Item 1.02 Termination of a Material Definitive Agreement.
The information set forth in the "Introductory Note" and in Item 2.01 is incorporated by reference into this Item 1.02.
Termination of Credit Agreement
On
Item 2.01 Completion of Acquisition or Disposition of Assets.
The disclosure set forth in the "Introductory Note" above is incorporated into
this Item 2.01 by reference. Pursuant to the Merger, each share of WPX common
stock, par value
The foregoing description of the Merger Agreement and the transactions
contemplated thereby is not complete and is subject to and qualified in its
entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1
to WPX's Current Report on Form 8-K filed on
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
Prior to the completion of the Merger, shares of WPX Common Stock were listed
and traded on the
In addition, WPX intends to file with the
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the Merger, certain executive officers of the Company
(including its current named executive officers) may become entitled to payments
and benefits that may be treated as "excess parachute payments" within the
meaning of Section 280G ("Section 280G") of the Internal Revenue Code of 1986,
as amended (the "Code"). To mitigate the potential impact of Section 280G on the
Company and such named executive officers, effective as of
In addition, pursuant to the Merger Agreement, the performance-based vesting
conditions applicable to restricted stock units ("RSUs") immediately prior to
the Closing Date were treated as having been attained based on actual results
measured using the average closing price of the Company's common stock for the
five trading days ending on the day immediately preceding the Closing Date. In
order to remain exempt from Section 409A of the Code, effective as of the
Closing Date, the Compensation Committee approved an amendment to award
agreements for outstanding RSUs subject to performance-based conditions,
including those held by Messrs. Muncrief, Vann, Gaspar, Guderian and Cameron,
providing that such RSUs will be settled no later than
The foregoing description of the amendment to the performance-based RSU award agreements does not purport to be complete, and such description is qualified in its entirety by reference to the Global Amendment to Performance-Based Restricted Stock Unit Agreements, which is filed hereto as Exhibit 10.1, and is incorporated herein by reference.
By virtue of the Merger, all of the directors of WPX ceased to be directors of WPX and members of any and all committees of WPX's board of directors, effective as of the Effective Time. These actions were not a result of any disagreements with WPX on any matter relating to WPX's operations, policies or practices.
By virtue of the Merger, all of the officers of WPX ceased to hold their respective positions with WPX, effective as of the Effective Time. These actions were not a result of any disagreements with WPX on any matter relating to WPX's operations, policies or practices.
Item 7.01 Regulation FD Disclosure
On
The information in this Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits Exhibit No. Description 2.1 Merger Agreement, dated as ofSeptember 26, 2020 , by and among Devon,East Merger Sub, Inc. and WPX (incorporated by reference to Exhibit 2.1 of WPX's Current Report on Form 8-K, filed with theSecurities & Exchange Commission onSeptember 28, 2020 ). 10.1 Form of Global Amendment to Performance-Based Restricted Stock Unit Agreements. 99.1 Press Release datedJanuary 7, 2021 , announcing completion of merger of equals. 104 Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).
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