Unit Corporation (NYSE:UNT) 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 27, 2017, the company announced that Les Austin has been named Senior Vice President and Chief Financial Officer of the company, effective the same day. Mr. Austin, age 51, has over 23 years of energy finance and leadership experience, most recently serving as Senior Vice President and Chief Financial Officer of Cypress Energy Partners, L.P. Previously, from 2008 to 2011, he was the Senior Vice President and Chief Financial Officer of Ram Energy Resources, Inc. In 2011, he was promoted to Chief Operating Officer where he served until his departure in 2012. Before joining Ram Energy Resources, Inc., Mr. Austin was the Vice President of Finance and Chief Financial Officer of Matrix Service Company. He has also held various managerial and financial positions at Flint Energy Construction Co. and Ernst & Young, LLP. Mr. Austin has a bachelor’s degree in accounting from Oklahoma State University and is a Certified Public Accountant.
Mr. Austin will be paid a base salary of $350,000 per year and will be eligible to participate in employee benefits on terms similar to other executive officers, including eligibility for annual bonuses and equity incentives. Mr. Austin will also receive a restricted stock unit award of 10,000 units under the company’s Second Amended and Restated Unit Corporation Stock and Incentive Compensation Plan. That award will vest in three annual equal installments beginning November 27, 2018.
Mr. Austin was not elected to his officer position under any arrangement or understanding between him and any other person. There are no transactions with Mr. Austin that would be reportable under Item 404(a) of Regulation S-K and no family relationships exist between Mr. Austin and any of the directors or officers of the company.
Mr. Austin replaces David T. Merrill, who resigns as Chief Financial Officer and Treasurer of the company and will continue to serve in his previously announced role as the company’s Chief Operating Officer.
Section 9 – Financial Statements and Exhibits.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
99.1 |
Press release datedNovember 27, 2017 |
UNIT CORP ExhibitEX-99.1 2 exhibit991pressreleasenove.htm EXHIBIT 99.1 PRESS RELEASE Exhibit NewsUNIT CORPORATION 8200 South Unit Drive,…To view the full exhibit click here
About Unit Corporation (NYSE:UNT)
Unit Corporation is an oil and natural gas contract drilling company. The Company has operations in the exploration and production and mid-stream areas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling and Mid-Stream. It is primarily engaged in the exploration, development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing and treating of natural gas. Its Oil and Natural Gas operations are carried out by its subsidiary Unit Petroleum Company. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties. Contract Drilling operations are carried out by subsidiary Unit Drilling Company. It drills onshore oil and natural gas wells for its own account, as well as for other oil and natural gas companies. Its Mid-Stream operations are carried out by subsidiary Superior Pipeline Company, L.L.C.
