A week after he was named the new President and Chief Executive Officer at Oklahoma City’s SandRidge Energy, Carl Giesler was awarded 1 million shares in the company.
A filing with the Securities and Exchange Commission on Monday revealed the awarding of the shares to Giesler in the form of direct ownership.
” Each restricted stock unit represents a contingent right to receive one share of SD common stock,” explained the SEC filing by SandRidge.
The company also stated that, “The restricted stock units will vest in three equal annual installments beginning April 6, 2021.”
Giesler, the former CEO of Texas-based Jones Energy was appointed the company’s new President last week and replaced John Suter who took over temporary duties late last year and will remain as the SandRidge Chief Operating Officer.
SandRidge also announced a suspension of drilling activities and its remaining 2020 capital expenditures budget. It also suggested that employee reductions might be coming but no timeline was revealed.
“Planned further actions, including salary and additional personnel reductions, will deepen the savings detailed on the Company’s recent February earnings call,” stated the announcement.
Source: SEC