UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Creek Road Miners, Inc. (the “Company”) entered into an employment agreement signed July 8, 2022 but effective as of May 1, 2022 with John D. Maatta, its Co-Chief Executive Officer. Subject to the amendments described below, the agreement has a term of two years with renewal terms of one year. Mr. Maatta’s base salary is $200,000 annually, payable in shares of Series A Cumulative Convertible Preferred Stock (“Preferred Stock”), subject to adjustments and bonuses.
On July 7 and July 8, 2022, the Company entered into amendments to its employment agreements with each of each of John D. Maatta, Scott D. Kaufman (the Company’s Co-Chief Executive Officer), Paul L. Kessler (the Company’s Executive Chairman) and Scott A. Sheikh (the Company’s General Counsel and Chief Operating Officer).
The amendments to each of Mr. Kessler’s, Mr. Kaufman’s and Mr. Maatta’s employment agreements (i) decrease the annual base salary payable thereunder in shares of Preferred Stock from $250,000.00 to $200,000.00 per year, as of May 1, 2022, (ii) reduce the percentage of shares payable as an up-listing bonus from 5% to 3.33% of the fully-diluted shares of the Company’s common stock and (iii) permit immediate termination of the respective employment agreements upon a change of control, provided that the Company’s obligations to pay any up-listing bonuses and accrued vacation time will survive termination.
The amendment to Mr. Sheikh’s employment agreement permits immediate termination upon a change of control, provided that any accrued vacation time shall remain payable following such termination.
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SIGNATURES
Pursuant to the requirement of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Creek Road Miners, Inc. | ||
| a Delaware corporation | ||
| Dated: July 13, 2022 | By: | /s/ John D. Maatta |
| John D. Maatta | ||
| Co-Chief Executive Officer | ||
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