LAREDO PETROLEUM,INC. (NYSE:LPI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective December 12, 2018, the Board of Directors (the “Board”) of Laredo Petroleum, Inc. (the “Company” or “Laredo”) appointed Frances Powell Hawes as a member of the Board. Ms. Hawes will serve as a Class III director with a term expiring in May 2019. Ms. Hawes has been appointed as a member of the Board’s Audit Committee and Nominating and Corporate Governance Committee. The Board determined that Ms. Hawes is an independent director within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the rules and regulations promulgated by the Securities and Exchange Commission thereunder, and the listing standards of the New York Stock Exchange. For her work as a member of the Board, Ms. Hawes, like all other members of the Board, will be paid an annual retainer of $90,000, payable quarterly in arrears, and an annual director fee of $160,000, payable annually in arrears (together, the “Compensation”). The Compensation shall be paid in vested stock; provided, however, upon Ms. Hawes meeting Laredo’s required stock ownership guidelines, up to 50% of the Compensation may be paid, at the election of Ms. Hawes, in cash.
There are no arrangements or understandings between Ms. Hawes and any other person to which she was selected as a director. Ms. Hawes does not have any family relationship with any director or executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer. There are no transactions in which Ms. Hawes has an interest requiring disclosure under Item 404(a) of Regulation S-K.
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Item 7.01. |
Regulation FD Disclosure. |
On December 17, 2018, the Company issued a press release announcing the appointment of Ms. Hawes as a member of the Board. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the press release is deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
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Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
Laredo Petroleum, Inc. Exhibit
EX-99.1 2 lpiex991121418.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.115 West 6th Street,…
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About LAREDO PETROLEUM,INC. (NYSE:LPI)
Laredo Petroleum, Inc. (Laredo) is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. The Company’s segments include Exploration and production, and Midstream and marketing. The exploration and production of oil and natural gas properties are conducted by the Company through the exploration and development of its acreage in the Permian Basin. It focuses on development activities in over four targets for horizontal drilling (Upper, Middle and Lower Wolfcamp and Cline formations). It has over 131,760 of the net acres in the Permian-Garden City area. The Midstream and marketing segment’s operations are conducted by its subsidiary, Laredo Midstream Services, LLC, which buys, sells, gathers and transports oil, natural gas and water. This system gathers, transports and delivers over 69,000 barrels per day.
