Nuverra Environmental Solutions, Inc. (OTCMKTS:NESC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Nuverra Environmental Solutions, Inc. (OTCMKTS:NESC) 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.

As previously disclosed by Nuverra Environmental Solutions, Inc. (the “Company”) on its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2017 (the “Prior Report”), on the effective date of the Company’s plan of reorganization, the Company’s pre-effective date directors, other than Mark D. Johnsrud, the Company’s Chairman and Chief Executive Officer, were deemed to have resigned and John B. Griggs, Michael Y. McGovern, and Charles K. Thompson were appointed to the Company’s board of directors (the “Board”). In addition, as disclosed in the Prior Report, Ascribe Capital LLC has the right to appoint one additional member to the Board at any time in its sole discretion.

On August 15, 2017, the Board appointed Mr. Griggs (Chair), Mr. McGovern, and Mr. Thompson to serve on the Audit Committee of the Board, and appointed Mr. Griggs and Mr. Thompson to serve on the Compensation and Nominating Committee of the Board. In addition, on August 15, 2017, the Compensation and Nominating Committee approved the terms of compensation for the Board. Each Board member will receive annual compensation of $100,000 in cash and an annual grant of stock options with a grant date value equal to $50,000. The options will have an exercise price equal to the fair market value of the underlying common stock on the date of grant and will vest in three equal installments over the first three anniversaries of the grant date. In addition, the Board approved additional annual cash compensation for the Chair of the Audit Committee and the Chair of the Compensation and Nominating Committee in the amounts of $15,000 and $10,000, respectively.


About Nuverra Environmental Solutions, Inc. (OTCMKTS:NESC)

Nuverra Environmental Solutions, Inc. (Nuverra) provides environmental solutions to customers focused on the development and production of oil and natural gas from shale formations. The Company’s environmental solutions include delivery, collection, treatment, recycling, disposal of water, wastewater, waste fluids, hydrocarbons, and restricted solids that are part of the drilling, completion, and production of shale oil and natural gas. The Company operates through three segments, which include the Northeast division comprising the Marcellus and Utica Shale areas; the Southern division comprising the Haynesville, Eagle Ford and Permian Basin Shale areas, and the Rocky Mountain division comprising the Bakken Shale area. Nuverra operates in select shale areas in the United States, including oil shale areas consisting of the Bakken, Eagle Ford and Permian Shale areas, and natural gas shale areas in Haynesville, Marcellus and Utica.