Mammoth Energy Services, Inc. (NASDAQ:TUSK) 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 Principal Officers; Election
of Directors; Appointment of Principal Officers
the Board of Directors (the Board) of Mammoth Energy Services,
Inc. (the Company), notified us that he was resigning from the
Board, effective January 4, 2017. In his resignation letter, Mr.
Gaydosik advised us that his resignation was not the result of
any disagreement with the Company on any matter relating to its
operations, policies or practices. Effective upon Mr. Gaydosiks
resignation, his unvested restricted stock units granted under
our 2016 Equity Incentive Plan were forfeited.
appointed Mr. Paul K. Heerwagen IV as a member of the Board,
effective immediately. As provided in our bylaws, Mr. Heerwagen
will serve until the next Annual Meeting of our Stockholders or
until his earlier death, resignation, retirement,
disqualification or removal.
Development at Gulfport Energy Corporation (Gulfport) since May
2014, where he oversees the corporate strategic planning of
Gulfport. Prior to his current role with Gulfport, Mr. Heerwagen
served as the Director of Investor Relations and Corporate
Affairs from May 2008 to May 2014. In that position, Mr.
Heerwagen led the investor relations and corporate communication
efforts for Gulfport. Mr. Heerwagen also served as an analyst at
Gulfport from May 2007 to May 2008. From March 2012 to December
2014, Mr. Heerwagen served as President of each of Stingray
Pressure Pumping LLC and Stingray Logistics LLC, where he oversaw
their business operations. Mr. Heerwagen holds a Bachelor of
Science degree in Finance from Oklahoma State University. We
believe Mr. Heerwagens corporate strategic planning experience
and his experience in the oil and natural gas industry, in
particular his experience in the oilfield services business
through his prior position with the Stingray entities (which are
now subsidiaries of the Company), qualifies him for service as a
member of the Board.
to the terms of the Investor Rights Agreement that the Company
entered into with Gulfport on October 12, 2016, in connection
with the Companys initial public offering. to Gulfports
employment policies, Mr. Heerwagen has assigned to Gulfport his
right to compensation for his services on the Board. In
connection with Mr. Heerwagens appointment to the Board,
Gulfport, in consideration of the services of Mr. Heerwagen, was
granted restricted stock unit awards for 4,444 shares of our
common stock under our 2016 Equity Incentive Plan. The restricted
stock units will vest in two equal annual installments beginning
on October 19, 2017, provided Mr. Heerwagen is in continuous
service on such dates. Gulfport, as assignee of Mr. Heerwagen and
in consideration of his services to the Company, will also
receive the cash compensation and future equity awards given to
Mr. Heerwagen as a non-employee director for his services on the
Board as disclosed in our final prospectus, filed by us with the
Securities and Exchange Commission on October 17, 2016 in
connection with our initial public offering.
to the Board discussed in Item 5.02 above. A copy of the press
release is attached as Exhibit 99.1 to this Current Report on
Form 8-K.
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Number
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Exhibit
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99.1
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Press release dated January 9, 2017, entitled “Mammoth
Energy Services announces changes to the Board of Directors.” |
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About Mammoth Energy Services, Inc. (NASDAQ:TUSK)
Mammoth Energy Services, Inc. is an integrated oilfield service company. The Company is engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves. The Company’s segments include Contract Land and Directional Drilling Services; Completion and Production Services; Natural Sand Proppant Services, and Remote Accommodation Services. Its Completion and Production Services division provides pressure pumping services, pressure control Services, flowback services and equipment rentals. Its Natural Sand Proppant Services division is engaged in selling, distributing and producing proppant for hydraulic fracturing. Its Contract Land and Directional Drilling Services division provides drilling rigs and crews for operators, as well as rental equipment. Its Remote Accommodation Services division provides housing, kitchen and dining, and recreational service facilities for oilfield workers located in remote areas. Mammoth Energy Services, Inc. (NASDAQ:TUSK) Recent Trading Information
Mammoth Energy Services, Inc. (NASDAQ:TUSK) closed its last trading session 00.00 at 16.86 with 92,969 shares trading hands.
