RANGE RESOURCES CORPORATION (NYSE:RRC) 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.
Consistent with Range Resources Corporation’s (the “Company”) previously announced succession plan, Mr.RogerS.Manny and the Company have entered into a severance agreement to which Mr. Manny will retire from the Company and his position of Executive Vice President and Chief Financial Officer effective on May16,2018 when the Company expects to name Mark Scucchi to the position of Senior Vice President and Chief Financial Officer. In consideration of Mr. Manny’s tenure and service to the Company as well as his development and facilitation of the succession for his position, the Compensation Committee of the Company awarded Mr. Manny a cash severance payment in the amount he would receive in the event of a change in control, such amount equal to 2.5times the sum of his annual salary and the average of his annual bonus for the previous three years.The severance agreement also sets forth usual terms applicable to the departure of an executive of the Company including a release of the Company, provisions protecting the Company’s confidential information and preventing the solicitation of employees of the Company and its subsidiaries.
On March 23, 2018, Mary Ralph Lowe provided notice to the Company that she is retiring from the Board of Directors at its 2018 annual meeting of shareholders. The Company thanks Ms. Lowe for her valuable service and guidance provided to the Board over the last five years.
About RANGE RESOURCES CORPORATION (NYSE:RRC)
Range Resources Corporation is an independent natural gas, natural gas liquids (NGLs) and oil company. The Company operates through the exploration and production of natural gas, NGLs and oil in the United States segment. The Company is engaged in the exploration, development and acquisition of natural gas and oil properties, focused in the Appalachian region of the United States. The Company’s natural gas and oil operations are concentrated in the Appalachian region of the United States, primarily in the Marcellus Shale in Pennsylvania. Its reserves also include the Utica/Point Pleasant, Medina and Upper Devonian formations, which principally produce at depths ranging from 3,500 feet to 11,500 feet. Its other operations include drilling, production and field operations in the Texas Panhandle, as well as in the Anadarko Basin of western Oklahoma, the Nemaha Uplift of Northern Oklahoma and Kansas, the Permian Basin of West Texas and Mississippi.
