Business Context and Reporting Period
This Form 8-K is a current report filed by Midstates Petroleum Company, Inc. on September 19, 2018, regarding events occurring on September 17, 2018. The filing discloses the appointment of a new senior officer and the terms of his employment agreement.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation terms.
- Base Salary: $288,400 annually for Richard W. McCullough.
- Target Bonus: 50% of the base salary.
- Severance: Lump-sum payment of base salary plus target bonus, plus 12 months of medical coverage, upon termination without Cause or for Good Reason.
Material Changes
There are no material changes to financial results or operations reported in this filing. The material event is the appointment of Richard W. McCullough as Chief Accounting Officer and Vice President – Accounting, effective September 17, 2018.
Outlook, Risks, and Management Commentary
The employment agreement has an initial term of three years, automatically renewing for successive one-year terms unless terminated with 60 days' notice. The agreement includes provisions for accelerated vesting of equity awards in specific termination scenarios. No forward-looking guidance, risk factors, or unusual items are disclosed in this specific report.
Key Facts for Investor Verification
- Verify the full text of the Executive Employment Agreement filed as Exhibit 10.1 for complete definitions of "Cause" and "Good Reason."
- Confirm the impact of this appointment on the company's overall executive compensation structure.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.