Lilis Wants Damages, Stock Awards Back From Axed VP

Law360 (July 11, 2018, 6:54 PM EDT) -- Lilis Energy Inc. on Tuesday slapped a former company vice president with a lawsuit seeking to claw back stock options given to him before his cause-based termination, saying the executive lied to secure cash incentive bonuses and concealed major defects in a land acquisition.

The oil and gas company told a New York state court that Seth Blackwell, the former executive vice president of land and business development for Lilis, breached his fiduciary duty to the company by submitting false documentation about oil production numbers to claim a cash incentive bonus. After his termination, the company discovered Blackwell knew of key...

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