Prairie CEO Kovalik resigns, President Hanna retires; Frommer named Interim CEO, Thoresen Chairman

Prairie Operating Co.

Edward Kovalik resigns as CEO and Chairman, Gary Hanna retires as President and director, effective March 2, 2026.
Richard N. Frommer appointed Interim President and CEO; Erik Thoresen appointed Chairman of the Board.
Kovalik receives $2.53M severance (1.5x base+bonus), $750K 2025 bonus, and accelerated RSU vesting; performance RSUs forfeited.
Hanna receives $675K 2025 bonus, accelerated time-based RSUs, and retains performance RSUs through performance period.
Both assign overriding royalty interests in Genesis/Exok assets and agree to vote shares with Board recommendation for 3 years.

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