Civeo Corp Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Civeo Corporation on July 19, 2021, reporting corporate governance changes effective August 15, 2021. The company is incorporated in British Columbia, Canada, and its common shares trade on the New York Stock Exchange under the symbol CVEO.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on director appointments and compensation arrangements.
Material Changes
The Board of Directors increased its size to nine members by appointing two new directors:
- Jay Grewal: Appointed as a Class III Director (term expires 2023). She will serve on the Audit Committee and Finance and Investment Committee.
- Michael Montelongo: Appointed as a Class I Director (term expires 2024). He will serve on the Compensation Committee and Nominating and Corporate Governance Committee.
Both individuals will serve as observers at Board meetings prior to their effective date of August 15, 2021.
Compensation and Governance Details
The Board approved standard indemnification agreements and the following compensation packages for the new directors:
- Annual Retainer: $65,000 for Board service for both directors.
- Committee Retainers (Ms. Grewal): $18,000 for the Audit Committee and $13,000 for the Finance and Investment Committee.
- Committee Retainers (Mr. Montelongo): $13,000 for the Compensation Committee and $13,000 for the Nominating and Corporate Governance Committee.
- Equity Awards: Each director received restricted share awards valued at $125,000, based on the closing share price on the grant date of August 15, 2021.
Investor Verification Checklist
- Verify the effective date of the new directors' terms (August 15, 2021) and their specific committee assignments.
- Confirm the total annual cash compensation for each new director including committee retainers.
- Review the valuation of the restricted share awards ($125,000) against the actual closing share price on August 15, 2021.
- Check for any subsequent filings regarding the resignation or replacement of these directors.