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Why am I receiving this Information Statement?
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| | It is for your information only. The Plan Amendment was approved by written consent of the holders of approximately 51.29% of our voting power. In order to avoid costs, we did not solicit consents from all our stockholders in connection with the approval of the Plan Amendment. Under these circumstances, federal securities laws require us to furnish you with this Information Statement at least 20 calendar days before effecting the Plan Amendment. | |
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Who is Entitled to Notice?
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| | Each holder of outstanding shares of our Common Stock is entitled to notice of the actions to be taken pursuant to the written consent of the stockholders. | |
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Why Did the Company Seek Stockholder Approval?
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| | The approval of the Plan Amendment is required by the terms of the Plan. | |
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What will the Amendment do if Implemented?
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| | The Plan Amendment will increase the shares covered under the Plan from 6,937,425 shares to 10,937,425 shares and extend the date of the Plan’s expiration to February 23, 2032. | |
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Am I being asked to approve the Plan Amendment?
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| | No. The Plan Amendment has already been approved by the holders of a majority of our voting power and the unanimous written consent of our Board. No further stockholder approval of the Plan Amendment is required. | |
Plan Category
|
| |
Number of securities to
be issued upon exercise of outstanding options, warrants and rights (a) |
| |
Weighted-average
exercise price of outstanding options, warrants and rights (b) |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |
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Equity compensation plans approved by
shareholders |
| | | | 937,424 | | | | | $ | 5.34 | | | | | | 1,900,654 | | |
Equity compensation plans not approved
by shareholders |
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
Total
|
| | | | 937,424 | | | | | $ | 5.34 | | | | | | 1,900,654 | | |
| | |
Shares of Common Stock Beneficially Owned(1)
|
| |||||||||
Name of Beneficial Owner
|
| |
Number(2)
|
| |
%
|
| ||||||
Five Percent Stockholders: | | | | | | | | | | | | | |
Yorktown Energy Partners IX, L.P.(3)
|
| | | | 8,959,440 | | | | | | 20.32% | | |
Yorktown Energy Partners X, L.P.(4)
|
| | | | 3,692,881 | | | | | | 8.38% | | |
Yorktown Energy Partners XI, L.P.(5)
|
| | | | 5,587,127 | | | | | | 12.67% | | |
Energy Capital Partners Mezzanine Opportunities
Fund A, LP(6) |
| | | | 4,423,181 | | | | | | 10.03% | | |
Directors and NEOs: | | | | | | | | | | | | | |
Randall W. Atkins(7)
|
| | | | 3,447,728 | | | | | | 7.82% | | |
Christopher L. Blanchard
|
| | | | 554,476 | | | | | | * | | |
Jeremy Sussman
|
| | | | 474,396 | | | | | | * | | |
Bryan H. Lawrence(8)
|
| | | | 18,336,414 | | | | | | 41.59% | | |
Peter Leidel(8)
|
| | | | 18,300,961 | | | | | | 41.51% | | |
Richard M. Whiting
|
| | | | 112,406 | | | | | | * | | |
Patrick C. Graney, III
|
| | | | 174,406 | | | | | | * | | |
C. Lynch Christian III
|
| | | | 75,987 | | | | | | * | | |
David E. K. Frischkorn, Jr.
|
| | | | 31,950 | | | | | | * | | |
E. Forrest Jones
|
| | | | 31,950 | | | | | | * | | |
| | |
Shares of Common Stock Beneficially Owned(1)
|
| |||||||||
Name of Beneficial Owner
|
| |
Number(2)
|
| |
%
|
| ||||||
Aurelia Skipwith Giacometto
|
| | | | 0 | | | | | | * | | |
All directors and current executive officers as a group
(11 persons) |
| | | | 23,301,226 | | | | | | 52.85% | | |
Name and Principal
Position |
| |
Year
|
| |
Salary
($) |
| |
Bonus(1)
($) |
| |
Stock
Awards(2) ($) |
| |
Option
Awards(3) ($) |
| |
Other(4)
($) |
| |
Total
($) |
|
Randall W. Atkins
|
| |
2021
|
| |
600,000
|
| |
(1)
|
| |
2,094,248
|
| |
—
|
| |
11,600
|
| |
(1)
|
|
Chief Executive Officer, Director and Chairman of the Board(5)
|
| |
2020
|
| |
540,000
|
| |
620,000
|
| |
1,350,000
|
| |
—
|
| |
11,400
|
| |
2,521,400
|
|
Jeremy Sussman
Chief Financial Officer |
| |
2021
|
| |
430,000
|
| |
(1)
|
| |
900,526
|
| |
—
|
| |
11,600
|
| |
(1)
|
|
Christopher L. Blanchard
|
| |
2021
|
| |
430,000
|
| |
(1)
|
| |
900,526
|
| |
—
|
| |
11,600
|
| |
(1)
|
|
Chief Operating Officer
|
| |
2020
|
| |
378,000
|
| |
435,000
|
| |
567,000
|
| |
—
|
| |
11,400
|
| |
1,391,400
|
|
| | |
Option Awards
|
| |
Stock Awards
|
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Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price($) |
| |
Option
Expiration Date |
| |
Number of Shares or
Units of Stock That Have Not Vested(#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested($)(1) |
| ||||||||||||||||||
Randall W. Atkins
|
| | | | 468,712 | | | | | | — | | | | | | 5.34 | | | | | | 08/31/2026 | | | | | | 1,148,929 | | | | | | 15,625,434 | | |
Jeremy Sussman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 468,146 | | | | | | 6,366,786 | | |
Christopher L. Blanchard
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 487,344 | | | | | | 6,627,878 | | |
Executive Group
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 438,276 | | | | | | 5,960,554 | | |
Non-Executive Director Group
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-Executive Officer Employee Group
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 529,379 | | | | | | 7,199,554 | | |
Grant Date
|
| |
Type of
Stock Award |
| |
Vesting
Date |
| |
Atkins
|
| |
Sussman
|
| |
Blanchard
|
| ||||||||||||
1/29/2019
|
| |
Stock Award
|
| | | | 6/30/2022 | | | | | | 228,520 | | | | | | 73,126 | | | | | | 95,980 | | |
12/10/2019
|
| |
Stock Award
|
| | | | 6/30/2022 | | | | | | — | | | | | | 3,656 | | | | | | — | | |
2/18/2020
|
| |
Stock Award
|
| | | | 6/30/2023 | | | | | | 441,176 | | | | | | 185,294 | | | | | | 185,294 | | |
2/16/2021
|
| |
Stock Award
|
| | | | 6/30/2024 | | | | | | 479,233 | | | | | | 206,070 | | | | | | 206,070 | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Stock Awards(1)
($) |
| |
Total
($) |
| |||||||||
Richard M. Whiting
|
| | | | 150,000 | | | | | | 139,622 | | | | | | 289,622 | | |
Patrick C. Graney, III
|
| | | | 150,000 | | | | | | 139,622 | | | | | | 289,622 | | |
C. Lynch Christian, III
|
| | | | 150,000 | | | | | | 139,622 | | | | | | 289,622 | | |
Bruce E. Cryder(2)
|
| | | | 72,083 | | | | | | 139,622 | | | | | | 211,705 | | |
David E. K. Frischkorn, Jr.
|
| | | | 143,145 | | | | | | 139,622 | | | | | | 282,767 | | |
E. Forrest Jones, Jr.
|
| | | | 143,145 | | | | | | 139,622 | | | | | | 282,767 | | |
Jennifer Gray(3)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
Mahmud Riffat(3)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
Bryan H. Lawrence
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
Tyler Reeder(4)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |
Peter Leidel
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | |