DEFA14A 1 d340945ddefa14a.htm DEFINITIVE ADDITIONAL MATERIALS Definitive Additional Materials

 

 

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant  x                            Filed by a Party other than the Registrant  ¨

Check the appropriate box:

 

¨   Preliminary Proxy Statement
¨   Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
¨   Definitive Proxy Statement
x   Definitive Additional Materials
¨   Soliciting Material Pursuant to Rule 14a-12

GMX RESOURCES INC.
(Name of Registrant as Specified in its Charter)
NOT APPLICABLE
(Name of Person(s) Filing Proxy Statement if Other Than Registrant)
Payment of Filing Fee (Check the appropriate box):
x   No fee required
¨   Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
  1)  

Title of each class of securities to which transaction applies:

 

 

   

 

  2)  

Aggregate number of securities to which transaction applies:

 

 

   

 

  3)  

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

 

 

   

 

  4)  

Proposed maximum aggregate value of transaction:

 

 

   

 

  5)   Total fee paid:
   
   

 

¨   Fee paid previously with preliminary materials.
¨   Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
  1)  

Amount Previously Paid:

 

 

   

 

  2)  

Form, Schedule or Registration Statement No.:

 

 

   

 

  3)  

Filing Party:

 

 

   

 

  4)  

Date Filed:

 

 

   

 

 

 

 


On April 25, 2012, the Company sent the following form of email communication in response to certain correspondence from TIAA-CREF and CalPERS:

Mr.             :

We received your correspondence regarding your decision to vote “against” our Board of Directors and Executive Managements recommendation on compensation. I would offer you the following explanation in hopes of [            ] amending your vote to “for” the proposal.

We received majority support for our 2011 Say on Pay / Executive Compensation and the Board is also recommending approval of this year’s say on pay proposal. As part of our investor relations process, we are reaching out to our institutional shareholders to highlight action steps in regards to executive compensation taken by the Company in 2011 and to see if you have additional concerns that we have not addressed. To increase the percentage of “voters” approving this year’s say on pay we have implemented as described on pages 16 and 17 of this year’s proxy statement the following:

 

   

Overall the Board has reduced compensation to the executive management team by 36% over the last year in light of our recent performance.

 

   

Executive management did not receive salary increases in 2011

 

   

Executive management did not receive the discretionary portion of the 2011 incentive award which historically as represented 40% of the award.

 

   

The CEO, President and CFO received a 61% to 74% reduction in their targeted long-term incentive cash award.

 

   

GMXR is located in Oklahoma City which is the home of four Large Cap Oil and Gas companies. Chesapeake, Devon, Continental and Sandridge. We compete for talent in this highly competitive industry and given the size of Oklahoma City and the number of both large and small cap oil and gas companies that have their corporate offices located here it should be described as hypercompetitive.

 

   

The peer group that ISS uses to compare GMXR consists of names that are primarily oil producing companies. GMXR has historically been focused on natural gas production and given the continued decline in natural gas commodity prices and it’s not surprising that GMXR’s shareholder return does not compare favorably.

 

   

We have proactively reached out to our larger shareholders to gain feedback on what steps the Board of Directors should consider when addressing this year’s executive compensation proposals and that feedback did result in the changes I previously outlined.

I hope that this gives you and [            ] some indication as to the proactive steps we have taken to address shareholder concerns while at the same time making sure that we stay competitive in attracting and maintaining top level talent as we transition from primarily a gas producer to an oil producer. Please reach out to me if I can provide any additional information or assistance.

ALAN VAN HORN

Manager, Investor Relations

GMX RESOURCES INC.

GMXR NYSE Listed Company

9400 N. Broadway, Suite 600

Oklahoma City, Oklahoma 73114

Office:    405.600.0711

Direct:    405.254.5839

Cell:        405.823.6766

avanhorn@gmxresources.com

www.gmxresources.com