Flotek Industries Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$FTK
Major Chemicals
Industrials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers | ||||
On October 30, 2024, the Compensation Committee of the Board of Directors (the “Board”) of Flotek Industries, Inc. (the “Company”) approved grants of equity awards to each of Dr. Ryan Ezell and J. Bond Clement, the Company’s Chief Executive Officer and Chief Financial Officer, respectively. Such equity award grants are comprised of restricted stock units (“RSUs”) and performance-based restricted stock units (“PRSUs”), with Dr. Ezell being granted 60,000 RSUs and 60,000 PRSUs and Mr. Clement being granted 30,000 RSUs and 30,000 PRSUs.
The RSUs will vest in three equal annual installments starting on the first anniversary of the date of grant. Half of the PRSUs will vest if, and to the extent, the Company’s earnings before interest, taxes, depreciation, and amortization, and certain other adjustments (“AEBITDA”) meets or exceeds a certain threshold during the performance period of January 1, 2025 to December 31, 2025 and the other half of the PRSUs will vest, if, and to the extent, the price of the Company’s common stock meets a certain threshold on or before December 31, 2025.
The RSU grants were made pursuant to the Company’s Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement, which is filed as Exhibit 10.1 hereto. The PRSU grants were made pursuant to the Company’s Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement, which is filed as Exhibit 10.2 hereto. The grants of RSUs and PRSUs were collectively made pursuant to the Company’s 2018 Long-Term Incentive Plan, as amended (the “2018 LTIP”), which is filed as Exhibit 10.3 hereto. The above description of the equity award grants is a summary only and is qualified in its entirety by reference to the relevant documents attached hereto and incorporated by reference.
Item 9.01 | Financial Statements and Exhibits. | ||||
d) Exhibits.
Exhibit Number | Description | |||||||
| 10.1 | ||||||||
| 10.2 | * | |||||||
| 10.3 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
* Portions of this exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K in order for them to remain confidential.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FLOTEK INDUSTRIES, INC. | ||||||||
Date: October 31, 2024 | /s/ Bond Clement | |||||||
| Name: | Bond Clement | |||||||
| Title: | Chief Financial Officer | |||||||