TETRA Technologies, Inc. (NYSE:TTI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
As previously disclosed in the Current Report on Form 8-K filed
with the U.S. Securities and Exchange Commission (SEC) on February
26, 2016, as part of the Companys general salary and wage
reductions, the Compensation Committee (the Compensation Committee)
of the Board of Directors of TETRA Technologies, Inc. (the
Company), at the request of Company management, implemented certain
wage and salary reductions for the officers of the Company who were
identified as named executive officers in the Companys 2015 proxy
statement. Such reductions were effective for the six-month period
from February 6, 2016 through August 5, 2016.Subsequently, these
reductions were extended from October 1, 2016 to January 6, 2017.
In addition, as previously disclosed in the Current Report on Form
8-K filed with the SEC on May 6, 2016, the Compensation Committee
of the Board of Directors of the Company, at the request of Company
management, approved additional reductions in the base annual
salaries of the officers of the Company who were identified as
named executive officers in the Company’s 2016 proxy statement.
Such additional reductions commenced on May 14, 2016 and continued
through September 30, 2016.Subsequently, the additional reductions
were extended from October 1, 2017 to January 6, 2017.
On December 28, 2016, as part of the Companys general salary and
wage increase, the Compensation Committee, at the request of
Company management, approved increases in the base annual salaries
of the officers of the Company who were identified as named
executive officers in the Company’s 2016 proxy statement, such
that their respective base annual salaries are equal to ninety
percent (90%) of their original unreduced base annual salaries.Such
increased salaries will be effective January 7, 2017 through the
pay period ending March 31, 2017.The following table sets forth the
increased annual base salaries for such period.
Named Executive Officer |
Title |
Annual Base Salary prior to February 2016 Salary Reductions |
Current Reduced Base Salary |
Increased Annual Base SalaryApplicable to January 7, 2017 |
Stuart M. Brightman |
President and Chief Executive Officer |
$624,998 |
$506,249 |
$562,499 |
Elijio V. Serrano |
Sr. Vice President and Chief Financial Officer |
$411,590 |
$333,388 |
$370,431 |
Joseph Elkhoury |
Sr. Vice President and Chief Operating Officer |
$450,000 |
$364,500 |
$405,000 |
Peter J. Pintar |
Sr. Vice President |
$370,240 |
$299,894 |
$333,216 |
Bass C. Wallace, Jr. |
Sr. Vice President General Counsel |
$324,480 |
$262,829 |
$292,032 |
About TETRA Technologies, Inc. (NYSE:TTI)
TETRA Technologies, Inc. is an oil and gas services company. The Company focuses on completion fluids and associated products and services, water management, production well testing, offshore rig cooling, compression services and equipment, and offshore services, such as decommissioning and diving. It is composed of five segments organized into four divisions: Fluids, Production Testing, Compression and Offshore. The Fluids division manufactures and markets clear brine fluids, additives and associated products and services to the oil and gas industry. Its Production Testing division provides frac flowback services, production well testing services, offshore rig cooling and other associated services in various oil and gas producing regions. The Compression division provides compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Offshore division consists of two operating segments: Offshore Services and Maritech. TETRA Technologies, Inc. (NYSE:TTI) Recent Trading Information
TETRA Technologies, Inc. (NYSE:TTI) closed its last trading session up +0.18 at 5.02 with 1,444,656 shares trading hands.