With his resignation Kromer 'gave up' stock options to buy 100,000 shares at $1.23 per share and received a warrant to purchase 75,000 shares at $0.58 per share.
Plus over $90,000 in cash payoff after his resignation and picking up the COBRA tab for a year.
Here's something interesting from another form:
TIV paid Kromer off to resign? They didn't have a severance agreement so they didn't have to pay? What a charming way to spend the money of this publicly owned company, throwing shareholders' money down the drain.
How long was Kromer at TIV, and just what did he do for TIV that was worth five bucks?
What did he know?
Why would TIV fork over $90,000+ and a sweet swap of out of the money options for close to in the money warrants?
To save some salary/benefits over time, with the plan being not to replace him? If they replace him after a bit we'll know that wasn't the case.
Keep the good ol' boy network alive TIV! Nobody ever knows when it might be YOU needing a cushy job at some other oil company wannabe so greasing those wheels ahead of time is a GREAT idea lol.