Business Context and Reporting Period
This Form 8-K Current Report was filed by Oil States International, Inc. on July 26, 2017. The report discloses a corporate governance event regarding the Board of Directors rather than financial performance results.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the appointment of a new director and does not contain financial statements or operational metrics.
Material Changes
The material change reported is the expansion of the Board of Directors. On July 26, 2017, the Board elected Robert "Bob" L. Potter as a new member, increasing the total number of directors to nine. Mr. Potter was appointed as a Class III Director with an initial term expiring at the annual meeting of stockholders in May 2019.
Management Commentary and Risks
The Board determined that Mr. Potter qualifies as an independent director under NYSE listing standards. He has been appointed to the Audit Committee and the Nominating & Corporate Governance Committee. The filing notes there are no understandings or arrangements regarding his selection and no relationships requiring disclosure under Item 404(a) of Regulation S-K. Mr. Potter will receive compensation consistent with other non-management directors.
Investor Verification Checklist
- Verify the new Board composition and the specific committee assignments for Robert L. Potter.
- Review the attached Press Release (Exhibit 99.1) for additional details on the appointment.
- Confirm the compensation structure for non-management directors as outlined in the 2017 Definitive Proxy Statement.
- Note that this filing contains no financial data; refer to the most recent 10-Q or 10-K for financial metrics.