Riley Exploration Permian Announces Board and Executive Changes
Ticker: REPX · Form: 8-K · Filed: Jun 3, 2024 · CIK: 1001614
| Field | Detail |
|---|---|
| Company | Riley Exploration Permian, Inc. (REPX) |
| Form Type | 8-K |
| Filed Date | Jun 3, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.001, $425,000, $360,000, $360,000 b |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, compensation
TL;DR
Riley Exploration Permian shakes up board and exec pay. New directors in, comp plans adjusted.
AI Summary
Riley Exploration Permian, Inc. announced on May 30, 2024, changes in its board of directors and executive compensation arrangements. Specifically, the company elected new directors and appointed new officers, alongside adjustments to their compensatory plans.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance expectations.
Risk Assessment
Risk Level: medium — Changes in leadership and compensation can introduce uncertainty regarding future strategy and operational direction.
Key Players & Entities
- Riley Exploration Permian, Inc. (company) — Registrant
- Delaware (jurisdiction) — State of incorporation
- May 30, 2024 (date) — Date of earliest event reported
FAQ
What specific changes were made to the board of directors?
The filing indicates the election of directors and appointment of certain officers, but does not detail the specific individuals elected or their prior roles.
What are the key details of the compensatory arrangements for the officers?
The filing states that compensatory arrangements of certain officers are being adjusted, but the specific details of these arrangements are not provided in this summary section.
When did these changes become effective?
The earliest event reported is dated May 30, 2024.
What is the primary business of Riley Exploration Permian, Inc.?
Riley Exploration Permian, Inc. is primarily involved in crude petroleum and natural gas extraction, as indicated by its SIC code 1311.
Where is Riley Exploration Permian, Inc. headquartered?
The company's principal executive offices are located at 29 E. Reno Avenue, Suite 500, Oklahoma City, Oklahoma 73104.
Filing Stats: 1,365 words · 5 min read · ~5 pages · Grade level 11.7 · Accepted 2024-06-03 16:41:55
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share REPX NYSE American Indi
- $425,000 — including an annualized base salary of $425,000, target annual cash bonus opportunity o
- $360,000 — including an annualized base salary of $360,000, target annual cash bonus opportunity o
- $360,000 b — Company's LTIP, which is equivalent to $360,000 based on the closing price of the Company
Filing Documents
- ef20030500_8k.htm (8-K) — 36KB
- ef20030500_ex10-1.htm (EX-10.1) — 87KB
- ef20030500_ex10-2.htm (EX-10.2) — 163KB
- 0001140361-24-028582.txt ( ) — 479KB
- repx-20240530.xsd (EX-101.SCH) — 4KB
- repx-20240530_lab.xml (EX-101.LAB) — 21KB
- repx-20240530_pre.xml (EX-101.PRE) — 16KB
- ef20030500_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of John Suter On May 30, 2024, the Company created a new executive officer position of Chief Operating Officer (" COO ") in order to more effectively manage the Company's operations given its growth over the past year, and appointed Mr. John Suter as COO with a starting date on or about June 20, 2024. In his role as COO, Mr. Suter will be leading Land, Operations, Subsurface, Reservoir, as well as Commercial Development and special projects. Mr. Suter has 38 years of oil and gas experience in various executive management roles. Since 2020, Mr. has been serving as the COO for the State of Oklahoma. Prior to joining the State, he served as the COO and interim CEO of Sandridge Energy from 2016 to 2020. Mr. Suter has an additional 30 years of experience in his role as VP – Operations with each of American Energy and Chesapeake Energy. Mr. Suter will report directly to Bobby D. Riley, the Company's Chief Executive Officer and Chairman of the Board. In connection with the appointment of Mr. Suter as the COO, the Company and Mr. Suter expect to enter in an employment agreement with an initial term of two years, with automatic renewals thereafter. The employment agreement will set forth the material terms and conditions of his employment consistent with those of our other executive officers, including an annualized base salary of $425,000, target annual cash bonus opportunity of 50% of base salary, target annual equity award opportunity of 100% of base salary, standard employee benefit plan participation, severance and change in control benefits. Mr. Suter will also receive a one-time signing bonus equity award of a number of shares of restricted stock equal to $425,000 calculated using the closing price of the Company's common stock immediately prior to Mr. Suter's start date. Additionally, Mr. Suter'
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description of Exhibit 10.1 Separation and Release Agreement, dated as of June 1, 2024, by and between the Company and Amber Bonney. 10.2 Employment Agreement, dated as of June 1, 2024, by and between the Company and Jeffrey M. Gutman. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RILEY EXPLORATION PERMIAN, INC. Date: June 3, 2024 By: /s/ Philip Riley Philip Riley Chief Financial Officer