Business Context and Reporting Period
This Form 8-K Current Report was filed by Flotek Industries, Inc. on October 25, 2010. The filing reports a corporate governance event: the election of a new director to the Board of Directors.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and associated compensation.
Material Changes
The primary material change reported is the appointment of Mr. L. Melvin Cooper to the Board of Directors. Mr. Cooper will serve on the Audit Committee and the Corporate Governance and Nominating Committee. He brings extensive experience as a CFO and executive in the energy, construction, and supply chain sectors.
Compensation and Governance Details
- Annual Retainer: $24,000, paid monthly.
- Meeting Fees: $1,800 per Board meeting; $900 per committee meeting.
- Equity Grant: 28,571 shares of restricted stock and options to purchase 28,571 shares at an exercise price of $1.75 per share.
- Related Party Transactions: None disclosed.
Investor Verification Checklist
- Verify the current stock price relative to the $1.75 option exercise price granted to the new director.
- Review the attached Press Release (Exhibit 99.1) for additional context on the Board's strategic direction.
- Confirm the total number of outstanding shares to assess the dilution impact of the 28,571 restricted stock shares and options.
- Check subsequent filings for the formal ratification of the new committee assignments.