SEC Filing Summary: Midstates Petroleum Company, Inc.
Business Context and Reporting Period
This Form 8-K Current Report was filed on December 10, 2015, by Midstates Petroleum Company, Inc. (not Amplify Energy Corp.). The filing discloses the resignation of a senior executive and the entry into a material separation agreement.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation arrangements and organizational changes.
Material Changes
- Executive Departure: Mark E. Eck, Executive Vice President & Chief Operating Officer, resigned effective January 4, 2016, 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. Eck's duties will be assumed by other members of the management team.
Compensation, Risks, and Unusual Items
Separation Agreement Terms:
- Severance Payment: Mr. Eck will receive a lump sum equivalent to his accrued 2015 short-term incentive bonus. Payment will occur between January 1, 2016, and March 14, 2016, at the Board's discretion.
- Calculation: The payment amount is based on his current base salary multiplied by his 2015 target incentive percentage and the corporate bonus percentage approved by the Board, less applicable taxes.
- Equity Forfeiture: All unvested restricted stock awards under the 2012 Long-Term Incentive Plan will expire on January 4, 2016.
- Covenants: The agreement includes confidentiality, non-competition, non-solicitation, non-disparagement provisions, and a waiver/release of claims.
Investor Verification Checklist
- Verify the exact calculation of the 2015 corporate bonus percentage to estimate the severance payout.
- Confirm the identity of the management team members assuming Mr. Eck's operational duties.
- Review the full Separation Agreement (Exhibit 10.1) for specific non-compete geographic or temporal restrictions.
- Check subsequent filings for any impact on the company's operational strategy following the COO's departure.