A Securities Exchange Commission filing by Continental Resources might help explain the $1.6 million sale of company shares by Jack Stark, Continental’s President. It was part of his planned retirement that had been announced in January.
The April 1 filing revealed Stark retired as President on that date and also signed a consulting agreement with the Board of Directors. In January, his successor, Doug Lawler was named. Lawler is a former Chesapeake Energy CEO and Anadarko Petroleum executive.
“The Company is entering into the Consulting Agreement in order assure access to Mr. Stark’s advice and assistance in connection with the transition of his responsibilities to others within the Company,” stated the filing with the Securities and Exchange Commission.
The consulting agreement has a one-year term and under its terms, Stark will be paid an hourly rate of $750. He also agreed to be available to devote an average of two weeks per quarter to performing services for the company. Stark will also be reimbursed for reasonable expenses incurred in performing his contracted services.
The company website indicated Stark had been with Continental Resources since 1992 and was Senior Vice President of Exploration from 1998 to 2014. He was named president and COO in 2014.
Earlier in the week, as OK Energy Today reported, Stark sold 25,000 shares of Continental Resources at a price of $64.22 on March 25. The sale amounted to $1,605,500 for Stark.