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FTK > SEC Filings for FTK > Form 8-K on 21-Apr-2014All Recent SEC Filings

Show all filings for FLOTEK INDUSTRIES INC/CN/

Form 8-K for FLOTEK INDUSTRIES INC/CN/


21-Apr-2014

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 April 15, 2014, Flotek Industries, Inc. (the "Company") and companies controlled by John Chisholm, President, Chief Executive Officer and Chairman of the Board of Directors of the Company (the "Chisholm Companies") entered into the Fifth Amended and Restated Service Agreement, effective as of March 30, 2014 (the "Service Agreement") and the Company and Mr. Chisholm entered into a Letter Agreement, dated April 15, 2014 (the "Letter Agreement") in order to reflect the compensation change previously approved by the Compensation Committee of the Board of Directors of the Company and reported on the Company's Current Report on Form 8-K filed on April 2, 2014.

The Service Agreement amends the Fourth Amended and Restated Service Agreement reported on the Company's Current Report on Form 8-K filed on April 3, 2013 and
(i) increases the compensation payable by the Company to the Chisholm Companies to $30,416.67 semi-monthly (which amount, when combined with the amount under the Letter Agreement described below, results in an annualized salary of $780,000), (ii) provides that Mr. Chisholm, through the Chisholm Companies, will be eligible to receive annual bonuses pursuant to the then applicable Management Incentive Plan of the Company and (iii) extends the term of the Services Agreement until April 30, 2017. Pursuant to the terms of the Letter Agreement, Mr. Chisholm will continue to be paid a semi-monthly salary of $2,083.33 and be eligible to participate in health and life insurance benefits provided by the Company generally to its employees.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number                                 Description

10.1                   Fifth Amended and Restated Service Agreement, dated as of
                       April 15, 2014, between Flotek Industries, Inc., Protechnics
                       II, Inc. and Chisholm Management, Inc.

10.2                   Letter Agreement, dated as of April 15, 2014, between Flotek
                       Industries, Inc. and John Chisholm.


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