<SEC-DOCUMENT>0001564590-14-006111.txt : 20141209
<SEC-HEADER>0001564590-14-006111.hdr.sgml : 20141209
<ACCEPTANCE-DATETIME>20141209165343
ACCESSION NUMBER:		0001564590-14-006111
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141204
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:		20141209
DATE AS OF CHANGE:		20141209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAALCO ENERGY INC /DE/
		CENTRAL INDEX KEY:			0000894627
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				760274813
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32167
		FILM NUMBER:		141275618

	BUSINESS ADDRESS:	
		STREET 1:		4600 POST OAK PL STE 309
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		713-623-0801

	MAIL ADDRESS:	
		STREET 1:		4600 POST OAK PL STE 309
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>egy-8k_20141204.htm
<DESCRIPTION>8-K
<TEXT>
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<p style="border-bottom:Double 2.25pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:4pt;">&nbsp;</p>
<p style="text-align:center;margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
<p style="text-align:center;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-left:38.46%;margin-right:38.46%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
<p style="text-align:center;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-left:38.46%;margin-right:38.46%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 or 15(d) of</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">the Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Date of Report</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">December 4, 2014</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">(Date of earliest event reported)</p>
<p style="text-align:center;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-left:38.46%;margin-right:38.46%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:24pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">VAALCO Energy, Inc.</p>
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter)</p>
<p style="text-align:center;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-left:38.46%;margin-right:38.46%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Delaware</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1-32167</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">76-0274813</p></td>
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<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#auto;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(State or other jurisdiction of</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#auto;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">incorporation or organization)</p></td>
<td valign="top"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#auto;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Commission File Number)</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:33%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#auto;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(I.R.S. Employer</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;color:#auto;font-size:8pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Identification Number)</p></td>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">4600 Post Oak Place, Suite 300</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Houston, Texas 77027</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Address of principal executive offices, including zip code)</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(713) 623-0801</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Registrant's telephone number, including area code)</p>
<p style="text-align:center;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-left:38.46%;margin-right:38.46%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:5.13%;text-indent:-5.13%;color:#auto;font-size:10pt;font-family:'Wingdings';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font><font style="font-family:Times New Roman;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:5.13%;text-indent:-5.13%;color:#auto;font-size:10pt;font-family:'Wingdings';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font><font style="font-family:Times New Roman;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:5.13%;text-indent:-5.13%;color:#auto;font-size:10pt;font-family:'Wingdings';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font><font style="font-family:Times New Roman;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:5.13%;text-indent:-5.13%;color:#auto;font-size:10pt;font-family:'Wingdings';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:'Wingdings'">&#111;</font><font style="font-family:Times New Roman;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style="border-bottom:Double 2.25pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>

<hr style="page-break-after:always">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.13%;text-indent:-5.13%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 5.02 Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.13%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 4, 2014, the board of directors (the &#8220;Board&#8221;) of VAALCO Energy, Inc. (the &#8220;Company&#8221;) adopted the VAALCO Executive and Non-Employee Director Stock Retention Guidelines (the &#8220;Guidelines&#8221;) that are applicable to all of the Company&#8217;s named executive officers and non-employee directors (&#8220;Covered Participants&#8221;). The Guidelines will be administered by the Company&#8217;s Nominating and Corporate Governance Committee, which may recommend the amendment, modification or termination of the Guidelines to the Board for approval.&nbsp;&nbsp;The Guidelines require Covered Participants to own shares of the Company&#8217;s common stock sufficient in number to satisfy the relevant amount specified below as a multiple of the Covered Participant&#8217;s annual base salary or retainer, as applicable: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:81.9%;">
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<td valign="middle"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="middle"  style="width:37.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<td valign="bottom"  style="width:58.92%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="border-bottom:Solid 0.75pt #000000;padding-bottom:0pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Position</p></td>
<td valign="bottom"  style="width:auto; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="bottom"  style="width:37.74%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Required Share Retention</p></td>
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<td valign="top"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Non-Employee Member of the Board of Directors</p></td>
<td valign="bottom"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:37.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5 times annual retainer</p></td>
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<td valign="middle"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:41.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CEO</p></td>
<td valign="bottom"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:37.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5 times annual base salary</p></td>
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<td valign="middle"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:41.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">COO</p></td>
<td valign="bottom"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:37.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4 times annual base salary</p></td>
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<tr style="height:6pt;">
<td valign="middle"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:41.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CFO</p></td>
<td valign="bottom"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:37.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3 times annual base salary</p></td>
</tr>
<tr style="height:6pt;">
<td valign="middle"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:41.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:6pt;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="width:58.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EVP</p></td>
<td valign="bottom"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
<td valign="top"  style="width:37.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2 times annual base salary</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:5.13%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:5.13%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The determination date for establishing compliance with the Guidelines will be April 1 of each year.&nbsp;&nbsp;Shares of Common Stock that count towards compliance with the Guidelines include: shares owned individually or jointly by the Covered Participant or immediate family members residing in the same house; vested and unvested shares of restricted stock; shares owned indirectly, including those in a trust, partnership, limited liability company or other entity for the benefit of the Covered Participant, his or her spouse or their children; and vested share units, including deferred stock, restricted stock, exercised share options and performance shares that are settled in shares. The following do not count toward compliance with the Guidelines: shares held in margin accounts or pledged as loan collateral; vested shares, including deferred stock units, restricted stock units, or performance share units, that are settled in cash; unvested share units, including deferred stock, restricted stock, or performance shares; unexercised stock options (whether vested or unvested); and long-term incentive performance awards that are settled in cash (whether vested or unvested).</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.13%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Each Covered Participant has five years from the adoption of the Guidelines, or the date of his or her appointment to an officer or director position, whichever is later, to satisfy the retention Guidelines. Until the applicable ownership level is achieved, the Covered Participant is required to retain 60% of the net shares of Common Stock acquired through Company-provided equity awards, as a result of the exercise, vesting or payment of any Company equity awards granted.&nbsp;&nbsp;At no time will a Covered Participant be required to purchase shares to comply with the Guidelines.&nbsp;&nbsp;The Nominating and Corporate Governance Committee may waive the applicability of the Guidelines for financial hardship or similar circumstances. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.13%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The foregoing description of the Guidelines does not purport to be complete and is qualified in its entirety by reference to the full text of the Guidelines, a copy of which is <font style="color:#000000;">filed with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. </font></p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:5.13%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01 Financial Statements and Exhibits.</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.13%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c) Exhibits. The Exhibit listed below is being furnished with this Form 8-K.</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.13%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 99.1 VAALCO Executive and Non-Employee Director Stock Retention Guidelines</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>

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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.8%;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:5.8%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">VAALCO Energy, Inc.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 9, 2014</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Steven P. Guidry</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Steven P. Guidry</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Executive Officer and Chairman</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br></p>

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">EXHIBIT INDEX</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit No.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Description</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">VAALCO Executive and Non-Employee Director Stock Retention Guidelines</p></td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>egy-ex991_201412046.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 99.1</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">VAALCO Executive and Non-Employee Director </p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Stock Retention Guidelines</p>
<p style="text-align:center;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December, 2014</p>
<p style="Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Purpose</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The Board of Directors (&#8220;Board&#8221;) of VAALCO Energy, Inc. (&#8220;VAALCO&#8221; or the &#8220;Corporation&#8221;) believes that it is in the best interest of VAALCO and its shareholders to align the financial interests of VAALCO&#8217;s  named executive officers and non-employee members of the Board (&#8220;Directors&#8221;) with those of the Corporation&#8217;s shareholders. In this regard, the Nominating and Corporate Governance Committee will review and establish minimum stock retention guidelines to be approved by the Board of Directors.&nbsp;&nbsp;The Nominating and Corporate Governance Committee may at any time recommend to the Board of Directors amending, modifying or terminating  these Guidelines.</p>
<p style="Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Applicability</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">These Guidelines are applicable to all non-employee Directors and the Named Executive Officers (NEOs and together with the non-employee Directors, &#8220;Participants&#8221;). Questions regarding these Guidelines should be directed to the Corporation&#8217;s Vice President &#8211; Legal. </p>
<p style="Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">MINIMUM RETENTION REQUIREMENTS</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Named Executive Officers and <font style="Background-color:#FFFFFF;">Non-Employee Directors</font> - Retention</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">The individual guideline level for each Participant is outlined below.   The determination of whether a Participant has satisfied his or her retention guideline shall be made on April 1<sup style="font-size:85%; vertical-align:top">st</sup> of each year.</font></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Leadership Position</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Required share retention<sup style="font-size:85%; vertical-align:top">1</sup></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Non-Employee Member of the Board of Directors</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">5x Annual Retainer </p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">CEO</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">5x Annual Base Salary&nbsp;&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">COO</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4x Annual Base Salary</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">CFO</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3x Annual Base Salary</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">EVP</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2x Annual Base Salary</p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;Background-color:#FFFFFF;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:Arial;font-size:10pt;"><font style="Background-color:#FFFFFF;">The participant must hold beneficial interest in VAALCO shares (as described below) worth an amount equal to or greater than the multiplier included in the above chart. For example, if the CEO&#8217;s salary is $300,000, the CEO must own shares worth $1,500,000 (i.e. 5x his/her salary) to be in compliance with the Stock Retention Guidelines. </font></p></td></tr></table></div>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Until a Participant is in compliance with these Guidelines, that Participant must retain an amount equal to 60% of the net shares received as the result of the exercise, vesting or payment of any VAALCO equity awards granted. </font></p>
<p style="Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Arial;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">Satisfaction of Guidelines</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Shares that count towards satisfaction of the stock retention guidelines for Participants include the following:</p>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Shares owned by the Participant or his or her immediate family members residing in the same household;</font></p></td></tr></table></div>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Vested and unvested shares of restricted stock; </font></p></td></tr></table></div>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Shares owned indirectly, including those in a trust, partnership, limited liability company or other entity for the benefit of the Participant, his or her spouse or their children; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Vested share units, including deferred stock, restricted stock, exercised share options and performance shares, that are settled in shares.</font></p></td></tr></table></div>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The following do not count towards satisfaction of the stock retention guidelines for Participants:</p>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Shares held in margin accounts or pledged as loan collateral;</font></p></td></tr></table></div>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Vested shares, including deferred stock units, restricted stock units, or performance share units, that are settled in cash;</font></p></td></tr></table></div>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Unvested share units, including deferred stock, restricted stock, or performance shares;</font></p></td></tr></table></div>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Unexercised stock options (whether vested or unvested); and</font></p></td></tr></table></div>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;color:#auto;font-family:'Wingdings';font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#167;</font></p></td>
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<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;font-weight:normal;color:#auto;font-style:normal;text-transform:none;font-variant: normal;font-family:'Wingdings';font-size:10pt;"><font style="font-family:Arial;">Long-term incentive performance awards that are settled in cash (whether vested or unvested).</font></p></td></tr></table></div>
<p style="Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Attaining Compliance </p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Each officer or non-employee director has five years from the adoption of these Guidelines, or the date of his or her appointment to an officer or director position, whichever is later, to satisfy the retention guidelines. If, after having reached the required retention level, a participant&#8217;s retention falls below the prescribed level, that participant is required to retain 60% of any future awards until the required retention is again attained. At no time will a participant be required to purchase shares to comply with these Guidelines.</p>
<p style="Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Compliance Certification </p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">A Participant will annually certify whether or not they are in compliance with these Guidelines as of April 1<sup style="font-size:85%; vertical-align:top">st</sup> of each year and each time he/she sells shares.&nbsp;&nbsp;The Nominating and Corporate Governance Committee may grant an exception where a Participant is not in compliance with these Guidelines due to a decline of the market price of the stock or due to transactions made pursuant to hardship circumstances. &nbsp;&nbsp;The Compensation Committee will take into account a Participant&#8217;s compliance with these Guidelines in determining grants of long-term incentive plan awards or annual equity retainers.</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Hardship Provision</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Hardship exceptions to the retention guidelines, upon the recommendation of the Chief Executive Officer, may be made by the Chair of the Nominating and Corporate Governance Committee.</p>
<p style="Background-color:#FFFFFF;margin-top:18pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-family:Arial;font-weight:bold;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Administration</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;color:#auto;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">The Nominating and Corporate Governance Committee shall be responsible for monitoring the application of these stock retention guidelines. </p>
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