Business Context and Reporting Period
This Form 8-K filing by Flotek Industries, Inc. (Delaware) covers the date of September 22, 2008. The report details a corporate governance change involving 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 and compensation arrangements rather than financial performance.
Material Changes
- Board Expansion: The Board of Directors increased its size from seven to eight members.
- New Appointment: Mr. James R. Massey was elected as a director and assigned to the Governance Committee.
- Background: Mr. Massey brings 36 years of oil industry experience, most recently retiring from ExxonMobil as Vice President of Production Company.
Compensation and Governance Details
Mr. Massey's compensatory arrangements include:
- Cash Compensation: An annual retainer of $30,000 (paid monthly), a $2,000 fee per Board meeting, and a $1,000 fee per committee meeting.
- Equity Grants: 1,760 shares of restricted stock and options to purchase 4,630 shares at an exercise price of $13.90.
- Vesting Schedule: Grants vest in five equal annual installments starting September 22, 2008, with immediate vesting upon a change of control.
- Related Party Transactions: The filing states there are no related party transactions or special arrangements beyond normal Board compensation.
Investor Verification Checklist
- Verify the total number of directors on the Board is now eight.
- Confirm the vesting schedule and exercise price ($13.90) of the equity grants issued to Mr. Massey.
- Review the attached Press Release (Exhibit 99.1) for any additional strategic context regarding the appointment.
- Note that this filing contains no financial data; refer to the most recent 10-Q or 10-K for financial metrics.