Outgoing SandRidge Energy Inc. President Matthew K. Grubb will receive more than $9 million in severance and keep his Oklahoma City Thunder floor seats, according to regulatory documents the Oklahoma City energy company filed with federal regulators Friday.
SandRidge announced Wednesday that Grubb would “resign to pursue other opportunities.” Friday's regulatory filing, however, said Grubb was “terminated without cause.”
A SandRidge spokesman declined to comment Friday.
Under terms of the separation agreement, Grubb will receive more than $9 million in severance and “will be entitled to the use of two of the company's floor tickets and two of the company's lower bowl tickets” for the rest of the season's Thunder home games, including playoffs.
Grubb also agreed to a noncompete clause that bars him for 12 months from oil and natural gas activity in the Mississippi Lime, which is in northern Oklahoma and western Kansas.
SandRidge announced Grubb's departure Wednesday along with the company's settlement with dissident shareholder TPG-Axon Capital.
The agreement ended TPG-Axon's four-month proxy fight two days before the shareholder vote was to be counted.