Reading between the lines of the most recent filing:
My interpretation is that July is the internal drop dead date for salvaging a drilling operation. After that they would presumably go into "settlement mode" and determine what to do with any recovered funds or assets.
Hence the desire to postpone decisions about retaining mgmt until Aug. Obviously Amoruso and Wesson decided to take what they have and wait it out on the sidelines if necessary.
Which only leaves the nagging question of if they would make a dividend to shareholders of any remains from a settlement or would their egos lead them into additional ventures with the cash?
I'm still holding onto the thin hope of a drilling event...
Form 8-K for HYPERDYNAMICS CORP
6-Jun-2016
Change in Directors or Principal Officers
Item 5.02(e) Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective as of October 1, 2015, Hyperdynamics Corporation ("we," "our," or the "Company") entered into employment agreements with each of Paolo Amoruso, our Vice President of Commercial and Legal and Corporate Secretary, and David Wesson, our Vice President and Chief Financial Officer. The Amoruso and Wesson's Employment Agreements appear as Exhibits 10.19 and 10.20 to the Form 8-K filed by the Company on October 7, 2015. The Company and Ray Leonard, the Company's Chief Executive Officer, is also a party to an Amended and Restated Employment Agreement dated July 23, 2012, which was filed with the Commission as Exhibit 10.5 to Form 10-K on September 13, 2012.
Each of the Employment Agreements provide for an annual term ending June 30th of each year, which automatically renews for successive one year periods unless notice of non-renewal is given by May 31 by either the Company or the executive officer. On May 26, the Company provided each of the executives a letter requesting to defer until August 31, 2016, the time period by which the executive or the Company could deliver notice of non-renewal. Mr. Leonard agreed to the terms of the letter and deferred the period during which notice could be given. The extension does not otherwise change or affect any of the terms of Mr. Leonard's Employment Agreement, provided however, no other rights to additional compensation or benefits shall accrue in favor of Mr. Leonard during the deferral period unless and until it is determined whether Mr. Leonard's Employment Agreement is renewed for an additional one year term commencing July 1, 2016.
Messrs. Amoruso and Wesson did not agree to the terms of the deferral letter and as a result, effective as of May 31, 2016, the Company elected not to renew the term of Messrs. Amoruso and Wesson's Employment Agreements. Non-renewal does not affect Messrs. Amoruso and Wesson's status as executive officers of or their employment with the Company. Non-renewal also does not otherwise change or affect any of the terms of their Employment Agreements or any accrued but unpaid compensation or benefits under their respective Employment Agreements.
Messrs. Amoruso and Wesson's employment ends upon the expiration of their existing Employment Agreements on June 30, 2016 due to the Company's notice on non-renewal. The Company may seek to enter into new arrangements with Messrs. Amoruso and/or Wesson prior to the June 30, 2016 expiration of their existing Employment Agreements.
