Flotek Industries Files 8-K on Officer/Director Changes
Ticker: FTK · Form: 8-K · Filed: Oct 31, 2024 · CIK: 928054
| Field | Detail |
|---|---|
| Company | Flotek Industries Inc/Cn/ (FTK) |
| Form Type | 8-K |
| Filed Date | Oct 31, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, officer-changes, director-changes
TL;DR
Flotek execs and board shuffle happening, check the 8-K for details.
AI Summary
Flotek Industries, Inc. filed an 8-K on October 31, 2024, reporting on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements. The filing also includes financial statements and exhibits, with the report date being October 30, 2024.
Why It Matters
This filing indicates potential shifts in the leadership and governance of Flotek Industries, which could impact the company's strategic direction and operational management.
Risk Assessment
Risk Level: medium — Changes in corporate officers and directors can signal underlying issues or strategic realignments that may affect future performance.
Key Players & Entities
- Flotek Industries, Inc. (company) — Registrant
- October 30, 2024 (date) — Date of earliest event reported
- October 31, 2024 (date) — Date of report
FAQ
What specific officer or director positions were affected by the changes reported in this 8-K?
The filing indicates changes related to 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers,' but the specific names and roles are not detailed in the provided excerpt.
Are there any details about new compensatory arrangements for officers mentioned in the filing?
The filing lists 'Compensatory Arrangements of Certain Officers' as an item, but the specifics of these arrangements are not included in the provided text.
What is the primary business of Flotek Industries, Inc. according to the filing?
Flotek Industries, Inc. is classified under 'MISCELLANEOUS CHEMICAL PRODUCTS [2890]' and has a business address in Houston, TX.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on October 30, 2024.
What is the state of incorporation for Flotek Industries, Inc.?
Flotek Industries, Inc. is incorporated in Delaware.
Filing Stats: 773 words · 3 min read · ~3 pages · Grade level 11 · Accepted 2024-10-31 16:02:06
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value FTK NYSE Indicate by check
Filing Documents
- usgaap-20241030.htm (8-K) — 27KB
- exhibit101-2018ltiprsugrant.htm (EX-10.1) — 120KB
- exhibit102-2018ltipxrsugra.htm (EX-10.2) — 118KB
- 0000928054-24-000101.txt ( ) — 448KB
- usgaap-20241030.xsd (EX-101.SCH) — 2KB
- usgaap-20241030_def.xml (EX-101.DEF) — 4KB
- usgaap-20241030_lab.xml (EX-101.LAB) — 23KB
- usgaap-20241030_pre.xml (EX-101.PRE) — 15KB
- usgaap-20241030_htm.xml (XML) — 3KB
02
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.
Financial Statements and Exhibits
Financial Statements and Exhibits. d) Exhibits. Exhibit Number Description 10.1 Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement (Time-based vesting). 10.2 * Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement (Performance-based vesting). 10.3 Flotek Industries, Inc. 2018 Long-Term Incentive Plan, as amended (incorporated by reference to Appendix A to the Company's definitive Proxy Statement on Schedule 14A filed with the SEC on April 24, 2024). 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
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