Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
FTK > SEC Filings for FTK > Form 8-K on 15-Mar-2013All Recent SEC Filings

Show all filings for FLOTEK INDUSTRIES INC/CN/ | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements and Exh

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 11, 2013, the Compensation Committee of Flotek Industries, Inc. (the "Company") approved an increase in the annual salaries of Steve Reeves, Executive Vice President, Operations of the Company, and Kevin Fisher, Executive Vice President, Global Business Development of the Company, to $355,000 and $340,000 per year, respectively, effective as of March 17, 2013.

On March 13, 2013, the Company and Rich Walton entered into an Employment Agreement (the "Employment Agreement"), effective as of March 13, 2013, pursuant to which Mr. Walton will serve as Executive Vice President and Chief Financial Officer of the Company. Mr. Walton had been serving as Interim Chief Financial Officer of the Company.

The Employment Agreement (i) provides for a term of employment until the earlier of (1) March 31, 2015, (2) Mr. Walton's resignation with or without Good Reason (as defined in the Employment Agreement) or Mr. Walton's death or disability, and (3) termination by the Company with or without Cause (as defined in the Employment Agreement); (ii) provides that, upon termination of Mr. Walton's employment by the Company without Cause or by Mr. Walton with Good Reason prior to the end of the term of employment and subject to the satisfaction of certain other specified conditions, Mr. Walton will be entitled to receive severance compensation in an amount equal to 75% of the sum of his annual base salary and target bonus, payable at the end of each of the nine full calendar months following the execution and effectiveness of a release agreement and in an amount equal to one-ninth of such severance compensation; and (iii) contains certain non-competition and non-solicitation restrictions for a period of 24 months following the date of termination of employment with the Company.

Pursuant to the Employment Agreement, Mr. Walton will earn an annual base salary of $325,000. Additionally, Mr. Walton received 50,000 shares of restricted common stock of the Company pursuant to that certain Restricted Stock Agreement dated as of March 13, 2013 (the "Restricted Stock Agreement"). In addition to the foregoing, Mr. Walton will be entitled to certain other perquisites, including annual bonuses in accordance with the Company's management incentive plan with a target bonus of $195,000 for the 2013 calendar year and reimbursement for certain expenses. The descriptions of the Employment Agreement and Restricted Stock Agreement are qualified in their entirety by reference to the copies thereof filed as Exhibits 10.1 and 10.2 to this Form 8-K, which are incorporated by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

    Exhibit Number                          Description
    10.1             Employment Agreement dated effective March 13, 2013
    10.2             Restricted Stock Agreement dated effective March 13, 2013

  Add FTK to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for FTK - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now

Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.