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Phoenix Energy One, LLC (NYSE American:PHXE.P) announced it has entered into a transition and separation agreement with Brandon K. Allen following his resignation from the company earlier this month. The information was disclosed in a press release statement filed with the Securities and Exchange Commission.
According to the filing, Mr. Allen resigned from his position at Phoenix Energy One on November 3. Under the agreement dated November 20, the company will retain Mr. Allen in a non-employee advisory role for one year from his separation date to assist with the transition of his responsibilities.
As part of the agreement, Mr. Allen will receive $1,000,000, paid in substantially equal installments over a 12-month period according to the company’s normal payroll schedule. The agreement also confirms that all Class A and Class B units previously granted to Mr. Allen by Phoenix Equity Holdings, LLC were forfeited for no consideration upon his resignation.
The transition and separation agreement includes a general release of claims by Mr. Allen in favor of Phoenix Energy One and its affiliates. It also contains provisions regarding non-disparagement, confidentiality, cooperation, and the reaffirmation of certain restrictive covenants from prior agreements.
The company’s Series A Cumulative Redeemable Preferred Shares continue to be listed on the NYSE American under the symbol PHXE.P.
This summary is based on a press release statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.
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