From The Pittsburgh Business Times

Only one of the top Eclipse Resources Corp. management team will be staying with the company after it merges with Blue Ridge Mountain Resources in an all-stock deal worth $908 million.

The combined company, after the deal closes in the fourth quarter, will be run by Blue Ridge President and CEO John Reinhart, who will retain the title. Reinhart will also be a member of the 10-person board, which will also include four others named Blue Ridge (OTCPK: BRMR) and five from Eclipse (NYSE: ECR), including four from Eclipse’s majority shareholder, Encap Investments.

SEC filings show what the news release did not: Eclipse President and CEO Benjamin W. Hulburt; Eclipse EVP/General Counsel Christopher K. Hulburt and Eclipse EVP/CFO Matthew R. DeNezza. All signed separation agreements dated Aug. 24, according to an SEC filing Eclipse made Monday after the merger was announced.

Eclipse’s EVP and COO, Oleg Tolmachev, who is responsible for a lot of the technical advances made by the drilling company including the record-breaking super lateral wells, will remain with the company with the same titles.

Hulburt co-founded Eclipse in January 2011 and has been chairman, president and CEO of the State College-based driller ever since.

Hulburt started Eclipse following a career at another State College-based driller, Rex Energy, where he was CEO from 2007 to 2010.

Hulburt, 44, will receive a cash payment of $3.67 million, which Eclipse said in the filing was three times his annual salary and the target bonus. He’ll also receive a target annual bonus of $612,000 plus the accelerated vesting of 1.2 million outstanding shares and 970,000 restricted stock units.

Hulburt’s total compensation in 2017 was $3.6 million, including $592,991 in base salary and a $281,775 bonus.

DeNezza will remain interim CFO of the company until Nov. 30 or until a permanent CFO is named. DeNezza’s separation agreement includes $1.4 million in cash, double his annual salary and the target bonus plus a pro rated $331,194 annual bonus plus accelerated vesting for his shares and restricted stock units.

A fourth executive, SVP and Chief Accounting Officer, Roy S. Steward, is leaving Aug. 31 for another company, according to the SEC filing.



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