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 February 14, 2019, Mr.JamesL. McCulloch, Executive Vice President and General Counsel of Forum Energy Technologies, Inc. (the “Company”), indicated his desire to transition from service as General Counsel in anticipation of his future planned retirement. In connection therewith, he has transitioned to serve as Chief Compliance Officer and an advisor to the Chief Executive Officer, effective February 15, 2019 (the “Effective Time”).
In connection with Mr.McCulloch’s transition, Mr.John C. Ivascu was appointed as Senior Vice President, General Counsel and Secretary at the Effective Time. Mr.Ivascu, age 41, has served as the Company’s Vice President, Deputy General Counsel and Secretary since February 2018. Prior to that, he served as Vice President, Associate General Counsel and Assistant Secretary from August 2015 to February 2018, and Assistant General Counsel from June 2011 to August 2015. From 2006 to June 2011, Mr. Ivascu practiced corporate law at Vinson & Elkins L.L.P., representing public and private companies and investment banking firms in capital markets offerings, mergers and acquisitions, corporate governance and bankruptcy matters. From 2004 to 2006, Mr. Ivascu served as an attorney for the U.S. Securities & Exchange Commission, Division of Enforcement. Mr. Ivascu holds a B.B.A. from the Stephen M. Ross School of Business at the University of Michigan, and a J.D. from Brooklyn Law School.
The Company and Mr. McCulloch have agreed that in connection with his transition of responsibilities he will receive a base salary of $160,000, target bonus of 60% and a maximum bonus of 120% of his base salary based on the Company’s performance, and a restricted stock unit award with an aggregate value of approximately $240,000 vesting ratably over a three year period. Mr. McCulloch will continue to be eligible to participate in the Company’s compensation and benefits plans, and programs for similarly situated employees, including the Company’s equity incentive plans.
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.
