8-KLeadership ChangesRegulation FDExhibits & Filings

EXPAND ENERGY Corp 8-K Report, Executive Changes (Jan 31, 2013)

Filed January 31, 2013For Securities:EXEEXEELEXEEWEXEEZ

Summary

EXPAND ENERGY Corp (EXE) filed this 8-K on January 31, 2013, to disclose significant executive changes. The most critical piece of information is the planned retirement of its Chief Executive Officer, President, and a director, Aubrey K. McClendon, effective by April 1, 2013, or upon the appointment of a successor. This transition marks the end of an era for the company, with Mr. McClendon having a substantial impact on its trajectory. Investors should note that Mr. McClendon's departure will be considered a termination without cause, entitling him to specific termination compensation and benefits as outlined in his employment agreement. This includes a base salary and bonus totaling $975,000 and $1,950,000 respectively, payable over the remaining four years of his agreement. The company also issued a press release on January 29, 2013, to announce this retirement, which is attached as an exhibit to this filing.

Key Highlights

  • 1Aubrey K. McClendon, CEO, President, and Director, has agreed to retire.
  • 2Mr. McClendon will continue in his roles until April 1, 2013, or until a successor is appointed.
  • 3His departure will be treated as a termination without cause under his existing employment agreement.
  • 4Mr. McClendon is entitled to specific termination compensation and benefits.
  • 5His compensation includes a base salary of $975,000 and a bonus of $1,950,000, payable over four years.
  • 6The company issued a press release on January 29, 2013, to announce Mr. McClendon's retirement.

Frequently Asked Questions

Aubrey K. McClendon is the Chief Executive Officer, President, and a director of EXPAND ENERGY Corp. His departure is significant as he is a key executive, and his retirement marks a major leadership transition for the company.

Mr. McClendon will continue to serve in his capacities until the earlier of April 1, 2013, or the date when his successor is appointed.

His departure will be considered a termination without cause, and he will be entitled to termination compensation and benefits as per his employment agreement. This includes a base salary of $975,000 and a bonus of $1,950,000, which will be paid over the remaining four years of his agreement.

Yes, on January 29, 2013, the company issued a press release announcing Mr. McClendon's retirement. A copy of this press release is attached as an exhibit to this 8-K filing.