UNITED STATE
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 23, 2014
SYNERGY RESOURCES CORPORATION
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(Exact name of registrant as specified in its charter)
Colorado None 20-2835920
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
20203 Highway 60
Platteville, Colorado 80651
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(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (970) 737-1073
N/A
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(Former name or former address if changed since last report)
Check 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-14(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.
Effective June 1, 2013 the Company entered into a new employment agreements
with Ed Holloway, and William E. Scaff, Jr., the Co-Chief Executive Officers of
the Company. The employment agreements, which expire on May 31, 2016, provide
that the Company will pay Mr. Holloway and Mr. Scaff each an annual salary of
$420,000 and require Mr. Holloway and Mr. Scaff to devote approximately 80% of
their time to the Company.
Effective June 23, 2014 the Company amended its employment agreements with
Mr. Holloway and Mr. Scaff, Jr. The amended employment agreements provide that
the Company will pay Mr. Holloway and Mr. Scaff each an annual salary of
$540,000. Mr. Holloway and Mr. Scaff will also receive a stock grant in the
amount of 60,000 shares which will vest at the rate of 2,500 shares per month
for each month through June 1, 2016, with the first vesting of 2,500 shares on
June 23, 2014. All other provisions of the employment agreements remain in
effect.
The amendments to the employment agreements with Mr. Holloway and Mr. Scaff
were approved by the Company's Compensation Committee and Board of Directors.
On June 23, 2014 the Company's directors approved the following
compensation arrangements for the Company's directors:
o each non-employee Board member will be granted 5,000 shares of the
Company's common stock; and
o each non-employee Board member will be paid an annual retainer of
$80,000 payable in cash or shares of the Company's common stock.
2
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.
Date: June 24, 2014
SYNERGY RESOURCES CORPORATION
By:/s/ Frank L. Jennings
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Frank L. Jennings, Principal and
Accounting Office
