ZaZa Energy Corporation (NASDAQ: ZAZA), today filed an information statement on Schedule 14C relating to the Company’s 2012 Long-Term Incentive Plan, and its controlling stockholders (the “Founders”) filed an amendment to their schedule 13D with the Securities and Exchange Commission (SEC).
The long-term incentive plan provides for the Company to make future grants of various types of compensatory awards to employees, officers, directors and service providers. The plan has previously been approved by the Company’s Board of Directors, and stockholders holding a majority of the outstanding shares of the Company’s common stock have executed written consents approving the plan. The consents will be effective 20 days after mailing of the information statement to the Company’s stockholders.
ZaZa’s Founders also filed an amendment to their schedule 13D in respect to personal grants of stock made by them to certain ZaZa personnel to provide incentives for those personnel beyond those set forth in the Company’s Long-Term Incentive Plan. These grants were part of the Founders’ original vision of sharing equity with key personnel to effect the alignment of the management team’s interests with those of shareholders. The related transfers of stock grants come from the Founders’ existing shareholdings and thus are also reflected on Form 4s filed by each of these stockholders today.
“I am proud to state that, as a result of these equity grants by the three founders of ZaZa, every member of ZaZa’s senior management team now has a meaningful equity position in the Company, aligning their interests with stockholders,” said Todd A. Brooks, CEO, ZaZa Energy. “ZaZa is now in execution mode, having begun our drilling program to unlock the potential of our Eaglebine and Eagle Ford assets. We are excited for what the future holds, and believe ZaZa is positioned for significant growth and expansion in the coming years.”