Flotek Industries Inc. Announces 2024 Annual Meeting of Shareholders on June 5

TL;DR

<b>Flotek Industries, Inc. will hold its 2024 Annual Meeting of Shareholders on June 5, 2024, to vote on director elections, executive compensation, auditor ratification, and incentive plan amendments.</b>

AI Summary

FLOTEK INDUSTRIES INC/CN/ (FTK) filed a Proxy Statement (DEF 14A) with the SEC on April 24, 2024. Annual Meeting scheduled for June 5, 2024, at 10 a.m. Central Time. Shareholders will vote on the election of seven directors. An advisory vote to approve named executive officer compensation is on the agenda. KPMG LLP is proposed for ratification as the independent auditor for 2024. An amendment to the Flotek Industries, Inc. 2018 Long-Term Incentive Plan will be considered.

Why It Matters

For investors and stakeholders tracking FLOTEK INDUSTRIES INC/CN/, this filing contains several important signals. Shareholders have the opportunity to directly influence the company's leadership by electing directors. The meeting allows shareholders to provide feedback on executive compensation and the company's auditor.

Risk Assessment

Risk Level: — FLOTEK INDUSTRIES INC/CN/ shows moderate risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational changes indicated.

Analyst Insight

Shareholders should review the proposals regarding director elections, executive compensation, auditor ratification, and incentive plan amendments before the June 5th meeting.

Key Numbers

• 7 — Directors (Number of directors to be elected)
• 2024 — Fiscal Year (Fiscal year for which KPMG LLP is proposed as auditor)

Key Players & Entities

• Flotek Industries, Inc. (company) — Registrant name
• KPMG LLP (company) — Proposed independent auditor
• June 5, 2024 (date) — Date of Annual Meeting
• April 8, 2024 (date) — Record date for shareholders
• 2018 Long-Term Incentive Plan (plan) — Plan to be amended

FAQ

Industry Context

Flotek Industries operates in the miscellaneous chemical products sector, providing industrial applications and services.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

What Investors Should Do

1. Review the biographies and qualifications of the seven director nominees.
2. Understand the details of the proposed amendment to the 2018 Long-Term Incentive Plan.
3. Confirm the ratification of KPMG LLP as the independent auditor for 2024.

Key Dates

• 2024-06-05: Annual Meeting of Shareholders — Shareholders will vote on key company matters.
• 2024-04-08: Record Date — Determines which shareholders are entitled to vote.

Glossary

DEF 14A

Definitive Proxy Statement filed with the SEC. (This filing type indicates the company is formally soliciting shareholder votes.)

Named Executive Officers

The top executive positions within the company. (Shareholder advisory votes on their compensation are a key governance item.)

Year-Over-Year Comparison

This is a definitive proxy statement (DEF 14A) for the 2024 annual meeting, indicating a formal solicitation of shareholder votes.

Filing Documents

• a2024proxy-annualmeeting14a.htm (DEF 14A) — 843KB
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Election of Directors

Item 1 Election of Directors 19 Director N ominees 20 Director Compensation 26

Security Ownership of Certain Beneficial Owners, Executive Officers and Directors

Security Ownership of Certain Beneficial Owners, Executive Officers and Directors 27

Advisory Vote on Named Executive Compensation

Item 2 Advisory Vote on Named Executive Compensation 29 Compensation Overview and Strategy 30 Executive Officers 32 2023 Executive Officer Compensation 33 Employment Agreements Terminations and Change-in Control Arrangements 36 Other Policies, Guidelines Practices Related to Executive Compensation 38 Summary Compensation Table 39 Outstanding Equity Awards 41 Pay Versus Performance (PVP) 43

Ratification of I ndependent Registered Accounting Firm

Item 3 Ratification of I ndependent Registered Accounting Firm 47

Approval of Amendment to the Flotek Industries, Inc. 2018 Long-Term Incentive Plan

Item 4 Approval of Amendment to the Flotek Industries, Inc. 2018 Long-Term Incentive Plan 50 Other Matters 61 Appendix A – 2018 Long-Term Incentive Plan i Proxy Statement Summary PROXY STATEMENT SUMMARY This summary highlights information that is contained elsewhere in this proxy statement (the "Proxy Statement"). This summary does not contain all of the information that you should consider, and you should read the entire Proxy Statement carefully before voting. This Proxy Statement and the related proxy materials were first released to shareholders and made available on the Internet on or about April 24, 2024. Annual Meeting of Shareholders When June 5, 2024 at 1000 a.m., Central Time Where The Company's headquarters located at 5775 N. Sam Houston Parkway W., Suite 400, Houston, TX 77086 Who Shareholders of record at the close of business on April 8, 2024 will be eligible to vote What We are asking shareholders to vote on the following four items Item up for Vote Board's Voting Recommendation Page Reference Election of director candidates, to serve until the next annual meeting of shareholders (Item 1) FOR EACH CANDIDATE 19 An advisory vote to approve the compensation of the Company's named executive officers (Item 2) FOR 29 Ratification of the appointment of KPMG LLP as the Company's independent auditor for 2024 (Item 3) FOR 47 Approval of an amendment to the Flotek Industries, Inc. 2018 Long-Term Incentive Plan (Item 4) FOR 50 1 Proxy Statement Summary Board and Board Committees There are currently seven positions on our Board. Our Board is not classified, and all positions stand for election at each annual meeting of shareholders. The standing committees for our Board are the Audit Committee (the "Audit Committee"), the Compensation Committee (the Compensation Committee), the Corporate Governance Nominating Committee (the "Governance Committee") and the Risk Sustainability Committee (the "Risk Committee"), designated by A, C, G

View Full Filing

View this DEF 14A filing on SEC EDGAR