Business Context and Reporting Period
This Form 8-K Current Report was filed by Flotek Industries, Inc. on August 12, 2008. The filing addresses corporate governance changes, specifically the expansion of the Board of Directors and the appointment of a new director.
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 personnel appointments and compensation arrangements rather than financial performance.
Material Changes
- Board Expansion: The Board of Directors increased its size from six to seven members.
- New Appointment: Mr. Kevin McMahon was elected as a director and appointed as the Chairman of the Audit Committee.
- Compensation Structure: Mr. McMahon's compensation includes an annual Board retainer of $30,000, an annual Audit Committee Chairman retainer of $20,000, a $2,000 fee per Board meeting, and a $1,000 fee per committee meeting.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future financial performance. No risks, contingencies, or unusual items were disclosed in this specific report. The document confirms there are no related party transactions between Mr. McMahon and the Company or its management.
Investor Verification Checklist
- Verify Mr. Kevin McMahon's background and independence status as a financial expert.
- Confirm the total annual compensation cost for the new director role ($50,000 base retainers plus meeting fees).
- Review the attached Press Release (Exhibit 99.1) for any additional context regarding the board expansion.