0000106455-16-000179.txt : 20160810 0000106455-16-000179.hdr.sgml : 20160810 20160810090244 ACCESSION NUMBER: 0000106455-16-000179 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160810 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160810 DATE AS OF CHANGE: 20160810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTMORELAND COAL Co CENTRAL INDEX KEY: 0000106455 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE SURFACE MINING [1221] IRS NUMBER: 231128670 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11155 FILM NUMBER: 161820116 BUSINESS ADDRESS: STREET 1: 9540 SOUTH MAROON CIRCLE STREET 2: SUITE 200 CITY: ENGLEWOOD STATE: CO ZIP: 80112 BUSINESS PHONE: 303-922-6463 MAIL ADDRESS: STREET 1: 9540 SOUTH MAROON CIRCLE STREET 2: SUITE 200 CITY: ENGLEWOOD STATE: CO ZIP: 80112 FORMER COMPANY: FORMER CONFORMED NAME: WESTMORELAND COAL CO DATE OF NAME CHANGE: 19920703 8-K 1 f8k_081016i502.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________

FORM 8-K
____________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 9, 2016

__________________________________________

WESTMORELAND COAL COMPANY
(Exact Name of Registrant as Specified in Charter)
__________________________________________

Delaware
001-11155
23-1128670
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)

9540 South Maroon Circle,
Suite 200
Englewood, CO
80112
(Address of Principal Executive Offices)
(Zip Code)

Registrant's telephone number, including area code: (855) 922-6463

_______________________________________________________
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Election of New Director

The Board of Directors of Westmoreland Coal Company (the “Company”), upon recommendation of the Nominating & Corporate Governance Committee, elected Mr. Jeffrey S. Stein as a new director effective August 9, 2016. Mr. Stein has been appointed to serve on the Audit and Nominating & Corporate Governance Committees. A copy of the press release announcing Mr. Stein's election is attached hereto as Exhibit 99.1.

Mr. Stein will participate in the standard director compensation arrangements as described on page 15 of our 2016 Annual Meeting Proxy Statement, filed with the Securities and Exchange Commission on April 4, 2016. Mr. Stein received a pro-rata award of restricted stock units on August 9, 2016, valued at $69,290 (pro-rated from $90,000) that will be awarded using an assumed stock price of $10.00 in line with the Company’s annual director grants after our annual meeting, which will vest one year from the Company's 2016 annual meeting of stockholders. There is no arrangement or understanding between Mr. Stein and any other person pursuant to which Mr. Stein was elected as a director of the Company. There are no transactions in which Mr. Stein has an interest requiring disclosure under Item 404(a) of Regulation S-K. The Board of Directors has determined that Mr. Stein satisfies the requirements of independence under the NASDAQ Global Market listing standards.


Item 9.01. Financial Statements and Exhibits

(d) Exhibits
Exhibit No.
 
Description
 
 
 
99.1
 
Westmoreland Coal Company Press Release Dated August 10, 2016












SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
WESTMORELAND COAL COMPANY
 
 
 
 
 
 
Date: August 10, 2016
By:
/s/ Jennifer S. Grafton
 
 
Jennifer S. Grafton
SVP, Chief Administrative Officer and Secretary















EXHIBIT INDEX

Exhibit No.
 
Description
 
 
 
99.1
 
Westmoreland Coal Company Press Release Dated August 10, 2016



EX-99.1 2 exh99-1_steinpressrelease.htm EXHIBIT 99.1 Exhibit
EXHIBIT 99.1


 
 News Release
 
 
Westmoreland Appoints Jeffrey S. Stein to its Board of Directors

Englewood, CO – August 10, 2016 - Westmoreland Coal Company (NasdaqGM:WLB) announced today that Jeffrey S. Stein has been appointed as an independent director to the company's Board of Directors effective August 9, 2016, to serve until the next annual election of directors.

Mr. Stein will serve on both the audit, and the nominating and corporate governance committees of the Board. The appointment of Mr. Stein increases the number of directors from nine to 10 and fully satisfies the terms of the agreement reached with Venor Capital Management LP in March 2016 regarding Board expansion.

Mr. Stein is Founder and Managing Partner of Stein Advisors LLC, a financial advisory firm that provides consulting services to institutional investors. Mr. Stein is also Co-Founder and Managing Partner of Power Capital Advisors LLC, a financial advisory and merchant banking firm focused on energy, power and commodity-related project development and restructuring investments.

Mr. Stein currently serves as Chairman of the Board of Ambac Financial Group, Inc. (NASDAQ: AMBC) and as a director on the boards of Dynegy Inc. (NYSE: DYN), MLR Petroleum LLC (private) and Granite Ridge Holdings, LLC (private). Mr. Stein currently serves as a board observer on the board of TORM plc (NASDAQ CPH: TRMD A). Mr. Stein previously served as a director on the boards of US Power Generating Company (private) and KGen Power Corporation (private).
 
“Jeffrey brings an outstanding history of accomplishments as an executive and board member,” said Jan P. Packwood, Chairman of the Board of Westmoreland Coal Company. “We will benefit from Jeffrey’s contributions in his areas of expertise including capital allocation and structure, operating and financial performance, risk management, and investor communications.”

About Westmoreland Coal Company

Westmoreland Coal Company is the oldest independent coal company in the United States. Westmoreland’s coal operations include surface coal mines in the United States and Canada, underground coal mines in Ohio and New Mexico, a char production facility, and a 50% interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, a publicly-traded coal master limited partnership (NYSE:WMLP). Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. For more information, visit www.westmoreland.com.

For further information please contact

Gary Kohn, Vice President Investor Relations
1-720-354-4467
gkohn@westmoreland.com



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