ECO-STIM ENERGY SOLUTIONS, INC. (NASDAQ:ESES) 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.
On October 30, 2018, Eco-Stim Energy Solutions, Inc. (the “Company”), entered into certain compensation arrangements with Mr. Alexander Nickolatos, the Company’s Interim President and Chief Executive Officer, and Chief Financial Officer, and Mr. Carlos A. Fernandez, the Company’s Executive Vice President – Corporate Business Development and General Manager Latin America.
The compensation arrangement for Mr. Nickolatos includes a $100,000 retention bonus (the “Retention Bonus”), payable in six equal monthly installments, or earlier if Mr. Nickolatos’ employment is terminated by the Company without “cause” or by Mr. Nickolatos for “good reason,” as such terms are defined under the employment agreement between Mr. Nickolatos and the Company (the “Employment Agreement”). If Mr. Nickolatos terminates his employment with the Company before March 31, 2019 (other than for “good reason” or due to death or disability), he will be obligated to refund to the Company the aggregate amount of the Retention Bonus payments received by Mr. Nickolatos prior to such termination. In addition, any Retention Bonus payments paid to Mr. Nickolatos will be credited against any amounts owed to Mr. Nickolatos by the Company under the terms of the Employment Agreement in connection with any future termination of employment (unless certain change of control transactions have occurred prior to any such termination). The compensation arrangement for Mr. Nickolatos also includes a cash performance award under the Company’s 2015 Stock Incentive Plan, as amended (the “2015 Plan”), with the maximum value of the award equal to $200,000, and with such award payable upon the achievement of predetermined Company performance goals as specified by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”).
The compensation arrangement for Mr. Fernandez consists of a cash performance award under the 2015 Plan, with the maximum value of the award equal to $100,000, and with such award payable upon the achievement of predetermined Company performance goals as specified by the Compensation Committee.
To be eligible to receive payment of the performance awards described above following satisfaction of the predetermined Company performance goals, the executive must not terminate his employment on or before the end of the applicable performance period (other than termination for “good reason,” death or disability) and the executive’s employment must not have been terminated for “cause” by the Company on or before the end of the applicable performance period.
About ECO-STIM ENERGY SOLUTIONS, INC. (NASDAQ:ESES)
Eco-Stim Energy Solutions, Inc. is an oilfield services company. The Company provides well stimulation, coiled tubing and field management services to the upstream oil and gas industry. The Company focuses on the active shale and unconventional oil and natural gas basins outside the United States and it has commenced operations in Argentina. The Company operates well stimulation fleets, coiled tubing units and other downhole completion equipment, as well as provides sweet spot analysis in shale resource basins using geophysical predictive modeling combined with real-time feedback from down-hole diagnostic tools. The Company offers a pumping fleet, including well-stimulation pumps, nitrogen pumping units and cranes, in both trailer-mounted and skid-mounted configurations. It provides a range of pressure-pumping services, including work-over pumping, well injection and wireline pump downs.