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Quotes & Info
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| TTI > SEC Filings for TTI > Form 8-K on 20-Feb-2009 | All Recent SEC Filings |
20-Feb-2009
Change in Directors or Principal Officers
On February 14, 2009, TETRA Technologies, Inc. (the "Company"), with the approval of its Board of Directors and as part of the Company's current efforts to reduce costs and expenses, approved a general wage and salary reduction of 5% to 20% of base annual compensation rates. As part of this general wage and salary reduction, the Management and Compensation Committee of the Board also approved salary reductions for the Company's current officers who were identified as named executive officers in the Company's 2008 proxy statement as follows:
Previous
Named Executive Base New Base Reduction
Officer Title Salary Salary (%)
Geoffrey M. President and Chief $500,0001 $400,000 20%
Hertel Executive Officer
Joseph M. Abell Senior Vice President $285,000 $242,250 15%
and Chief Financial
Officer
Stuart M. Executive Vice $410,000 $348,500 15%
Brightman President and Chief
Operating Officer
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1 Mr. Hertel voluntarily reduced his salary by 50% in November 2007. In June 2008, Mr. Hertel's salary was reinstated to $500,000.
The salary reductions became effective as of the pay period beginning on February 14, 2009. The base annual salaries of the above named officers may be reinstated at the discretion of the Board.
The Company has also adopted a claw-back program (the "Claw-back Program") with regard to the wage and salary reductions. Under the Claw-back Program, which is subject to the discretion of the Board, employees of the Company as of December 31, 2009, including Messrs. Brightman, Abell and Symens, may receive from the Company between 30% and 100% of the amount their wages and salaries were reduced, depending on the level of the Company's long-term debt as of December 31, 2009 and, in certain circumstances, the amount of the Company's per share earnings in 2009. The interpretation and implementation of the Claw-back Program is solely within the Board's discretion.
In addition to the wage and salary reductions, effective February 14, 2009, the
Company suspended its matching contributions to participants under the Company's
401(k) Retirement Plan (the "401(k) Plan"). As of December 31, 2008,
approximately 95% of all eligible employees were participating in the 401(k)
Plan, including the executive officers named above.
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