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SD > SEC Filings for SD > Form 8-K on 27-Dec-2011All Recent SEC Filings

Show all filings for SANDRIDGE ENERGY INC



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On December 20, 2011 (the "Effective Date"), SandRidge Energy, Inc. (the "Company") entered into employment agreements (the "New Employment Agreements") with Tom L. Ward, Matthew K. Grubb, James D. Bennett, Todd N. Tipton, and Rodney E. Johnson (collectively, the "Executives"), that amend and restate, effective as of the Effective Date, the previous employment agreements entered into between the Company and each of the Executives (the "Old Employment Agreements"). Except as set forth below, the terms of the New Employment Agreements are similar in all material respects as the terms of the Old Employment Agreements.

Under the terms of his New Employment Agreement, Mr. Ward will receive annual grants of restricted stock with a value of at least $16,250,000 throughout the term of the agreement. Upon a termination other than for cause, death, or disability, in connection with certain change in control events, or failure to appoint Mr. Ward as director, Chairman or Chief Executive Officer, Mr. Ward will receive a lump sum payment equal to the value of the restricted stock that he would have received over the next three years if his employment with the Company had continued, payable, in the Company's discretion, in cash or in shares. In addition, if Mr. Ward is terminated without cause, he will receive his base salary for three years and a cash payment equal to three times his average annual bonus.

Under the terms of their New Employment Agreements, each of Messrs. Grubb, Bennett, Tipton, and Johnson will receive, upon a termination in connection with a change in control event, a lump sum cash payment in amount equal to three times the sum of each of their respective base salary and average annual bonus.

The descriptions above are summaries only and are qualified in their entirety by reference to the Employment Agreements, filed as Exhibits 10.1, 10.2 and 10.3 to this Current Report on Form 8-K and incorporated herein by reference in response to this item.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

10.1    Employment Agreement, effective as of December 20, 2011, between SandRidge
        Energy, Inc. and Tom L. Ward

10.2    Form of Employment Agreement between SandRidge Energy, Inc. and each of
        Matthew K. Grubb, Todd N. Tipton, and Rodney E. Johnson

10.3    Employment Agreement, effective as of December 20, 2011, between SandRidge
        Energy, Inc. and James D. Bennett

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