Business Context and Reporting Period
This Form 8-K Current Report was filed by Matador Resources Company on August 25, 2015. The report addresses a specific corporate governance event regarding the departure of a senior executive.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial figure disclosed is a one-time severance payment of $225,000 associated with the executive's separation.
Material Changes
The material change reported is the termination of the employment agreement with Ryan C. London, Executive Vice President and Head of Completions and Prospect Teams (Engineering and Geology). His separation from the Company is effective September 1, 2015.
Management Commentary and Contingencies
In connection with the separation, Mr. London entered into a Separation Agreement and Release dated August 31, 2015. Under the terms of this agreement, Mr. London agreed to a general release in favor of the Company, as well as non-compete and non-solicitation provisions. The full text of the agreement is scheduled to be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2015.
Investor Verification Checklist
- Verify the effective date of Ryan C. London's separation (September 1, 2015).
- Confirm the total severance cost of $225,000.
- Review the upcoming Form 10-Q for the period ended September 30, 2015, to access the full Separation Agreement and Release.
- Monitor for any interim appointment to replace the Executive Vice President and Head of Completions and Prospect Teams.