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) June 2, 2016
APPROACH RESOURCES INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-33801 | 51-0424817 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
||
One Ridgmar Centre 6500 West Freeway, Suite 800 Fort Worth, Texas |
76116 | |||
(Address of principal executive offices) | (Zip Code) |
(817) 989-9000
(Registrants telephone number, including area code)
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 ( see General Instruction A.2. below):
¨ | 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. |
After receiving the requisite number of votes for approval from the stockholders of Approach Resources Inc. (the Company) at the Companys 2016 Annual Meeting of Stockholders (the Annual Meeting), the Company executed the Fifth Amendment (the Fifth Amendment) to its 2007 Stock Incentive Plan (as amended, the 2007 Plan), effective June 2, 2016. The Fifth Amendment increases the number of shares available for grant under the 2007 Plan by 2,500,000 shares.
The foregoing description of the Fifth Amendment is a summary and does not purport to be complete. The foregoing description is qualified in its entirety by reference to the full text of the Fifth Amendment, which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 5.07 | Submission of Matters to a Vote of Security Holders. |
The Company held the Annual Meeting on June 2, 2016, in Fort Worth, Texas, for the following purposes: (1) to elect two directors to the class of directors whose respective terms expire at the 2019 Annual Meeting of Stockholders; (2) to approve, on an advisory basis, the compensation of the Companys named executive officers; (3) to approve the Fifth Amendment to the 2007 Plan; (4) to approve the material terms of the 2007 Plan for purposes of complying with Section 162(m) of the Internal Revenue Code; and (5) to ratify the appointment of Hein & Associates LLP as the Companys independent registered public accounting firm for the fiscal year ending December 31, 2016. Each of these items is more fully described in the Companys proxy statement filed with the Securities and Exchange Commission on April 20, 2016.
At the close of business on April 11, 2016, the record date for the Annual Meeting, there were 41,541,578 shares of the Companys common stock issued, outstanding and entitled to vote at the Annual Meeting.
Proposal 1 Election of Directors
Each of the two nominees for director was duly elected by the Companys stockholders, with votes as follows:
Nominee |
Shares For |
Shares Withheld |
Broker Non-Votes |
|||
Vean J Gregg III |
21,822,584 | 818,679 | 14,307,904 | |||
J. Ross Craft |
21,787,238 | 854,025 | 14,307,904 |
2
Proposal 2 Advisory Vote on Executive Compensation
With respect to the advisory vote on the compensation of the Companys named executive officers as disclosed in the Companys 2016 proxy statement, the compensation of the Companys named executive officers was approved, with votes as follows:
Shares For |
Shares Against |
Shares Abstaining |
Broker Non-Votes |
|||
21,974,512 |
549,951 | 116,800 | 14,307,904 |
Proposal 3 Approval of the Fifth Amendment to the 2007 Stock Incentive Plan
The Fifth Amendment was approved by the Companys stockholders, with votes as follows:
Shares For |
Shares Against |
Shares Abstaining |
Broker Non-Votes |
|||
19,018,033 |
3,519,774 | 103,456 | 14,307,904 |
Proposal 4 Approval of the Material Terms of the 2007 Stock Incentive Plan
The material terms of the 2007 Stock Incentive Plan were approved by the Companys stockholders for purposes of complying with Section 162(m) of the Internal Revenue Code, with votes as follows:
Shares For |
Shares Against |
Shares Abstaining |
Broker Non-Votes |
|||
21,998,792 |
535,035 | 107,436 | 14,307,904 |
Proposal 5 Ratification of Independent Registered Public Accounting Firm
The appointment of Hein & Associates LLP as the Companys independent registered public accounting firm for the fiscal year ending December 31, 2016 was ratified, with votes as follows:
Shares For |
Shares Against |
Shares Abstaining |
Broker Non-Votes |
|||
36,497,403 |
119,920 | 331,844 | |
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit
|
Description |
|
10.1 | Fifth Amendment to the Approach Resources Inc. 2007 Stock Incentive Plan. |
3
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.
APPROACH RESOURCES INC. | ||
By: |
/s/ Josh Dazey |
|
Josh Dazey | ||
Vice President, General Counsel |
Date: June 2, 2016
4
EXHIBIT INDEX
Exhibit
|
Description |
|
10.1 | Fifth Amendment to the Approach Resources Inc. 2007 Stock Incentive Plan. |
5
Exhibit 10.1
FIFTH AMENDMENT TO THE
APPROACH RESOURCES INC.
2007 STOCK INCENTIVE PLAN
This Fifth Amendment (the Fifth Amendment ) to the Approach Resources Inc. 2007 Stock Incentive Plan, as amended from time to time (the Plan ), is made effective as of June 2, 2016 (the Amendment Effective Date ), by Approach Resources Inc., a Delaware corporation ( Approach ), subject to approval by Approachs stockholders.
W I T N E S S E T H :
WHEREAS, Approach established the Plan, originally effective as of June 28, 2007 and most recently amended effective March 2, 2016, under which Approach is authorized to grant equity-based incentive awards to certain employees and service providers of Approach and its subsidiaries;
WHEREAS, Section 14.1 of the Plan provides that Approachs board of directors (the Board ) may amend the Plan to increase the Plans share limitation with the approval of Approachs stockholders; and
WHEREAS, the Board now desires to amend the Plan in the manner contemplated hereby, subject to approval by Approachs stockholders at the Companys 2016 annual meeting, to increase the number of shares available for grant under the Plan by 2,500,000 shares.
NOW, THEREFORE, the Plan shall be amended as of the Amendment Effective Date, subject to approval by Approachs stockholders, as set forth below:
1. The first sentence of Section 4.1(a) of the Plan is hereby deleted and replaced in its entirety with the following:
(a) | Subject to adjustment as provided in Section 4.2, the maximum number of shares of Common Stock that shall be available for grant of Awards under the Plan, on or after May 31, 2012, shall not exceed 6,125,000 shares. |
2. Except as set forth above, the Plan shall continue to read in its current state.
IN WITNESS WHEREOF, Approach has caused the execution of this Fifth Amendment by its duly authorized officer, effective as of the Amendment Effective Date.
APPROACH RESOURCES INC. | ||
By: | /s/ J.Ross Craft | |
J. Ross Craft | ||
Chairman, Chief Executive Officer and President |