Details of Gulfport Energy’s hiring of John Reinhart as the Oklahoma City company’s new Chief Executive Officer were revealed this week in a filing with the Securities and Exchange Commission.
As part of his agreement to become CEO effective Jan. 24 of this year, Reinhart will be paid an annual salary of $785,000 and eligibility for an annual performance-based cash bonus equivalent to 120% of his base salary.
Gulfport announced the naming of Reinhart last week and said Timothy Cutt resigned as CEO and remained as Executive Chairman of the company.
Reinhart will also receive an initial equity award with a target value equal to approximately $4,250,000 according to the company filing with the SEC. It stated that Reinhart will receive 40% in the form of time-based restricted stock units and 60% in the form of performance-based restricted stock units.
