CARBO Ceramics Inc. (NYSE:CRR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On March 20, 2017, the Compensation Committee (the “Committee”) of the Board of Directors of CARBO Ceramics Inc. (the “Company”) approved the Fifth Amended and Restated Employment between the Company and Gary Kolstad, Chief Executive Officer of the Company (the “Agreement”), in order to modify his annual incentive bonus beginning with fiscal year 2017, and to provide for a revision to his annual base salary.
to the Agreement, commencing with the 2017 fiscal year, Mr. Kolstad’s annual incentive bonus will be granted under the 2014 CARBO Ceramics Omnibus Incentive Plan to a Performance-Based Cash Award Agreement with such performance targets, measures and other provisions as established from time to time by the Committee. The target award was set at 50% of his annual base salary. Prior to the amendment, Mr. Kolstad’s employment agreement contained a provision granting him the right to receive a percentage of the Company’s earnings, a benefit that no longer exists under the Agreement.
In addition to modifying the annual incentive bonus structure, the Agreement increases Mr. Kolstad’s annual base salary from $800,000 to $850,000, effective April 1, 2017. The Committee noted that Mr. Kolstad had voluntarily reduced his effective pay during a portion of 2016 to a previously announced program.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which will be filed with the Company’s Quarterly Report on Form 10-Q for the first quarter of fiscal year 2017.
About CARBO Ceramics Inc. (NYSE:CRR)
Carbo Ceramics Inc. is an oilfield services technology company. The Company supplies ceramic proppant. The Company also sells sand and resin-coated proppants. Additionally, it provides fracture simulation software, fracture design and consulting services, and a range of technologies for spill prevention, containment and related countermeasures. Its products and services are used in the hydraulic fracturing of natural gas and oil wells. It manufactures various ceramic proppants, including KRYPTOSPHERETM HD, which is a ceramic proppant engineered to deliver conductivity and durability in closure stress wells; KRYPTOSPHERE LD, which is a lower density proppant compared to KRYPTOSPHERE HD; CARBOHSP and CARBOPROP, which are high and intermediate density ceramic proppants, and CARBOLITE, CARBOECONOPROP and CARBOHYDROPROP, which are low-density ceramic proppants. It offers CARBO NORTHERN WHITE, which is a frac sand; CARBONRT, a detectable proppant, and SCALEGUARD, a porous ceramic proppant. CARBO Ceramics Inc. (NYSE:CRR) Recent Trading Information
CARBO Ceramics Inc. (NYSE:CRR) closed its last trading session up +0.17 at 11.90 with 375,416 shares trading hands.