x

Posted 07 September, 2021

GULFPORT ENERGY CORP appointed Mr. Cutt as new CEO

NYSE:GPOR appointed new Chief Executive Officer Mr. Cutt in a 8-K filed on 07 September, 2021.


  On September 2, 2021, Gulfport Energy Corporation (the "Company") and Timothy Cutt agreed that, effective immediately, Mr. Cutt will fully assume the role of the Company's Chief Executive Officer, dropping the "Interim" designation from his title.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of GULFPORT ENERGY CORP
Companies on the Energy Service • Upstream Oil & Gas
Gulfport Energy Corp. is an independent oil natural gas exploration and production company. The firm focuses on the exploration, exploitation, acquisition and production of natural gas, liquids, and crude oil in the United States. Its principal producing properties located along the Louisiana Gulf Coast. The company was founded in July 1997 and is headquartered in Oklahoma City, OK.
Market Cap
$2.60B
View Company Details
GULFPORT ENERGY CORP by TradingView
Relevant filing section
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Chief Executive Officer Agreement Amendment


On September 2, 2021, Gulfport Energy Corporation (the "Company") and Timothy Cutt agreed that, effective immediately, Mr. Cutt will fully assume the role of the Company's Chief Executive Officer, dropping the "Interim" designation from his title.


The Company and Mr. Cutt are party to a letter agreement, effective May 17, 2021, that sets forth the terms and conditions of Mr. Cutt's employment as Interim Chief Executive Officer of the Company (the "CEO Agreement"). In connection with Mr. Cutt's new role as Chief Executive Officer of the Company, the Company and Mr. Cutt have entered into an amendment to the CEO Agreement (the "Amendment"). The Amendment was approved by the Board of Directors of the Company and is effective as of September 2, 2021.


Pursuant to the Amendment, the employment term of the CEO Agreement was extended to provide an indefinite term, subject to either party's ability to terminate Mr. Cutt's employment at any time. In addition, the Amendment also removes the potential cash payments previously provided under the CEO Agreement to be paid on the occurrence of a "Change of Control" (as defined in the Company's 2021 Stock Incentive Plan) on or prior to May 17, 2022, and provides for a severance payment upon a termination of Mr. Cutt's employment by the Company without "Cause" (as defined in the CEO Agreement) following a Change of Control, subject to his execution and non-revocation of a release of claims in favor of the Company, in an amount equal to three times the sum of Mr. Cutt's (x) then-current base salary plus (y) target bonus for the year in which such termination occurs, payable in a lump sum on the sixtieth day following such termination. Such severance is subject to forfeiture and clawback if Mr. Cutt breaches any of the restrictive covenants contained in the CEO Agreement.


The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference, and to the text of the CEO Agreement, which was filed as Exhibit 10.4 to the Company's Current report on Form 8-K filed on May 17, 2021.