A coal executive accused of violating fiduciary and contractual duties struck a settlement deal that dismisses the lawsuit in exchange for the return of up to 500,000 shares of common stock.
Former Royal Energy Resources Inc. President and director Ronald Phillips entered into a settlement agreement with Royal, Rhino GP LLC and Rhino Resource Partners LP on Sept. 23, a securities filing shows. The settlement dismisses the lawsuit against Phillips with prejudice, recoups a portion of Phillips' legal fees and requires the dismissal of an advancement action filed by Phillips in reference to the lawsuit.
The lawsuit stems from a legal complaint in the Court of Chancery in the State of Delaware over an alleged violation of a 2016 option agreement. In May, Royal terminated Chief Commercial Officer Brian Hughs for cause.
