15 . COMMITMENTS AND CONTINGENCIES Triangle has entered into non-cancelable operating leases for office facilities and Rockpile has entered into various non-cancelable operating leases relating to (i) equipment for transportation, transloading and storage bulk commodities and light vehicles, (ii) transloading services and track rental and (iii) transportation equipment management, logistics and maintenance. Rent expense incurred under the non-cancelable operating leases was $1.8 million, $0.8 million, and $0.5 million for the fiscal years ended January 31, 2015, 2014, and 2013, respectively. As of January 31, 2015, the future minimum lease payments under operating leases that have initial or remaining non-cancelable terms in excess of one year are: Fiscal Years Ending January 31, Annual Rental Amount (in thousands) 2016 $ 2,807 2017 $ 2,749 2018 $ 2,357 2019 $ 2,108 2020 and thereafter $ 2,686 As of January 31, 2015 the Company was subject to commitments on four drilling rig contracts. Two of the drilling rig contracts expire in first quarter of fiscal year 2016, and the remaining contracts expire in the second and fourth quarters of fiscal year 2016. In the event of early termination of the contracts, the Company would be obligated to pay an aggregate amount of approximately $10.2 million as of January 31, 2015 as required under the terms of the contracts. CEO Transaction Bonus Program Pursuant to the Third Amended and Restated Employment Agreement, dated July 4, 2014 (the  Employment Agreement ), between the Company and Jonathan Samuels, our President and Chief Executive Officer, Mr. Samuels is entitled to a cash bonus payable upon a liquidity event involving RockPile or Caliber based on the percentage gain realized by the Company relative to its initial investment in the relevant entity ( Transaction Bonus ). The amount of this Transaction Bonus would be equivalent to 5% of that gain in Caliber for a Caliber liquidity event, and 3.5% of that gain in RockPile for a RockPile liquidity event. The right to the Tra