Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Preferred Stock PIK Dividend

On June 25, 2020, the Company approved a dividend with respect to the Company’s Series A-1 Preferred Stock. Chambers, as the holder of A-1 Preferred Stock as of June 25, 2020, received an aggregate of 2,308 additional shares of A-1 Preferred Stock as a dividend for its A-1 Preferred Stock on June 30, 2020.

CIC Plan

On June 29, 2020, the Company entered into Eligibility Notification Letters (the “Eligibility Notification Letters”) with each of our named executive officers, including Frank D. Bracken III, our chief executive officer and Barry D. Schneider, our chief operating officer, in connection with the Lonestar Resources US Inc. Change in Control Severance Plan (the “CIC Plan”) that was adopted by our board of directors. Under the Plan and the Eligibility Notification Letters, eligible participants will be entitled to severance payments and benefits in the event their employment is terminated by us without cause or they resign for good reason, in either case within two years following or two and one-half months prior to a change in control of the Company, subject to the participant’s execution and non-revocation of a release of claims in favor of the Company.