MIDLAND, Texas, July 30, 2007 (PRIME NEWSWIRE) -- In accordance with Nasdaq disclosure requirements, Amen Properties, Inc. (Nasdaq:AMEN) today announced it has finalized its employment agreement with the company's Chief Financial Officer, Kris Oliver. Under the terms of the two-year agreement, Mr. Oliver will receive an annual salary of $140,000 and a bonus based on increases in Book Value per Share ("BVPS") of the company's common stock.
For the purposes of Mr. Oliver's bonus calculation, BVPS is calculated as year-end audited Shareholders' Equity (Total Assets minus Total Liabilities) divided by the fully diluted number of common shares outstanding. The maximum bonus payment that can be earned for any fiscal year is equal to 60% of Mr. Oliver's annual salary for that year. The minimum increase in BVPS required to earn a bonus is 10%, for which Mr. Oliver will receive a bonus of 10% of his then-current salary. The increase in BVPS required to earn the maximum bonus is 20%. Mr. Oliver shall be paid a pro-rated bonus for increases in BVPS between 10% and 20%. The annual bonus shall be paid in semi-annual installments. Mr. Oliver can receive the bonus in cash, restricted stock or any combination of the two. The monetary value of any portion of the annual bonus that Mr. Oliver elects to receive in restricted stock rather than cash shall be adjusted upward by 20% (for example, a $10,000 cash bonus would be equal to $12,000 in restricted stock). The stock price that shall be used to determine the number shares issued is the average closing stock price for the last twenty days of the period for which the bonus is being paid. For fiscal year 2007, the bonus will be based on the increase in BVPS for fiscal year 2007; in 2008, the bonus will be based on the average increase in BVPS for fiscal years 2007 and 2008; thereafter, the bonus will be based on a three year moving average increase in BVPS.
In addition to his salary and bonus, Mr. Oliver is entitled to other compensation such as the provision of health insurance for his family. Mr. Oliver's employment agreement can be reviewed by accessing the company's SEC filings on the SEC EDGAR web site.
About Amen Properties: Amen Properties (http://www.amenproperties.com) is engaged in the acquisition and management of strong, profitable energy-related businesses. W Power & Light (http://www.wpower.com), a wholly owned subsidiary, is a Retail Electricity Provider in Texas, the largest electricity marketplace in the United States. Priority Power (http://www.prioritypower.net), a wholly owned subsidiary acquired in April 2006, is an energy management and consulting services firm. ChooseEnergy.com (http://www.chooseenergy.com), launched in 2006, is an unbiased online electricity marketplace which allows consumers to compare offers and save money by selecting an electricity provider that meets their needs. The Company has other energy-related holdings through its other subsidiaries, Amen Minerals and Amen Delaware.