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.
On November 30, 2016, the Board of Directors of Range Resources Corporation (the “Company”) approved an increase to the size of the Board from ten to eleven members and the appointment of Steffen E. Palko to serve as a director of the Company. Effective the same date, Mr. Palko was appointed to serve on the Compensation Committee of the Board. Mr. Palko’s appointment is in accordance with the Voting Support and Nomination Agreement (the “Agreement”) signed on August 7, 2016 whereby, among other things, the Company and SailingStone Capital Partners LLC, SailingStone Holdings LLC, MacKenzie B. Davis and Kenneth L. Settles Jr. agreed to identify and appoint one new independent director to serve on the Company’s Board. The Agreement was previously filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 8, 2016.
Mr. Palko was co-founder of XTO Energy Inc., serving as President and Vice-Chairman from 1986 to 2005. In addition, he held various technical positions with Southland Royalty Company including Vice President of Reservoir Engineering from 1982 to 1986. Mr. Palko earned his Doctorate in Education Leadership from Texas Christian University and holds a Bachelor of Electrical Engineering from the University of Texas at El Paso.
Family Relationships. No family relationship has ever existed between Mr. Palko and any current director or executive officer of the Company or any person contemplated to become such.
Related Party Transactions. There are no related party transactions between the Company and Mr. Palko reportable under Item. 5.02 of Form 8-K and Item 404(a) of Regulation S-K.
Employment Agreements. As Mr. Palko is a non-employee director, the Company has not entered into an employment agreement with Mr. Palko. Other than being identified as the joint appointee to the Company’s Board to the Agreement, there are no arrangements between Mr. Palko and any other person to which Mr. Palko was selected as a Company director. Mr. Palko will receive the same compensation as the Company’s other non-employee directors. Upon his election as a director, Mr. Palko received an equity grant under the Company’s 2005 Equity Based Compensation Plan consisting of 3,271 shares of restricted stock.
Independence. The Board has determined that Mr. Palko is “independent” under the rules of the New York Stock Exchange and SEC rules.
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. RANGE RESOURCES CORPORATION (NYSE:RRC) Recent Trading Information
RANGE RESOURCES CORPORATION (NYSE:RRC) closed its last trading session up +2.10 at 37.28 with 8,806,904 shares trading hands.