SEC Filing Summary: Midstates Petroleum Company, Inc.
Business Context and Reporting Period
This Form 8-K Current Report was filed on June 7, 2017, by Midstates Petroleum Company, Inc. (the "Company"). The filing discloses the resignation of a senior executive and the entry into a material separation agreement. Note: The request metadata references "Amplify Energy Corp.," but the filing text explicitly identifies the registrant as Midstates Petroleum Company, Inc.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate governance and personnel changes rather than financial performance metrics.
Material Changes
- Executive Departure: Nelson M. Haight, Executive Vice President and Chief Financial Officer, resigned effective June 15, 2017, to pursue other opportunities.
- Reason for Departure: The resignation was not due to any disagreement with the Company regarding operations, policies, or practices.
- Succession: Mr. Haight's duties will be assumed by other members of the management team.
Guidance, Outlook, and Agreements
Separation Agreement: Mr. Haight entered into a Separation Agreement dated June 7, 2017. Key terms include:
- Compensation: A lump sum payment for Accrued Obligations and Accrued Incentives as defined in his October 21, 2016, Employment Agreement.
- Equity: All unvested restricted stock and unvested stock options under the 2016 Long-Term Incentive Plan will expire on June 15, 2017.
- Provisions: The agreement includes confidentiality, non-disparagement, and a waiver and release of claims.
Regulation FD Disclosure: The Company issued a press release on June 7, 2017, detailing these organizational changes.
Investor Verification Checklist
- Verify the identity of the management team members assuming the CFO duties.
- Review the full Separation Agreement (Exhibit 10.1) for specific definitions of "Accrued Obligations" and "Accrued Incentives."
- Confirm the impact of the CFO departure on the Company's upcoming financial reporting cycle.
- Check subsequent filings for the appointment of a permanent Chief Financial Officer.