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Actionable news in PGN: PARAGON OFFSHORE PLC,

Departure of Directors or Certain

On October 26, 2015, the compensation committee of the board of directors of Paragon Offshore plc (the "


") authorized several of the Company's wholly owned subsidiaries to enter into of Key Employee Retention Plan Agreements (collectively, the "

KERP Agreements

") with each of the Company's executive officers and other key employees, including the Company's named executive officers in order to insure the continued involvement of these employees with the Company.

Upon the execution of the KERP Agreement, each of the Company's named executive officers (Messrs. Randall D. Stilley, Steven A. Manz, Lee M. Ahlstrom, Andrew W. Tietz and William C. Yester) (each, an "


") will receive a one-time cash payment equal to 100% of the NEO's current annual base salary (the "

Commitment Amount

"). The Company may claw-back the full amount of the Commitment Amount, and the NEO will be obligated to repay such amount in full, should the NEO resign or his employment with the Company is terminated for cause before the later of (i) the one year anniversary of the date of payment of the...