Business Context and Reporting Period
This Form 8-K was filed by Oil States International, Inc. on May 17, 2007. The report addresses Item 5.02 regarding the appointment of certain officers and compensatory arrangements.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
Material Changes
On May 17, 2007, the Board of Directors approved the following changes for Cindy B. Taylor, President and Chief Executive Officer, effective May 1, 2007:
- Base Salary: Increased from $420,000 to $450,000 per year.
- Annual Incentive Compensation Plan (AICP): Target increased from 55% to 60%.
- Restricted Stock Award: Granted 5,407 shares vesting in equal annual installments over four years.
- Stock Option Award: Granted 14,760 shares under the 2001 Equity Participation Plan.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items. The stock option award details include an exercise price of $36.99 per share (closing price on May 17, 2007), a four-year vesting schedule, and a six-year term.
Investor Verification Points
- Verify the effective date of the salary increase (May 1, 2007) versus the filing date.
- Confirm the total equity grant value based on the 5,407 restricted shares and 14,760 options.
- Review the 2001 Equity Participation Plan terms for the specific vesting conditions.