Basic Energy Services, Inc. (NYSE:BAS) 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
Basic Energy Services, Inc. (NYSE:BAS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 24, 2020, (i) Lawrence First was appointed to serve on the Compensation Committee of the Board (the “Compensation Committee”); (ii) Ross Solomon was appointed to serve on the Compensation Committee and the Nominating and Corporate Governance Committee of the Board (the “Nominating and Corporate Governance Committee”); and (iii) Derek Jeong was appointed to serve on the Compensation Committee and the Nominating and Corporate Governance Committee.
Each of Messrs. First, Jeong and Solomon will receive the standard compensation received by the Company’s current non-employee directors, consisting of an annual fee of $85,000, which will be prorated for 2020, and a time-based cash award in the amount of $100,000, set to vest on March 24, 2021. Each of Messrs. First, Jeong and Solomon is affiliated with Ascribe Capital LLC (“Ascribe”) and has an understanding with Ascribe to which such director will assign any compensation received as a director to Ascribe. In addition, each of the Company’s non-employee directors is eligible to receive equity-based awards under the Basic Energy Services, Inc. Non-Employee Director Incentive Plan.
About Basic Energy Services, Inc. (NYSE:BAS)
Basic Energy Services, Inc. provides a range of well site services in the United States to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. The Company operates through the segment, which include Completion and Remedial Services, Fluid Services, Well Servicing and Contract Drilling. The Company’s operations are managed regionally and are concentrated in the United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia, California, Ohio and Pennsylvania. Its operations are focused on liquids-rich basins, as well as natural gas-focused shale plays characterized by prolific reserves. It has a presence in the Permian Basin and the Bakken, Eagle Ford, Haynesville and Marcellus shales.
