0001509589FALSE00015095892020-03-282020-03-28
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
March 28, 2020
Date of Report (Date of earliest event reported)
Bonanza Creek Energy, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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001-35371
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61-1630631
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(State or other jurisdiction of incorporation or organization)
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(Commission File No.)
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(I.R.S. employer identification number)
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410 17th Street, Suite 1400
Denver, Colorado 80202
(Address of principal executive offices, including zip code)
(720) 440-6100
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations 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))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol
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Name of exchange on which registered
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Common Stock, par value $0.01 per share
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BCEI
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New York Stock Exchange
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 28, 2020, the Compensation Committee of the Board of Directors of Bonanza Creek Energy, Inc. (the “Company”) approved the recommendation of the Company’s named executive officers (the “NEOs”) to reduce their annual base salaries as shown in the table below, effective April 2, 2020.
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Named Executive Officer
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Previous
Annual Salary
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New
Annual Salary
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Eric T. Greager, President and Chief Executive Officer
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$
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500,000
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$
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437,500
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Brant H. DeMuth, Executive Vice President and Chief Financial Officer
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$
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315,000
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$
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283,500
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Cyrus (“Skip”) D. Marter IV, Executive Vice President, General Counsel and Secretary
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$
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315,000
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$
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283,500
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Dean Tinsley, Senior Vice President, Operations
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$
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310,000
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$
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279,000
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Sandra K. Garbiso, Vice President and Chief Accounting Officer
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$
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280,000
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$
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252,000
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The officers voluntarily recommended these salary reductions in acknowledgment of the significant decrease in crude oil prices and the importance of reducing the Company’s general and administrative expenses where appropriate. The other components of the NEOs’ compensation will remain unchanged.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No.
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Description
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104
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Cover Page Interactive Data File (formatted as Inline XBRL)
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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.
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Bonanza Creek Energy, Inc.
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Dated: March 30, 2020
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By:
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/s/ Cyrus D. Marter IV
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Name:
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Cyrus D. Marter IV
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Title:
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Executive Vice President, General Counsel and Secretary
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