Aly Energy Services, Inc. (OTCMKTS:ALYE) 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.
(e) On April 4, 2017, we adopted a 2017 Stock Option Plan (the
Stock Option Plan) and reserved an aggregate of 16,861,908 shares
of common stock (20% of our outstanding shares on a fully diluted
basis) for the issuance of shares to options to be granted under
the Stock Option Plan. We also terminated our prior 2012 equity
compensation plan.
On May 30, 2017, we granted stock options under the Stock Option
Plan to Micki Hidayatallah (our Chairman), Shauvik Kundagrami
(our CEO), Greg Price (our President and COO) and Alya
Hidayatallah (our CFO) to purchase 5,058,572 shares, 5,058,572
shares, 3,372,382 shares and 3,372,382 shares, respectively, at
an exercise price of $.10 per share. The options are fully vested
and expire 10 years from the date of grant.
On May 30, 2017, we executed employment agreements with each of
Shauvik Kundagrami, Greg Price and Alya Hidayatallah. The
employment agreements provide for the following:
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Annual base salaries of $300,000 to Shauvik Kundagrami and $200,000 to each of Greg Price and Alya Hidayatallah |
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| Target EBITDA to be set annually by the board |
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If company achieves EBITDA target (after giving effect to deductions for executive bonuses), bonus will equal 50% of base salary |
|
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If company does not achieve such target but achieves EBITDA target prior to giving effect to deductions for execution bonuses, a lesser bonus will be determined at discretion of the board |
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Severance (salary continuation for 12 months) to be paid for termination without cause or termination by executive for good reason (which includes a change of control). Terminated executive will receive 50% of bonus (when and if otherwise earned by management) if terminated in first six months of year and 50% of bonus if terminated in second six months of year. |
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| Stock option plan grants as described above. |
Item 5.07 Submission of Matters to a Vote of Security
Holders.
Effective May 30, 2017, our majority stockholder Pelican Permian,
LLC executed a written consent in lieu of a special meeting of
stockholders ratifying the adoption of the Stock Option Plan.
About Aly Energy Services, Inc. (OTCMKTS:ALYE)
Aly Energy Services, Inc. provides oilfield services, including surface equipment rental, solids control services and directional drilling services, to exploration and production companies. The Company provides a range of oilfield services to owners and operators of oil and gas wells. The Company offers services under various categories, including surface rental equipment, solids control systems, and directional drilling and measurement-while-drilling (MWD) services. The Company’s equipment and services are primarily designed for and used in land-based horizontal drilling. Its equipment includes centrifuges and auxiliary solids control equipment, mud circulating tanks (MCTs) and auxiliary surface rental equipment, portable mud mixing plants, containment systems, and MWD kits. The Company services the Permian Basin (in Texas and New Mexico), Eagle Ford Shale, Utica Shale, Marcellus Shale, Woodford Shale, Granite Wash, Mississippian Lime and Tuscaloosa Marine Shale. Aly Energy Services, Inc. (OTCMKTS:ALYE) Recent Trading Information
Aly Energy Services, Inc. (OTCMKTS:ALYE) closed its last trading session 00.0000 at 0.0800 with 1,000 shares trading hands.
