Cobalt International Energy, Inc. (NYSE:CIE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective as of November21, 2017, the Board of Directors (the “Board”) of Cobalt International Energy, Inc. (the “Company”) appointed Mr. Paul Keglevic as a member of the Board. Mr. Keglevic’s initial term will expire at the Company’s 2018 Annual Meeting of Stockholders. In addition, Mr.Keglevic will serve on the Audit Committee of the Board.
Mr.Keglevic, 63,has over 40 years of experience with public companies across several industry sectors, including utilities, telecom, transportation and real estate. Mr.Kegleviccurrently serves as the Chief Executive Officer of Energy Future Holdings Corp. and as a member of the board of directors of Stellus Capital Investment Corporation. From June 2008-October 2016, Mr. Keglevic served as executive vice president and chief financial officer of Energy Future Holdings Corp. Mr.Keglevicwas a partner at PricewaterhouseCoopers LLP, an accounting firm, where he worked from July 2002-July 2008. Mr.Keglevicreceived his B.S. in accounting from Northern Illinois University and is a certified public accountant.
The Compensation Committee of the Board has determined that it is in the best interest of the Company to compensate its non-employee directors solely in cash, as permitted by the previously filed Second Amended and Restated Non-Employee Directors Compensation Plan. As such, Mr.Keglevic will receive aggregate compensation of $275,000 (prorated to $34,375 for the remainder of calendar year 2017). Non-employee director compensation is paid quarterly in advance. In addition, each disinterested non-employee director is entitled to receive a fee of $500 per hour for services and activities performed outside the normal scope of activities ordinarily performed by a director. The maximum amount that such director may bill to the Company on a daily basis is $4,000.
There are no related party transactions between the Company and Mr. Keglevic that are subject to disclosure under Item 404(a) of Regulation S-K.
About Cobalt International Energy, Inc. (NYSE:CIE)
Cobalt International Energy, Inc. is an independent exploration and production company. The Company has its operations focused in the deepwater United States Gulf of Mexico. The Company also has a non-operated interest in the Diaba Block offshore Gabon in West Africa. The Company’s exploration efforts in the United States Gulf of Mexico has resulted in four oil and natural gas discoveries including the North Platte, Shenandoah, Anchor and Heidelberg fields. The Heidelberg field commenced its production and the North Platte, Shenandoah and Anchor field are in various stages of appraisal and development. The Company has drilled nine exploratory wells, three appraisal wells and four development wells (one of, which was drilled to be used as a pressure-maintenance well in the Cameia development) in the northern pre-salt Kwanza Basin offshore Angola, and one exploratory well in the pre-salt deepwater region offshore Gabon. The Company’s fifteen wells has been finding pre-salt hydrocarbons.
