Chesapeake’s new board member acquires 21,000 shares

For joining the Board of Directors at Chesapeake Energy Corporation this week, Mark A. Edmunds picked up nearly 22,000 shares in stock from the Oklahoma City company.

He will also be paid an annual retainer of $100,000, according to an amended filing made Tuesday by Chesapeake Energy with the Securities Exchange Commission.

Chesapeake announced his appointment to the board on Monday and made an initial filing with the SEC.

It showed Edmunds acquired 21,772 shares at no cost effective August 17, 2018. The filing reflected “zero price” and the shares are under “direct ownership” by Edmunds.

The amended filing with the SEC also indicated Edmunds will receive an annual grant of restricted stock units with a value of approximately $250,000 issued pursuant to the Company’s 2014 Long term Incentive Plan. He will also receive prorated cash and restricted stock unit awards for the remainder of 2018.

Trading of Chesapeake Energy’s shares ended Monday at $4.42 per share, up 11 cents or 2.55%.

Edmunds is a Senior Partner and Vice Chairman at Deloitte LLP and sits on its Board of Directors.

The SEC filing also stated:

“There are no arrangements or understandings between Mr. Edmunds and the Company or any other person pursuant to which Mr. Edmunds was appointed as a director of the Company. Mr. Edmunds is not related to any officer or director of the Company. There are no transactions or relationships between Mr. Edmunds and the Company that would be required to be reported under Item 404(a) of Regulation S-K.”