TETRA Technologies, Inc. (NYSE:TTI) 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 part of the general salary and wage reductions being implemented with regard to a broad base of the employees of TETRA Technologies, Inc. (the “Company”), on April 3, 2020, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Company, at the request of management of the Company, approved reductions in the base annual salaries of the officers of the Company who were identified as named executive officers in the Company’s 2020 Proxy Statement filed with the Securities and Exchange Commission on March 23, 2020. The salary reductions will commence on April 11, 2020 and continue indefinitely thereafter. The effect of such salary reductions for the named executive officers is to reduce their respective annual base salaries by twenty percent (20%) commencing on April 11, 2020.
In connection with the salary reductions, Stuart M. Brightman, our former Chief Executive Officer and a current employee of the Company to the terms of his Transition Agreement with the Company disclosed on TETRA’s Form 8-K filed with the Securities and Exchange Commission on May 8, 2019, entered into an amendment to his Transition Agreement (the “Amendment”) to reflect his salary reduction. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which will be filed with the Company’s Form 10-Q for the quarter ending June 30, 2020.
In order to align the compensation of our board members with these salary reductions, the non-employee directors of the Company approved 20% reductions in their annual cash retainers and meeting fees and the annual cash retainer of the Chairman of the Board, effective as of April 1, 2020 and continuing indefinitely thereafter.
In addition, effective April 5, 2020 for nonexempt employees and April 11, 2020 for exempt employees, the Company has suspended its matching contributions to all participants under the Company’s 401(k) Retirement Plan (the “401(k) Plan”). As of December 31, 2019, approximately 92% of all eligible employees were participating in the 401(k) Plan.
About TETRA Technologies, Inc. (NYSE:TTI)
TETRA Technologies, Inc. is an oil and gas services company. The Company focuses on completion fluids and associated products and services, water management, production well testing, offshore rig cooling, compression services and equipment, and offshore services, such as decommissioning and diving. It is composed of five segments organized into four divisions: Fluids, Production Testing, Compression and Offshore. The Fluids division manufactures and markets clear brine fluids, additives and associated products and services to the oil and gas industry. Its Production Testing division provides frac flowback services, production well testing services, offshore rig cooling and other associated services in various oil and gas producing regions. The Compression division provides compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Offshore division consists of two operating segments: Offshore Services and Maritech.