CSI Compressco LP (NASDAQ:CCLP) 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.
As previously disclosed in the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on May 9, 2016, as part of general wage and salary reductions at CSI Compressco GP Inc., the general partner (“General Partner”) of CSI Compressco LP (the “Partnership), the executive management of the General Partner voluntarily agreed to ten percent (10%) reductions in their base salaries for the period from May 14, 2016 until September 30, 2016 (the “Reductions”). As previously disclosed in the Current Report on Form 8-K filed with the SEC on October 3, 2016, the compensation committee of the board of directors of TETRA Technologies, Inc. (the “TETRA Compensation Committee”), which is responsible for compensation decisions that relate to the named executive officers of the General Partner, determined that the Reductions, which cover the named executive officers who were identified in the Partnership’s Annual Report on Form 10-K/A filed with the SEC on March 11, 2016 (other than Elijio V. Serrano whose salary is not paid by the General Partner), should be extended from October 1, 2016 to January 6, 2017, unless further extended by the TETRA Compensation Committee.
On December 28, 2016, the TETRA Compensation Committee determined that the Reductions, which cover the named executive officers who were identified in the Partnership’s Annual Report on Form 10-K/A filed with the SEC on March 11, 2016 (other than Elijio V. Serrano whose salary is not paid by the General Partner), should be extended from January 7, 2017 to March 31, 2017, unless further extended by the TETRA Compensation Committee.
About CSI Compressco LP (NASDAQ:CCLP)
CSI Compressco LP, formerly Compressco Partners, L.P., is a provider of compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Company sells custom-designed compressor packages and oilfield fluid pump systems, and provides aftermarket services and compressor package parts and components manufactured by third-party suppliers. It provides these compression services and equipment to a base of natural gas and oil exploration and production, midstream and transmission companies operating throughout many of the onshore producing regions of the United States, as well as in a number of foreign countries, including Mexico, Canada and Argentina. It is a service provider of natural gas compression services in the United States, utilizing its fleet of compressor packages that employs a spectrum of low-, medium- and high-horsepower engines. CSI Compressco LP (NASDAQ:CCLP) Recent Trading Information
CSI Compressco LP (NASDAQ:CCLP) closed its last trading session up +0.05 at 9.73 with 185,490 shares trading hands.
