Business Context and Reporting Period
This Form 8-K is a current report filed by Midstates Petroleum Company, Inc. (not Amplify Energy Corp.) on December 15, 2013. The filing addresses Item 5.02 regarding the appointment of certain officers and their compensatory arrangements.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation details.
Material Changes
The primary material change is the appointment of Nelson Haight as Senior Vice President and Chief Financial Officer, effective January 6, 2014. He will also retain his role as Chief Accounting Officer. This appointment was previously disclosed in an 8-K filed on December 12, 2013.
Guidance, Outlook, and Management Commentary
The Compensation Committee approved the following compensation package for Mr. Haight:
- Base Salary: $300,000 annually.
- Short-Term Incentive: Target award equal to 75% of base salary.
- Long-Term Incentive: Target grant equal to 200% of base salary.
- Restricted Stock: Grant of 48,000 shares of time-vested restricted stock with a grant date of January 1, 2014. Vesting occurs in three equal annual installments beginning January 1, 2015.
The filing contains no forward-looking guidance, risk factors, or discussion of unusual items beyond the executive appointment.
Investor Verification Checklist
- Verify the effective date of Nelson Haight's appointment (January 6, 2014).
- Confirm the vesting schedule for the 48,000 restricted stock units (three equal annual installments starting January 1, 2015).
- Review the December 12, 2013 Form 8-K for the initial announcement of the appointment.
- Note that this filing relates to Midstates Petroleum Company, Inc., not Amplify Energy Corp.