31 Aug 2006material agreement● Neutral
Quicksilver's board amended its Key Employee Change in Control Retention Plan to clarify who can be added or removed from the eligible-employee list -- routine plan housekeeping.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 May 2006material agreement● Neutral
Quicksilver adopted a new 2006 Equity Plan and raised non-employee directors' cash pay by $46,250 -- routine compensation-plan administration.
5 Apr 2006material agreement● Neutral
Quicksilver adopted a 2006 Executive Bonus Program tying named-executive bonuses (up to 150% of base pay) to earnings per share, cash flow, and production/reserve growth -- routine incentive-plan administration.
14 Mar 2006material agreement● NeutralMajor
Quicksilver agreed to sell $350 million of 7.125% Senior Subordinated Notes due 2016 through J.P. Morgan and Credit Suisse. It planned to use part of the net proceeds to repay its senior secured revolving credit facilities.'
22 Feb 2006material agreement● Neutral
Quicksilver amended its non-employee director equity plan to reflect a 2005 stock split and clarify vesting and tax-code compliance -- routine plan administration.
1 Feb 2006material agreement● Neutral
Quicksilver's compensation committee paid 2005 cash bonuses to its named executives, including $300,000 each to co-founders Thomas and Glenn Darden -- routine executive comp, tied to reserve and production growth targets.
31 Jan 2006production update● Neutral
Quicksilver reported year-end 2005 proved reserves and set its 2006 capital budget, with an operational update on its Barnett Shale (Fort Worth) and Canadian coal-bed methane projects -- a routine annual reserves/budget disclosure during the pre-crash growth phase.
19 Jan 2006material agreement● Neutral
Lenders removed a restriction on Quicksilver repaying other debt and clarified conversion mechanics on its convertible notes -- another routine amendment in the ongoing series loosening its credit terms.
1 Dec 2005material agreement● Neutral
Quicksilver expanded its credit lines again -- $150 million more senior-debt capacity under the Note Purchase Agreement, plus $200 million more availability and $170 million more other-debt headroom under the Combined Credit Agreements -- continuing to lever up for growth during the gas boom.
26 Sept 2005material agreement● Neutral
Quicksilver settled with departing VP of Operations Mark Whitley for a $200,000 severance payment -- a routine executive exit, not a distress signal at this stage.
26 Aug 2005material agreement● Neutral
Quicksilver adopted standard director-and-officer indemnification agreements -- routine governance housekeeping.
28 June 2005material agreement● Neutral
Quicksilver and Canadian affiliate MGV Energy again expanded their syndicated credit facilities, adding $200 million of permitted debt capacity and cutting the floating note rate -- another in the run of covenant amendments giving the company room to keep growing through the mid-2000s gas boom.
18 May 2005material agreement● Neutral
Shareholders approved switching non-employee director pay from stock options to restricted stock grants -- routine compensation-plan administration.
19 Apr 2005material agreement● Neutral
Quicksilver loosened its Note Purchase Agreement's debt and investment limits (the Fourth Amendment), giving itself more room to borrow and invest, alongside routine stock-plan admin updates -- expansion-era balance-sheet flexibility, not distress.
13 Apr 2005material agreement● Neutral
Quicksilver raised its non-employee director annual fee to $120,000, to be paid partly in stock depending on shareholder approval of related plan amendments -- routine governance, not a business event.