SEC Filing Summary: Tengasco, Inc. (Form 8-K)
Business Context and Reporting Period
This Form 8-K was filed by Tengasco, Inc. on September 24, 2013, reporting events occurring on September 18, 2013. The filing addresses Item 5.02 regarding the appointment of certain officers and compensatory arrangements. Note: The request metadata references "Riley Exploration Permian, Inc.", but the source text explicitly identifies the registrant as Tengasco, Inc.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation terms.
Material Changes
The primary material change is the execution of a new Compensation Agreement with Michael J. Rugen, who serves as Chief Financial Officer and interim Chief Executive Officer. Key terms include:
- Salary Increase: Annual salary for the CFO role increased from $150,000 to $170,000.
- Interim CEO Bonus: A quarterly bonus of $7,500 is payable for each quarter Mr. Rugen serves as interim CEO.
- Severance: In the event of termination without cause, Mr. Rugen is entitled to a severance payment equal to six months' salary in effect at the time of termination.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on operations, or discussion of risks and contingencies. The agreement is explicitly stated not to be an employment contract.
Investor Verification Checklist
- Verify the current status of Michael J. Rugen's role as interim CEO and CFO.
- Confirm if the salary increase and bonus structure have been approved by the board of directors.
- Review Tengasco, Inc.'s recent 10-K or 10-Q filings for context on the company's financial ability to support the increased compensation.
- Check for any subsequent filings regarding the appointment of a permanent CEO.