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 Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On April 23, 2017, Eco-Stim Energy Solutions, Inc. (the Company)
entered into employment agreements with its Director, President
and Chief Executive Officer, J. Christopher Boswell (the Boswell
Employment Agreement) and its Chief Financial Officer, Alexander
Nickolatos (the Nickolatos Employment Agreement, and together
with the Boswell Employment Agreement, the Employment
Agreements).
The Boswell Employment Agreement provides for an initial Base
Salary (as defined in the Employment Agreements) of $350,000 per
year and a target annual bonus equal to a maximum of one hundred
and twenty five percent (125%) of Mr. Boswells Base Salary. In
the event the Company involuntarily terminates Mr. Boswells
employment without Cause or Mr. Boswell terminates his employment
with the Company for Good Reason (each as defined in the
Employment Agreements and in each case, a Termination Event), and
subject to Mr. Boswell delivering to the Company an executed
Release (as defined in the Employment Agreements), the Boswell
Employment Agreement provides for a payment of an amount equal to
his Base Salary payable for one year (the Boswell Severance
Payment), at the rate in effect immediately before the
Termination Event. The Boswell Severance Payment is payable in a
lump sum on the first payroll date on or immediately after the
sixtieth (60th) day following the Termination Date,
provided that the Release has become effective on such date in
accordance with its terms. Equity or equity-based awards will be
treated in accordance with the applicable plan and award
agreement.
The Nickolatos Employment Agreement provides for an initial Base
Salary of $300,000 per year and a target annual bonus equal to a
maximum of one hundred percent (100%) of Mr. Nickolatos Base
Salary. In the event the Company involuntarily terminates Mr.
Nickolatos employment without Cause or Mr. Nickolatos terminates
his employment with the Company for Good Reason, and subject to
Mr. Nickolatos delivering to the Company an executed Release, the
Nickolatos Employment Agreement provides for a payment of an
amount equal to his Base Salary payable for one year (the
Nickolatos Severance Payment), at the rate in effect immediately
before the Termination Event. The Nickolatos Severance Payment is
payable in a lump sum on the first payroll date on or immediately
after the sixtieth (60th) day following the
Termination Date, provided that the Release has become effective
on such date in accordance with its terms. Equity or equity-based
awards will be treated in accordance with the applicable plan and
award agreement.
The Employment Agreements also contain covenants regarding
non-competition, non-solicitation, conflicts of interest,
confidentiality and work product, among other terms and
conditions.
The foregoing descriptions of the Employment Agreements do not
purport to be complete and is subject to, and qualified in its
entirety by, the full text of the Employment Agreements, which
are filed as Exhibit 10.1 and 10.2 hereto.
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 |
Employment Agreement by and between Eco-Stim Energy Solutions, Inc. and J. Christopher Boswell, effective as of April 1, 2017. |
|
| 10.2 |
Employment Agreement by and between Eco-Stim Energy Solutions, Inc. and Alexander Nickolatos, effective as of April 1, 2017. |
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. ECO-STIM ENERGY SOLUTIONS, INC. (NASDAQ:ESES) Recent Trading Information
ECO-STIM ENERGY SOLUTIONS, INC. (NASDAQ:ESES) closed its last trading session up +0.04 at 1.08 with 87,220 shares trading hands.