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BAS > SEC Filings for BAS > Form 8-K on 2-Dec-2013All Recent SEC Filings

Show all filings for BASIC ENERGY SERVICES INC



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 November 25, 2013, Basic Energy Services, Inc. ("Basic") entered into an amendment to an existing employment agreement with James F. Newman, its Senior Vice President, Region Operations. The amendment is effective as of November 1, 2013, contains a new base salary to be paid to Mr. Newman and amends certain provisions in connection with his promotion to his current position.

Pursuant to the amendment, Mr. Newman is entitled to an initial base salary of $400,000. Mr. Newman's employment agreement is effective through December 31, 2014 and will automatically renew for subsequent one-year periods unless notice of termination is properly given by Basic or Mr. Newman. The amendment also sets forth Mr. Newman's duties and responsibilities in his new position and amends provisions relating to the reimbursement by Basic of certain business expenses.

The foregoing description is qualified in its entirety by reference to the full text of the amendment to Mr. Newman's employment agreement, which is attached as Exhibit 10.1 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1 Amendment to Amended and Restated Employment Agreement of James F. Newman, effective November 1, 2013.

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