UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Evolution Petroleum Corporation (the "Company") announced that the Board of Directors has appointed J. Mark Bunch as Chief Operating Officer.
Mr. Bunch, 64, has been providing consulting services to the Company since 2016. From 2020 until he joined the Company, Mr. Bunch was a Senior Vice President and founding partner with Alamo Resources III, LLC. Since 2016, Mr. Bunch has also provided consulting services to upstream energy companies through his wholly-owned firm, Dantoria Energy, LLC. In 2017, he was associated with Camber Energy, Inc. as Senior Vice President, Engineering and Operations. From 2012 to 2016, he was Asset Manager for Davis Petroleum Corp. From 2007 to 2012, he was Chief Operating Officer and founding partner of Mecom Oil, LLC. From 1999 to 2007, he was Vice President for Huddleston & Co., Inc. From 1993 to 1999, he was Engineering Manager for Petrocorp Inc. Prior to 1992, Mr. Bunch was employed by Arco Oil and Gas Company. Mr. Bunch is a registered professional engineer in Texas and earned a B.S. in Petroleum Engineering from Texas A&M University in 1981.
The Company has entered into an offer letter with Mr. Bunch setting forth his compensation terms as Chief Operating Officer, including a base annual salary of $305,000. Additionally, the offer letter provides that on or about February 21, 2023 (the “Effective Date”), Mr. Bunch will be awarded a sign-on bonus consisting of 80,000 restricted shares of the Company’s common stock, vesting on a pro rata basis annually over a period of four years on the anniversary of Mr. Bunch’s Effective Date. The offer letter further provides that Mr. Bunch will be eligible to participate in the Company’s annual short-term incentive plan (“STIP”) and long-term incentive plan (“LTIP”). Eligibility for fiscal 2023 will be prorated for from the Effective Date. Mr. Bunch’s annual STIP award for 2023 will have a target of 75% of his base salary and will be subject to achievement of certain individual and audited performance goals. Mr. Bunch’s annual LTIP award for 2023 will be 100% of his base salary, approximately one-third of which will be time vested shares with the remaining shares subject to performance goals.
Mr. Bunch does not have any family relationship with any director or other executive officer of the Company, or person nominated or chosen by the Company to become a director or executive officer. In addition, there are no transactions in which Mr. Bunch had or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
Exhibit No. | Description |
99.1 | Evolution Petroleum Corporation Press Release dated February 23, 2023. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Evolution Petroleum Corporation (Registrant) | |||
Date: February 23, 2023 | By: | /s/ RYAN STASH | |
Name: | Ryan Stash | ||
Title: | Senior Vice President and Chief Financial Officer | ||