FORUM ENERGY TECHNOLOGIES, INC. (NYSE:FET) 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 July 31, 2018, Mr.James W. Harris, Executive Vice President – Drilling and Subsea, entered into a Retirement Agreement (the “Agreement”) with Forum Energy Technologies, Inc. (the “Company”), which governs the terms of his retirement. Mr. Harris will remain an employee of the Company and will be entitled to continued base salary and participation in employee benefit plans and programs while providing advisory services to the Company, until his retirement on April 30, 2019 or such earlier date that Mr. Harris accepts employment with a third party (the “Separation Date”). As previously announced, Mr. Harris transitioned from serving as the Company’s Executive Vice President and Chief Financial Officer, effective as of March 1, 2018. All of Mr. Harris’s outstanding restricted stock units vested as of July 31, 2018 and will be issued on January 31, 2019. All of Mr. Harris’s outstanding unvested options will become exercisable sixty days after the Separation Date, and the options will remain exercisable until the earlier of the termination date of the options or the third anniversary of the Separation Date. All of his unvested restricted stock vested as of July 31, 2018 and will be issued upon the expiration of a six-month delay period. Mr.Harris will remain eligible for payment of his outstanding Performance Share Awards, which will be earned based on actual performance results for the applicable performance periods, prorated to reflect the full months Mr. Harris was employed by the Company during the applicable performance periods, and issued at the time such awards are payable to the Company’s active employees. Under the Agreement, Mr. Harris is entitled to an annual cash bonus under the Company’s Management Incentive Plan for the calendar year 2018, which shall be determined and paid in accordance with the terms of such plan, subject to applicable approvals. In addition, if the Separation Date is prior to April 30, 2019, Mr. Harris will be entitled to a lump sum payment of the base salary that otherwise would have been payable to him for the period from the Separation Date through April 30, 2019 and payment of the bonus to the Company’s Management Incentive Plan for the calendar year 2018.

The Agreement reaffirms, and Mr. Harris agrees to abide by, the terms and conditions of the restrictive covenants in the employment agreement between the Company and Mr. Harris. The payments and benefits described above are subject to and conditioned upon Mr. Harris’s timely execution of a release of claims against the Company and its affiliates and his continued compliance with the restrictive covenants.

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 is filed as Exhibit 10.1 hereto.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

FORUM ENERGY TECHNOLOGIES, INC. Exhibit
EX-10.1 2 a101retirementagreement.htm EXHIBIT 10.1 Exhibit Exhibit 10.1RETIREMENT AGREEMENTTHIS RETIREMENT AGREEMENT (this “Agreement”) is dated July 31,…
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About FORUM ENERGY TECHNOLOGIES, INC. (NYSE:FET)

Forum Energy Technologies, Inc. is an oilfield products company. The Company designs, manufactures and distributes products and engages in aftermarket services, parts supply and related services. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas. Its capital products are targeted at drilling rig equipment for rigs, upgrades and refurbishment projects; subsea construction and development projects; the placement of production equipment on producing wells; pressure pumping equipment, and downstream capital projects. Its engineered systems are components used on drilling rigs for completions or in the course of subsea operations, while its consumable products are used to maintain operations at well sites in the well construction process.