purchase Company stock previously granted to him will vest as of the Separation Date and may be exercised on or prior to July 5, 2012, and the restrictions on shares of Company restricted stock previously granted to him will lapse as of the Separation Date. The restrictions on Mr. Morgan’s stock units previously awarded to him will lapse as of the Separation Date and the amount payable with respect to such units will be paid to him on July 15, 2011. Mr. Morgan has the right to terminate and revoke the Separation Agreement by giving the Company notice by July 12, 2011.

Also on July 5, 2011, the Company and Patrick R. Oenbring entered into a separation and release agreement (the "Separation Agreement") relating to the termination of Mr. Oenbring’s employment as the Company’s Vice President, Western Operations. The Separation Agreement is effective as of July 5, 2011 (the "Separation Date").

The Separation Agreement provides that the Company will make a one-time payment to Mr. Oenbring of $649,600 on January 2, 2012, and will reimburse him for up to $20,000 for expenses for outplacement services incurred by him no later than December 31, 2013. Under the Separation Agreement, Mr. Oenbring will be evaluated as part of the Company’s discretionary annual performance bonus program for 2011 and, at the Company’s sole discretion, he may receive a prorated amount of the annual performance bonus he could have received under the program. Mr. Oenbring’s stock appreciation rights and options to purchase Company stock previously granted to him will vest as of the Separation Date and may be exercised on or prior to July 5, 2012, and the restrictions on shares of Company restricted stock previously granted to him will lapse as of the Separation Date. The restrictions on Mr. Oenbring’s stock units previously awarded to him will lapse as of the Separation Date and the amount payable with respect to such units will be paid to him on July 15, 2011. Mr. Oenbring has the right to terminate and revoke the Separation Agreement by giving the Company notice by July 12, 2011.





SIGNATURES

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.

         
    Harvest Natural Resources, Inc.
          
July 7, 2011   By:   Keith L. Head
       
        Name: Keith L. Head
        Title: Vice President & General Counsel