Chesapeake extends contract with CEO Lawler while more directors buy up shares

In a handful of new filings with the U.S. Securities Exchange Commission, Oklahoma City-based Chesapeake Energy announced an amended employment agreement with President and CEO Robert D. Lawler.

In effect, the Dec. 31, 2018 agreement extended the term of his existing agreement dated May 20, 2013 until Dec. 31, 2021. His minimum base salary will be $1.3 million annually.

The company also stated in the SEC filing that it entered into new three-year employment agreements with each of its four executive vice presidents: Domenic J. (“Nick”) Dell’Osso, Jr., Executive Vice President and Chief Financial Officer; (2) James R. Webb, Executive Vice President – General Counsel and Corporate Secretary; (3) Frank J. Patterson, Executive Vice President – Exploration and Production; and (4) M. Jason Pigott, Executive Vice President, Operations – Operations and Technical Services.

As explained in the SEC filing, the amended agreements provided for the following salaries:

Executive Officer
Minimum Annual
Base Salary
Robert D. (“Doug”) Lawler
$ 1,300,000
Domenic J. (“Nick”) Dell’Osso, Jr.
$ 725,000
James R. Webb
$ 625,000
Frank J. Patterson
$ 660,000
M. Jason Pigott
$ 575,000
In other SEC filings, the company revealed more acquisitions of company shares by some of its directors. They were made by Leslie S. Keating, Thomas L. Ryan and Gloria R. Boyland.
Keating, a director since 2017 and the Executive Vice President of Supply Chain Strategy and Transformation for Advance Auto Parts, Inc. purchased 11,416 shares. The shares, each valued at $2.19 represented a purchase of $25,000, giving Keating a total of 124,672 shares of the company.
Ryan’s purchased totaled 11,415 shares also at the $2.19 value. It was a purchase of $25,000 in shares, giving him a  total of 574,934 shares personally and another 180,000 in a trust. Ryan has been a director since 2013 and is CEO and Chairman of the Board of Service Corporation International, a provider of death care products and services.
Gloria R. Boyland’s acquisition totaled 5,707 shares valued at the same $2.19 and represented $12,498. She has been a member of the Board since 2016 and is Corporate Vice President of Operations and Service Support at FedEx Corporation.
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