Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On October 18, 2021, the Board of Directors of CorEnergy Infrastructure Trust,
Inc. (the "Company") appointed Chris Huffman (age 41) to the role of Chief
Accounting Officer, ("CAO"), effective November 9, 2021. Concurrent with the
appointment of Mr. Huffman's assumption of the duties of the Company's CAO on
November 9, Robert L Waldron, Chief Financial Officer will step down as interim
CAO.
Prior to joining the Company, Mr. Huffman served as CAO at Discovery Natural
Resources LLC since October 2012. Discovery is focused on the acquisition,
development and exploration of oil and gas properties in the Permian Basin. Mr.
Huffman previously was a Manager at PricewaterhouseCoopers LLP, serving listed
energy upstream and midstream clients. Mr. Huffman holds a Bachelors of Business
Administration and a Masters of Accountancy from the University of Colorado. He
is a Certified Public Accountant.
Pursuant to the terms of his appointment, the Company has agreed that Mr.
Huffman will be paid an annual base salary of $230,000, as well as an initial
transition bonus of $120,000. Mr. Huffman also will have the opportunity to earn
an annual discretionary short-term cash incentive bonus targeted at 35% of based
salary based on Company and individual performance, is expected to have the
opportunity to participate at a similar level in a future long-term equity
incentive program to be developed by the Company's Board of Directors following
the recent internalization of the Company's management, and will be entitled to
other customary benefits, such as participation in the Company's retirement and
medical and other plans and vacation leave. Apart from these terms of Mr.
Huffman's initial employment, the Company and Mr. Huffman have not yet entered
into any material plan, contract or arrangement in connection with his
appointment as CAO. An amended Form 8-K will be filed if any such further action
is taken.
There are no family relationships between Mr. Huffman and any director or
executive officer of the Company or any person nominated or chosen by the
Company to become a director or executive officer. There are no arrangements or
understandings between Mr. Huffman and any other persons pursuant to which he
was selected as CAO and, apart from his appointment as the Company's new CAO and
the terms of his initial compensation as described above, Mr. Huffman does not
have a direct or indirect interest in any transaction with the Company or any
currently proposed transaction to which the Company is a party.
© Edgar Online, source Glimpses