Business Context and Reporting Period
This Form 8-K filing by Nine Energy Service, Inc. reports on events occurring on January 26, 2018, with the report filed on February 1, 2018. The filing addresses Item 5.02(f), specifically the determination of cash bonus awards for Named Executive Officers for the fiscal year ended December 31, 2017.
Key Financial Metrics
The filing does not provide company-wide financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. It focuses exclusively on executive compensation adjustments.
| Executive Officer | Position | 2017 Cash Bonus | Total 2017 Compensation |
|---|---|---|---|
| Ann G. Fox | President and CEO | $500,000 | $3,979,940 |
| David Crombie | EVP and President—Completion Solutions | $250,000 | $1,596,554 |
| Theodore R. Moore | SVP and General Counsel | $150,000 | $748,771 |
| Edward Bruce Morgan | President—Production Solutions | $125,500 | $611,814 |
Note: David Crombie's bonus excludes a $50,000 annual guaranteed bonus previously reported in the 2017 Summary Compensation Table.
Material Changes
The primary material change is the finalization of cash bonus awards for fiscal year 2017, which were undetermined at the time of the company's Amendment No. 6 to Registration Statement on Form S-1 filed on January 9, 2018. Consequently, the total compensation figures for the Named Executive Officers have been recalculated to include these newly approved bonuses.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on operations, risks, contingencies, or unusual items beyond the specific disclosure of executive compensation adjustments.
Investor Verification Checklist
- Verify the total 2017 compensation figures for Named Executive Officers in the updated Form S-1 Registration Statement.
- Confirm the specific performance metrics or criteria used by the Board to determine the 2017 cash bonus amounts.
- Review the employment agreement for David Crombie to understand the treatment of the $50,000 guaranteed bonus excluded from this specific bonus calculation.