Business Context and Reporting Period
This Form 8-K is a current report filed by Midstates Petroleum Company, Inc. (not Amplify Energy Corp.) on March 5, 2018. The filing discloses the approval of long-term incentive awards to named executive officers pursuant to the Management Incentive Plan (MIP).
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation awards rather than financial performance metrics.
Material Changes
The material event reported is the grant of equity-based compensation to three executive officers on March 5, 2018:
- Scott C. Weatherholt (EVP, General Counsel & Corporate Secretary): 28,610 Restricted Stock Units (RSUs) and 42,916 Performance Stock Units (PSUs).
- Amelia K. Harding (VP, Human Resources & Administration): 20,010 RSUs and 20,010 PSUs.
- Richard W. McCullough (VP, Chief Accounting Officer): 19,074 RSUs and 19,074 PSUs.
Guidance, Outlook, and Vesting Terms
The filing outlines specific vesting schedules and conditions for the awarded units:
- RSU Vesting: Units vest in three equal installments on December 31, 2018; December 31, 2019; and December 31, 2020.
- PSU Vesting: Units vest based on the Company's stockholder return performance period from January 1, 2018, through December 31, 2020.
- Accelerated Vesting: Awards are subject to accelerated vesting if employment is terminated without "Cause" or with "Good Reason," or due to death or disability.
The filing contains no forward-looking guidance on financial performance, risks, or contingencies beyond the terms of the compensation plan.
Investor Verification Checklist
- Verify the total number of shares authorized under the Management Incentive Plan (MIP) to assess dilution impact.
- Confirm the specific stockholder return metrics and thresholds required for PSU vesting.
- Review the definitions of "Cause" and "Good Reason" within the MIP to understand termination protections.
- Note that the registrant is Midstates Petroleum Company, Inc., distinct from Amplify Energy Corp.