PLANO, Texas, Sept. 08, 2015 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) (“Denbury” or the “Company”) today reported, as required by the New York Stock Exchange (the “NYSE”), an equity inducement award to Chris Kendall, the Company’s new Chief Operating Officer, who officially joined the Company today.
As an inducement for employment, the Compensation Committee of the Board of Directors of the Company granted Mr. Kendall a one-time award of 300,000 shares of restricted common stock of the Company on September 8, 2015 (the “Inducement Award”). This grant was made outside of the Company’s current equity plan, but will be subject to terms and conditions generally consistent with those in the Company’s Amended and Restated 2004 Omnibus Stock and Incentive Plan. The Inducement Award will vest ratably over a three-year period, or upon an earlier change-of-control of the Company or upon Mr. Kendall’s death or disability, subject to forfeiture of unvested portions of the Inducement Award upon separation from the Company in certain circumstances, as more fully described in the award agreement to be filed as an exhibit to the Current Report on Form 8-K on September 8, 2015 with the Securities and Exchange Commission.
Denbury is an independent oil and natural gas company with operations focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. The Company’s goal is to increase the value of its properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis being on carbon dioxide enhanced oil recovery (“CO2 EOR”) operations. For more information about Denbury, please visit www.denbury.com.