Company: CRK
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000950170-25-056747
Chunk: 27

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 27
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 reflecting PSUs at maximum payout. The 2019 Plan is our only active equity compensation plan as of April 7, 2025. The closing market price for a share of the Company's common stock as of April 7, 2025 was $17.96 per share.

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Purpose of the 2019 Plan

The purpose of the 2019 Plan is to attract, retain and motivate key participating employees and contract employees and to attract and retain well-qualified members to the Board through the use of incentives based upon the value of common stock. Awards under the 2019 Plan are determined by the compensation committee of the Board, and may be made to our employees, contract employees, and non-employee directors.

Summary of the 2019 Plan

Administration of Plan

The 2019 Plan is administered by the compensation committee, each member of which must be a non-employee director, as defined by Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended. Subject to the provisions of the 2019 Plan, the compensation committee has authority to select employees, contract employees and non-employee directors to receive awards, to determine the time or times of receipt, to determine the types of awards and the number of shares covered by the awards, to establish the terms, conditions, performance criteria, restrictions, and other provisions of such awards, to determine the number and value of performance units awarded and earned and to cancel or suspend awards. The compensation committee is authorized to interpret the 2019 Plan, to establish, amend and rescind any rules and regulations relating to the 2019 Plan, to determine the terms and provisions of any agreements made pursuant to the 2019 Plan and to make all other determinations that may be necessary or advisable for the administration of the 2019 Plan.

The compensation committee may not amend a stock option or stock appreciation right to reduce the exercise or base price of the award. The compensation committee shall not offer a cash buy-out of “underwater” stock options ‎or stock appreciation rights or the cancellation of “underwater” stock options or stock appreciation rights in exchange for new awards, and such actions shall be prohibited.‎ ‎

Eligibility Under the 2019 Plan

Our employees, employees of our subsidiaries and non-employee members of the Board are eligible for awards under the 2019 Plan. If stockholders approve this proposal, contract employees will also be eligible for awards under the