8-KLeadership ChangesRegulation FDExhibits & Filings

EXPAND ENERGY Corp 8-K Report, Executive Changes (Sep 1, 2017)

Filed September 1, 2017For Securities:EXEEXEELEXEEWEXEEZ

Summary

Chesapeake Energy Corporation (CHK) announced the appointment of William M. Buergler as Senior Vice President and Chief Accounting Officer, effective August 29, 2017. Mr. Buergler, a licensed CPA with extensive experience in public accounting and prior service within CHK as Vice President - Tax since July 2014, will also serve as the principal accounting officer, a role previously held on an interim basis by the CFO. This appointment brings established internal expertise and external accounting credentials to a critical financial oversight position. The company also disclosed that Mr. Buergler has entered into an employment agreement with an initial term through December 31, 2018, subject to automatic one-year renewals thereafter. His compensation package includes a base salary of $420,000, eligibility for annual cash bonuses (with opportunities ranging from 40% to 160% of base salary), annual equity awards, and standard executive benefits. The agreement also includes one-year non-competition and non-solicitation clauses and subjects his incentive compensation to the company's clawback policies and applicable law. Additionally, CHK will enter into a standard indemnity agreement with Mr. Buergler.

Key Highlights

  • 1William M. Buergler appointed Senior Vice President and Chief Accounting Officer, effective August 29, 2017.
  • 2Mr. Buergler will also serve as the company's principal accounting officer.
  • 3Mr. Buergler has a background as a licensed CPA and prior experience at CHK as VP - Tax since 2014.
  • 4Employment agreement with an initial term through December 31, 2018, with automatic annual renewals.
  • 5Base salary set at $420,000 annually.
  • 6Eligible for annual cash bonuses (40%-160% of base salary) and annual equity compensation.
  • 7Standard executive benefits, non-competition, non-solicitation clauses, and clawback provisions apply.

Frequently Asked Questions

William M. Buergler has been appointed as the new Senior Vice President and Chief Accounting Officer for Chesapeake Energy Corporation. He will also serve as the company's principal accounting officer, taking over from an interim arrangement.

Mr. Buergler's compensation includes an initial annual base salary of $420,000. He is also eligible for annual cash bonuses with opportunities at threshold, target, and maximum levels of 40%, 80%, and 160% of his base salary, respectively. Additionally, he will receive annual equity compensation and other standard executive benefits.

The employment agreement has an initial term that ends on December 31, 2018, and it automatically renews for successive one-year terms unless notice of nonrenewal is given. The agreement includes a one-year non-competition and non-solicitation period following his separation from the company.

Yes, Mr. Buergler is a licensed certified public accountant (CPA) with a significant background in public accounting, including roles as a Partner at Ernst & Young LLP. He has also been employed by Chesapeake Energy since July 2014 as Vice President - Tax.