UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Former Chief Operating Officer
In connection with the previously announced departure of Mr. Chad Griffith, former Chief Operating Officer (“COO”) of CNX Resources Corporation (“CNX” or the “Company”), Mr. Griffith executed a letter agreement (the “Agreement”) with the Company on December 2, 2022 (which Agreement becomes effective following the expiration of the revocation period, which ends on December 9, 2022), pursuant to which the Company agreed to provide him the following (which was approved by the Company’s Compensation Committee): (i) a lump sum payment equal to $161,539, (ii) to vest the equivalent of $200,000 worth of unvested restricted stock units previously granted to Mr. Griffith under the Company’s Equity and Incentive Compensation Plan (as amended and restated, the “Plan”), (iii) to permit the option awards granted to Mr. Griffith under the Plan, to the extent vested on the Departure Date, to remain exercisable until the expiration of the applicable option term as set forth in the related option award agreement, (iv) to permit Mr. Griffith to retain, to the extent vested on the Departure Date, any restricted stock unit and performance share unit awards previously granted to Mr. Griffith, and (v) to subsidize the cost of health insurance coverage for Mr. Griffith through March 31, 2023. Mr. Griffith has agreed to release any claims against the Company and its affiliates, and the Agreement contains customary mutual non-disparagement provisions. In accordance with law, Mr. Griffith is entitled to revoke his acceptance of the Agreement within seven days after its execution. If Mr. Griffith revokes his acceptance, the Agreement will be of no further force or effect, and Mr. Griffith will not be entitled to the benefits described above.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by the full text of the Agreement, a copy of which the Company will file with its next quarterly disclosure.
SIGNATURES
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.
| CNX RESOURCES CORPORATION | ||
| By: | /s/ Alexander J. Reyes | |
| Name: | Alexander J. Reyes | |
| Title: | Executive Vice President, General Counsel and Corporate Secretary | |
Dated: December 9, 2022