EXTERRAN CORPORATION (NYSE:EXTN) 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 Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 10, 2017, the Board of Directors of Exterran Corporation (the “Company”) elected Michael Sanders as Vice President and Chief Accounting Officer of the Company, effective October 30, 2017. Mr. Sanders, age 43, served as Corporate Controller of Atwood Oceanics from January 2016 until joining the Company. Mr. Sanders joined Atwood from LNG Limited, where he served as Corporate Controller for 14 months. Prior to that time, he spent 15 months at KBR, Inc. as Business Unit Controller, Gas Monetization Group, and seven years at McDermott International, Inc., first as Senior Manager and subsequently as Director of Financial Reporting and Consolidations. Mr. Sanders is a certified public accountant and began his career with Ernst & Young LLP. He received his Bachelor of Science in Accounting from Louisiana State University in 1997. Mr. Sanders is also a Certified Internal Auditor and Certified Information Systems Auditor.
Exterran has entered into an employment letter with Mr. Sanders to which he will receive an annual salary and be eligible to receive short and long term incentive awards, in each case in the Board’s or designated committee of the Board’s sole discretion and based on performance objectives determined by the Board or such designed committee. Mr. Sanders’ initial short term incentive award target will be 36% of his base salary beginning with the 2017 calendar year performance period, provided that for such 2017 performance period, Mr. Sanders will receive a minimum short-term incentive payment equal to $30,000, payable in March 2018. Mr. Sanders’ initial long-term incentive award target will be $135,000, which may be comprised of restricted stock, stock options, performance shares, and/or phantom stock/units. Mr. Sanders will also be entitled to participate in the Company’s benefit programs available to similarly situated employees of the Company.
There are no arrangements or understandings between Mr. Sanders and any other person(s) to which he was appointed the Company’s Vice President and Chief Accounting Officer. There is no family relationship between Mr. Sanders and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company. The Company has not entered into any related-party transactions with Mr. Sanders that would require disclosure to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934.
About EXTERRAN CORPORATION (NYSE:EXTN)
Exterran Corporation is engaged in the provision of compression, production and processing products and services that support the production and transportation of oil and natural gas around the world. The Company operates through three segments: contract operations, aftermarket services and product sales. The contract operations segment provides natural gas compression services, production and processing equipment services, and maintenance services to meet specific customer requirements on assets owned by it. The aftermarket services segment provides a range of services to support the surface production, compression and processing needs of customers, from parts sales and normal maintenance services to full operation of a customer’s owned assets. The product sales segment provides design, engineering, manufacturing, installation and sale of natural gas compression units, and accessories and equipment used in the production, treating and processing of crude oil and natural gas.