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 OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 22, 2018, the compensation committee of the board of directors of TETRA Technologies, Inc. (the “Company”) approved a grant to Stuart M. Brightman, the Company’s Chief Executive Officer, of 306,011 stock appreciation rights (the "SARs"), with an exercise price of $3.87 per right, to a Stand-Alone Cash-Settled SAR Award Agreement between the Company and Mr. Brightman. Upon exercise, each vested SAR will entitle Mr. Brightman to the excess of the fair market value of one share of Company common stock on the date of exercise over the exercise price. The SARs may only be settled in cash and shall vest 12/36ths on February 22, 2019 and 1/36ths of the award shall vest on the 22nd day of each of the following 24 months thereafter until fully vested, subject to Mr. Brightman's continued service with the Company through the applicable vesting dates. The SARs expire February 22, 2028. The SARs were not granted under the Company’s Third Amended and Restated 2011 Long Term Incentive Compensation Plan or any other stockholder-approved equity incentive plan of the Company.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the TETRA Technologies, Inc. Stand-Alone Cash-Settled SAR Award Agreement, dated as of February 22, 2018 by and between the Company and Mr. Brightman, a copy of which will be filed as an Exhibit to the Company’s Report on Form 10-Q for the quarter ending March 31, 2018.
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.