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Name
|
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Age
(as of April 5, 2024) |
| |
Position with the Company
|
|
| Deborah G. Adams | | |
63
|
| | Director | |
| James E. Craddock | | |
65
|
| | Director | |
| Patrice Douglas | | |
61
|
| | Director | |
| Christopher W. Hamm | | |
57
|
| | Director (Chairman) | |
| Vidisha Prasad | | |
43
|
| | Director | |
| Todd R. Snyder | | |
61
|
| | Director | |
| Martyn Willsher | | |
46
|
| | President & CEO and Director | |
|
Name
|
| |
Age
(as of April 5, 2024) |
| |
Position with the Company
|
|
| Eric Dulany | | |
48
|
| | Vice President and Chief Accounting Officer | |
|
Daniel Furbee
|
| |
41
|
| | Senior Vice President and Chief Operating Officer | |
| Tony Lopez | | |
43
|
| | Senior Vice President, Engineering and Exploitation | |
|
Eric M. Willis
|
| |
45
|
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Senior Vice President, General Counsel and Corporate Secretary
|
|
| James Frew | | |
46
|
| | Senior Vice President and Chief Financial Officer | |
|
Martyn Willsher
|
| |
46
|
| | President and Chief Executive Officer | |
|
Director Age
(Average: 56.6 Years) |
| |
Director Tenure
(Average: 3.0 Years) |
| |
Director Gender
(43% Women) |
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Board Refreshment and Independence
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All members of our Board, other than our CEO, are independent
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Independent Board Chair, separate from the CEO
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Independent committee chairs, with all committee members independent
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Three of our seven directors (43% of our Board) are women
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Average director tenure of three years
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In total, six new directors added to the Board within the last three years, three of which are diverse
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Stockholder Rights and Accountability Features
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Majority vote standard for director nominees in uncontested elections
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Declassified Board, with all directors standing for election annually
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Stockholders have the ability to take action by written consent and call special meetings
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Clawback policy compliant with the SEC’s and NYSE’s adopted final rules that applies in the event that the Company is required to prepare an accounting restatement of its financial statements due to the Company’s material noncompliance with any financial reporting requirement under applicable securities laws
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Stock ownership guidelines for our directors and executive officers
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Insider trading policy prohibiting hedging and pledging by directors and executive officers
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| | | | The Audit Committee of Amplify Energy Corp. | |
| | | |
Todd R. Snyder, Chair
Patrice Douglas Randal T. Klein Vidisha Prasad |
|
Name
|
| |
Position with the Company(1)
|
|
Martyn Willsher | | | President and Chief Executive Officer | |
James Frew | | | Senior Vice President & Chief Financial Officer | |
Daniel Furbee | | | Senior Vice President & Chief Operating Officer | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Stock
Awards ($)(3) |
| |
Non-equity
Incentive Plan Compensation(4) |
| |
All Other
Compensation ($)(5) |
| |
Total ($)
|
| |||||||||||||||||||||
Martyn Willsher
President and Chief Executive Officer |
| | | | 2023 | | | | | | 517,692 | | | | | | 127,920 | | | | | | 1,344,002 | | | | | | 392,080 | | | | | | 19,800 | | | | | | 2,401,494 | | |
| | | 2022 | | | | | | 471,154 | | | | | | 313,500 | | | | | | 591,345 | | | | | | 186,500 | | | | | | 18,300 | | | | | | 1,580,799 | | | ||
James Frew
Senior Vice President & Chief Financial Officer |
| | | | 2023 | | | | | | 252,000 | | | | | | 62,681 | | | | | | 985,940 | | | | | | 192,119 | | | | | | 15,120 | | | | | | 1,507,860 | | |
Daniel Furbee
Senior Vice President & Chief Operating Officer |
| | | | 2023 | | | | | | 280,000 | | | | | | 62,681 | | | | | | 985,940 | | | | | | 192,119 | | | | | | 15,960 | | | | | | 1,536,700 | | |
Name
|
| |
Grant Date Fair Value
Assuming Maximum Performance ($) |
| |||
Mr. Willsher
|
| | | | 1,687,999 | | |
Mr. Frew
|
| | | | 1,243,870 | | |
Mr. Furbee
|
| | | | 1,243,870 | | |
|
What We Do
|
| |
What We Do Not Do
|
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Award majority of NEO compensation as performance-based, at-risk compensation
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No excessive perquisites
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Cap maximum payout opportunities for short- and long-term incentive compensation
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No excise tax gross-ups upon a change of control
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Majority of annual incentive goals tied to quantitative metrics
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No hedging of Company stock permitted
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Cap PSUs at target if Amplify’s total shareholder return is negative over the performance period
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No single-trigger change-in-control benefits
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Maintain a clawback policy in the event of a financial restatement
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Maintain robust stock ownership guidelines
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Maintain anti-hedging and anti-pledging policies
|
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Engage an independent, external compensation consultant
|
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Chief Executive Officer
|
| |
Other Named Executive Officers
|
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Compensation Peer Group
|
| ||||||
| Battalion Oil Corporation | | |
Riley Exploration Permian, Inc.
|
| | VAALCO Energy, Inc. | |
| Berry Corporation | | | Ring Energy, Inc. | | | W&T Offshore, Inc. | |
| Gran Tierra Energy Inc. | | | SandRidge Energy, Inc. | | | | |
| Ranger Oil Corporation | | | SilverBow Resources, Inc. | | | | |
Name
|
| |
2022
|
| |
2023
|
| |
% Increase
(2022 – 2023) |
| |||||||||
Mr. Willsher
|
| | | $ | 500,000 | | | | | $ | 520,000 | | | | | | 4.0 | | |
Mr. Frew
|
| | | $ | — | | | | | $ | 364,000 | | | | | | — | | |
Mr. Furbee
|
| | | $ | — | | | | | $ | 364,000 | | | | | | — | | |
Performance Metric
|
| |
Threshold
(50%) |
| |
Target
(100%) |
| |
Maximum
(150%) |
| |
Weight
|
| |
Actual
Performance |
| |||||||||||||||
Average daily production (Mboe/d)
|
| | | | 17.5 | | | | | | 21.0 | | | | | | 24.5 | | | | | | 15% | | | | | | 13.8% | | |
Leverage (net debt / EBITDA)
|
| | | | 1.6x | | | | | | 1.3x | | | | | | 1.0x | | | | | | 15% | | | | | | 22.0% | | |
Reported free cash flow ($ MM)
|
| | | $ | 30.0 | | | | | $ | 46.7 | | | | | $ | 57.0 | | | | | | 15% | | | | | | 11.1% | | |
Lease operating expense and capital expenditures
($ MM) |
| | | $ | 205.0 | | | | | $ | 180.0 | | | | | $ | 155.0 | | | | | | 10% | | | | | | 11.6% | | |
Cash general and administrative expense ($ MM)
|
| | | $ | 30.0 | | | | | $ | 27.0 | | | | | $ | 24.0 | | | | | | 10% | | | | | | 11.0% | | |
ESG – Injuries (3-year average improvement) (#)
|
| | | | 2.0 | | | | | | 1.5 | | | | | | 1.0 | | | | | | 5% | | | | | | 0.0% | | |
ESG – Spill rate (3-year average improvement) (#)
|
| | | | 32.8 | | | | | | 24.6 | | | | | | 16.4 | | | | | | 5% | | | | | | 5.9% | | |
Performance Metric
|
| |
Threshold
(50%) |
| |
Target
(100%) |
| |
Maximum
(150%) |
| |
Weight
|
| |
Actual
Performance |
| ||||||
ESG – Discretion (%)
|
| | | | | | | | | | | | | 5% | | | | | | 4.6% | | |
Compensation Committee discretion (%)
|
| | | | | | | | | | | | | 20% | | | | | | 20.0% | | |
Total
|
| | | | | | | | | | | | | | | | | | | 100.0% | | |
|
Performance Metric
|
| |
Weight
|
| |||
Reported free cash flow ($MM)
|
| | | | 30% | | |
Average daily production (oil) (Mboe/d)
|
| | | | 20% | | |
Average daily production (natural gas / NGLs) (Mboe/d)
|
| | | | 5% | | |
Lease operating expense and capital expenditures ($MM)
|
| | | | 20% | | |
Cash general and administrative expense ($MM)
|
| | | | 10% | | |
ESG – Total recordable incident rate (3-year average improvement)
|
| | | | 5% | | |
ESG – Spill rate (3-year average improvement)
|
| | | | 5% | | |
ESG – Strategy (%)
|
| | | | 5% | | |
Total
|
| | | | 100% | | |
Name
|
| |
Grant Date
|
| |
Number of Shares
or Units of Stock That Have Not Vested (#) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested ($)(1) |
| |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) |
| |||||||||||||||
Martyn Willsher
|
| | | | 2/1/2023(2) | | | | | | — | | | | | | — | | | | | | 56,117 | | | | | | 332,774 | | |
| | | 2/1/2023(3) | | | | | | 56,117 | | | | | | 332,774 | | | | | | — | | | | | | — | | | ||
| | | 2/1/2022(2) | | | | | | — | | | | | | — | | | | | | 120,192 | | | | | | 712,739 | | | ||
| | | 2/1/2022(3) | | | | | | 40,064 | | | | | | 237,580 | | | | | | — | | | | | | — | | | ||
| | | 4/1/2021(4) | | | | | | — | | | | | | — | | | | | | 62,146 | | | | | | 368,526 | | | ||
| | | 4/1/2021(5) | | | | | | 20,715 | | | | | | 122,840 | | | | | | — | | | | | | — | | | ||
James Frew
|
| | | | 4/17/2023(2) | | | | | | — | | | | | | — | | | | | | 55,829 | | | | | | 331,066 | | |
| | | 4/17/2023(3) | | | | | | 55,829 | | | | | | 331,066 | | | | | | — | | | | | | — | | | ||
Daniel Furbee
|
| | | | 4/17/2023(2) | | | | | | — | | | | | | — | | | | | | 55,829 | | | | | | 331,066 | | |
| | | 4/17/2023(3) | | | | | | 55,829 | | | | | | 331,066 | | | | | | — | | | | | | — | | |
Name
|
| |
Involuntary
Termination (Non-Change in Control) ($)(1)(2) |
| |
Termination
upon Death or Disability ($)(3) |
| |
Involuntary
Termination in Connection with a Change in Control ($)(4)(5) |
| |||||||||
Martyn Willsher | | | | | | | | | | | | | | | | | | | |
Cash Severance
|
| | | | 1,560,000 | | | | | | 520,000 | | | | | | 2,600,000 | | |
Accelerated Equity Compensation(5)
|
| | | | 1,550,394 | | | | | | — | | | | | | 2,046,427 | | |
Health and Welfare Benefits
|
| | | | 29,996 | | | | | | — | | | | | | 29,996 | | |
Total
|
| | | | 3,140,390 | | | | | | 520,000 | | | | | | 4,676,423 | | |
James Frew | | | | | | | | | | | | | | | | | | | |
Cash Severance
|
| | | | 982,800 | | | | | | 254,800 | | | | | | 1,237,600 | | |
Accelerated Equity Compensation
|
| | | | 405,007 | | | | | | — | | | | | | 662,132 | | |
Health and Welfare Benefits
|
| | | | 29,996 | | | | | | — | | | | | | 29,996 | | |
Total
|
| | | | 1,417,803 | | | | | | 254,800 | | | | | | 1,929,728 | | |
Name
|
| |
Involuntary
Termination (Non-Change in Control) ($)(1)(2) |
| |
Termination
upon Death or Disability ($)(3) |
| |
Involuntary
Termination in Connection with a Change in Control ($)(4)(5) |
| |||||||||
Daniel Furbee | | | | | | | | | | | | | | | | | | | |
Cash Severance
|
| | | | 982,800 | | | | | | 254,800 | | | | | | 1,237,600 | | |
Accelerated Equity Compensation
|
| | | | 405,007 | | | | | | — | | | | | | 662,132 | | |
Health and Welfare Benefits
|
| | | | 29,996 | | | | | | — | | | | | | 29,996 | | |
Total
|
| | | | 1,417,803 | | | | | | 254,800 | | | | | | 1,929,728 | | |
Year
|
| |
Summary
Compensation Table Total for PEO(1) ($) |
| |
Compensation
Actually Paid to PEO(1)(2) ($) |
| |
Average
Summary Compensation Table Total for Non-PEO NEOs(3) ($) |
| |
Average
Compensation Actually Paid to Non-PEO NEOs(3)(2) ($) |
| |
Value of Initial
Fixed $100 Investment Based On: |
| |
Net Income
(Loss) (in Thousands)(5) ($) |
| ||||||||||||||||||
|
Total Shareholder
Return(4) ($) |
| |||||||||||||||||||||||||||||||||||
2023
|
| | | $ | 2,401,494 | | | | | $ | 995,765 | | | | | $ | 1,522,280 | | | | | $ | 1,255,976(6) | | | | | $ | 67.46 | | | | | $ | 392,750 | | |
2022
|
| | | $ | 1,580,799 | | | | | $ | 2,909,862 | | | | | $ | 968,111 | | | | | $ | 1,765,553 | | | | | $ | 182.64 | | | | | $ | 57,875 | | |
2021
|
| | | $ | 881,868 | | | | | $ | 860,111 | | | | | $ | 717,643 | | | | | $ | 703,957 | | | | | $ | 137.40 | | | | | $ | (32,070) | | |
| | |
PEO
|
| |
Average
Non-PEO NEOs |
| ||||||
Total Compensation Reported in 2023 Summary Compensation Table
|
| | | $ | 2,401,494 | | | | | $ | 1,522,280 | | |
Less, Grant Date Fair Value of Stock & Option Awards Reported in the 2023 Summary Compensation Table
|
| | | $ | (1,344,002) | | | | | $ | (985,940) | | |
Plus, Year-End Fair Value of Awards Granted in 2023 that are Outstanding and Unvested
|
| | | $ | 723,348 | | | | | $ | 719,636 | | |
Plus, Change in Fair Value of Awards Granted in Prior Years that are
Outstanding and Unvested (From Prior Year-End to Year-End) |
| | | $ | (881,124) | | | | | $ | — | | |
Plus, Vesting Date Fair Value of Awards Granted in 2023 that Vested in 2023
|
| | | $ | — | | | | | $ | — | | |
Plus, Change in Fair Value of Awards Granted in Prior Years that Vested in 2023 (From Prior Year-End to Vesting Date)
|
| | | $ | 96,049 | | | | | $ | — | | |
Less, Prior Year-End Fair Value of Awards Granted in Prior Years that Failed to Vest in 2023
|
| | | $ | — | | | | | $ | — | | |
Plus, Dollar Value of Dividends or other Earnings Paid on Stock & Option Awards in 2023 prior to Vesting (if not reflected in the fair value of such award or included in Total Compensation for 2023)
|
| | | $ | — | | | | | $ | — | | |
Total Adjustments
|
| | | $ | (1,405,729) | | | | | $ | (266,304) | | |
Compensation Actually Paid for Fiscal Year 2023
|
| | | $ | 995,765 | | | | | $ | 1,255,976 | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(1) |
| |
Stock
Awards ($)(2) |
| |
Total
($) |
| |||||||||
Deborah G. Adams
|
| | | $ | 93,750 | | | | | $ | 125,000 | | | | | $ | 218,750 | | |
James E. Craddock
|
| | | $ | 73,125 | | | | | $ | 187,500 | | | | | $ | 260,625 | | |
Patrice Douglas
|
| | | $ | 81,250 | | | | | $ | 125,000 | | | | | $ | 206,250 | | |
Christopher W. Hamm
|
| | | $ | 175,000 | | | | | $ | 175,000 | | | | | $ | 350,000 | | |
Randal T. Klein
|
| | | $ | 18,750 | | | | | $ | 125,000 | | | | | $ | 143,750 | | |
Vidisha Prasad
|
| | | $ | 18,750 | | | | | $ | 92,466 | | | | | $ | 111,216 | | |
Todd R. Snyder
|
| | | $ | 100,000 | | | | | $ | 125,000 | | | | | $ | 225,000 | | |
Name of Beneficial Owner(1)
|
| |
Shares of
Common Stock Beneficially Owned(2) |
| |
Percentage of
Outstanding(3) |
| ||||||
BlackRock, Inc.(4)
|
| | | | 2,515,369 | | | | | | 6.35% | | |
The Vanguard Group(5)
|
| | | | 2,264,005 | | | | | | 5.72% | | |
Deborah G. Adams
|
| | | | 32,884 | | | | | | *% | | |
James E. Craddock
|
| | | | — | | | | | | —% | | |
Patrice Douglas
|
| | | | 41,218 | | | | | | *% | | |
Eric Dulany
|
| | | | 20,911 | | | | | | *% | | |
Christopher W. Hamm
|
| | | | 140,663 | | | | | | *% | | |
Randal T. Klein
|
| | | | — | | | | | | —% | | |
James Frew
|
| | | | 20,300 | | | | | | *% | | |
Daniel Furbee
|
| | | | 20,300 | | | | | | *% | | |
Anthony W. Lopez
|
| | | | 92,262 | | | | | | *% | | |
Vidisha Prasad
|
| | | | — | | | | | | —% | | |
Todd R. Snyder
|
| | | | 64,339 | | | | | | *% | | |
Eric M. Willis
|
| | | | 155,919 | | | | | | *% | | |
Martyn Willsher
|
| | | | 186,507 | | | | | | *% | | |
All Executive Officers and Current Directors as a Group (13 persons)
|
| | | | 775,303 | | | | | | 1.96% | | |
| | |
2023
|
| |
2022
|
| ||||||
Audit fees(1)
|
| | | $ | 1,255,000 | | | | | $ | 1,150,000 | | |
Audit-related fees(2)
|
| | | | 72,704 | | | | | | 67,997 | | |
Tax fees(3)
|
| | | | 240,210 | | | | | | 100,984 | | |
All other fees(4)
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | 1,567,914 | | | | | $ | 1,318,981 | | |
|
Total number of full value awards outstanding (includes restricted stock, restricted stock units
(RSUs) and performance share units (PSUs))(1) |
| | | | 2,243,437 | | |
|
Total number of shares remaining available for future grant under the Equity Incentive
Plan(2) |
| | | | 0 | | |
|
Total number of shares of common stock outstanding as of February 20, 2024
|
| | | | 39,147,205 | | |
Name and Position
|
| |
Dollar Value
($)(1) |
| |
Number of Units(1)(2)
|
| ||||||
Martyn Willsher
President and Chief Executive Officer |
| | | $ | 1,040,000 | | | | | | 170,685(3) | | |
James Frew
Senior Vice President & Chief Financial Officer |
| | | $ | 546,000 | | | | | | 89,610(4) | | |
Daniel Furbee
Senior Vice President & Chief Operating Officer |
| | | $ | 546,000 | | | | | | 89,610(5) | | |
Executive Group(7)
|
| | | $ | 3,234,000 | | | | | | 530,768(6) | | |
Non-Executive Director Group
|
| | | $ | — | | | | | | — | | |
Non-Executive Officer Employee Group
|
| | | $ | 2,670,282 | | | | | | 438,273 | | |
Plan Category
|
| |
Number of
Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights |
| |
Weighted-
Average Exercise Price of Outstanding Options, Warrants and Right |
| |
Number of
Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) |
| |||||||||
| | |
(a)(1)
|
| |
(b)
|
| |
(c)(2)
|
| |||||||||
Equity Compensation Plans Approved by our Security Holders
|
| | | | 2,136,860 | | | | | $ | — | | | | | | 857,177 | | |
Equity Compensation Plans Not Approved by Our Security
Holders |
| | | | — | | | | | $ | — | | | | | | — | | |
Total
|
| | | | 2,136,860 | | | | | $ | — | | | | | | 857,177 | | |