Thomas Ungurean, one of the founders of Ohio-based coal producer Oxford Resource Partners LP (NYSE: OXF), has resigned his position with a related company, Oxford reported in a July 6 Form 8-K filing at the SEC.
Ungurean, an officer of Oxford Resources GP LLC, the general partner of Oxford Resource Partners, and other affiliates of Oxford Resource Partners, indicated to the general partner that he would like to step down from management and limit his time commitment to Oxford Resource Partners and its affiliates. Given that, the general partner and Ungurean agreed that the general partner would accept his resignation as an officer of the general partner and other affiliates of Oxford Resource Partners and continue his employment thereafter with the general partner under a part-time, at-will arrangement following termination of his employment agreement with the general partner, all effective as of June 3. The Compensation Committee of the Board of Directors of the general partner determined that such action by the general partner was appropriate and in the best interests of Oxford Resource Partners and its affiliates, and recommended the same to the Board of Directors of the general partner which acted to approve the same.
In implementing this action, on June 30, Ungurean resigned his positions as an officer of the general partner and other affiliates of Oxford Resource Partnerts, including his position as Senior Vice President, Equipment, Procurement and Maintenance of the general partner and certain other affiliates of Oxford Resource Partners, and the general partner entered into an officer resignation and termination of employment agreement with Ungurean. In his new part-time, at-will role, Ungurean is receiving a salary and benefits commensurate with his duties and time commitment.
Said a July 2010 SEC filing related to Oxford’s IPO that month: “Thomas T. Ungurean has served as Senior Vice President, Equipment, Procurement and Maintenance of our general partner since March 2010, prior to which he was Vice President of Equipment from August 2007 to February 2010. In 1985, Mr. Ungurean co-founded our predecessor and wholly owned subsidiary, Oxford Mining Company. Since then he has served in various capacities with our predecessor, including Vice President and Secretary from September 2000 to August 2007. Mr. Ungurean is a Certified Surface Mine Foreman in Ohio. Mr. Ungurean is the brother of Charles C. Ungurean, the President and Chief Executive Officer and a member of the board of directors of our general partner.”
Oxford’s operations are located mainly in Ohio and western Kentucky, with coal sold primarily to large utilities with coal-fired, baseload scrubbed power plants under long-term coal sales contracts. During 2011, it produced 8 million tons of coal.