Koil Energy Solutions Reports Agreement Termination & Officer Changes
Ticker: KLNG · Form: 8-K · Filed: Mar 11, 2024 · CIK: 1110607
Sentiment: neutral
Topics: agreement-termination, executive-changes, corporate-governance
TL;DR
Koil Energy just terminated a big deal and swapped out some execs. Watch this space.
AI Summary
Koil Energy Solutions, Inc. reported on March 4, 2024, the termination of a material definitive agreement and changes in its board and officer composition. The company also filed financial statements and exhibits related to these events. Koil Energy Solutions, Inc. was formerly known as Deep Down, Inc., MediQuip Holdings, INC, and TRUE HEALTH INC.
Why It Matters
This filing indicates significant operational and leadership shifts within Koil Energy Solutions, which could impact its future business direction and financial performance.
Risk Assessment
Risk Level: medium — Changes in material agreements and executive leadership can introduce uncertainty and potential risks to a company's operations and strategic direction.
Key Players & Entities
- Koil Energy Solutions, Inc. (company) — Registrant
- March 4, 2024 (date) — Date of earliest event reported
- Deep Down, Inc. (company) — Former company name
- MediQuip Holdings, INC (company) — Former company name
- TRUE HEALTH INC (company) — Former company name
FAQ
What was the material definitive agreement that was terminated?
The filing indicates the termination of a material definitive agreement, but the specific details of this agreement are not provided in the provided text.
What specific changes occurred regarding directors or officers?
The filing notes 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' and 'Compensatory Arrangements of Certain Officers', but the exact nature of these changes is not detailed in the excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on March 4, 2024.
What is the current business address of Koil Energy Solutions, Inc.?
The business address is 1310 Rankin Road, Houston, TX 77073.
What were Koil Energy Solutions, Inc.'s former company names?
Koil Energy Solutions, Inc. was formerly known as Deep Down, Inc., MediQuip Holdings, INC, and TRUE HEALTH INC.
Filing Stats: 1,691 words · 7 min read · ~6 pages · Grade level 11.2 · Accepted 2024-03-11 09:19:57
Key Financial Figures
- $325,000 — ual base salary (the amount of which is $325,000), subject to annual adjustment by the C
Filing Documents
- koil_8k.htm (8-K) — 39KB
- koil_ex1001.htm (EX-10.1) — 260KB
- koil_ex9901.htm (EX-99.1) — 7KB
- koil.jpg (GRAPHIC) — 31KB
- 0001683168-24-001404.txt ( ) — 574KB
- klng-20240304.xsd (EX-101.SCH) — 3KB
- klng-20240304_lab.xml (EX-101.LAB) — 33KB
- klng-20240304_pre.xml (EX-101.PRE) — 22KB
- koil_8k_htm.xml (XML) — 3KB
02 – Termination of a Material
ITEM 1.02 – Termination of a Material Definitive Agreement. On March 4, 2024, Mr. Charles K. Njuguna resigned as President, Chief Executive Officer, Chief Financial Officer and as a member of the board of directors (the "Board") of the Company, effective as of March 31, 2024. As a result of his resignation, the Company and Mr. Njuguna agreed to terminate the Employment Agreement dated effective September 1, 2019, between the Company and Mr. Njuguna (the "Employment Agreement"). The termination of the Employment Agreement is effective as of March 31, 2024. SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
02 – Departure of Directors or
ITEM 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of Director and Executive Officer On March 4, 2024, Charles K. Njuguna resigned as President, Chief Executive Officer, Chief Financial Officer and as a member of the board of directors (the "Board") of the Company, effective as of March 31, 2024. The resignation of Mr. Njuguna did not involve any disagreement with the Company. Appointment of Chief Executive Officer On March 6, 2024, the Board appointed Erik Wiik as the Company's Chief Executive Officer, effective April 1, 2024. Mr. Wiik, age 60, served as President of ReAdapt Inc., an engineering consultancy firm providing subject matter expertise within subsea technology, since July 2018. From March 2015 to June 2018, he was Group President of CIRCOR Energy, a manufacturer of products for the oil and gas industry. Prior to that, he served in various capacities over 24 years with Aker Solutions, a provider of integrated solutions, products and services to the global energy industry. His most recent position with Aker was as Regional President of North America, and he also served as president of business units within subsea controls and umbilicals, marine contracting, well services, engineering and floating production within Aker. Mr. Wiik also served on the Board of Directors of the United Stated National Ocean Industry Association, Spindletop Charities and the Norwegian American Chamber of Commerce. Mr. Wiik was commissioned as an officer in the Norwegian Navy and has an Engineering degree from Texas A&M University. Employment Agreement On March 6, 2024, the Company entered into an employment agreement with Mr. Wiik (the "Employment Agreement"), with an effective date of April 1, 2024 (the "Effective Date"). Under the terms of the Employment Agreement, Mr. Wiik is entitled to receive an annual base salary (the amount of which is $325,000)
01 – Financial Statements
ITEM 9.01 – Financial Statements and Exhibits. (d) Exhibits 10.1 Employment Agreement between Koil Energy Solutions, Inc. and Erik Wiik, dated March 6, 2024 99.1 Press Release issued by Koil Energy Solutions, Inc., dated March 11, 2024 104 Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101). SIGNATURE 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 thereunto duly authorized. KOIL ENERGY SOLUTIONS, INC. By: /s/ Charles K. Njuguna Charles K. Njuguna President, Chief Executive Officer and Chief Financial Officer Date: March 11, 2024 4