UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 2015
Basic Energy Services, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
1-32693 |
54-2091194 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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801 Cherry Street, Suite 2100 |
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Fort Worth, Texas |
76102 |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant’s telephone number, including area code: (817) 334-4100
Not Applicable
(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 5, 2015, the Compensation Committee of the Board of Directors of Basic Energy Services, Inc. (“Basic” or the “Company”), after discussion with a compensation consultant, approved base salaries for 2015 and cash bonuses for 2014 for certain of Basic’s executive officers, including Basic’s named executive officers. Cash bonus amounts for 2014 include payments previously made pursuant to Basic’s quarterly management incentive bonus plan, to the extent applicable to such executive officers. The approved 2015 base salaries are the same as the current base salaries for all of our named executive officers. Separately, in connection with salary and wage reductions for employees throughout the Company that became effective on February 9, 2015, the approved 2015 base salaries for all of our named executive officers were reduced, effective February 9, 2015, to the amounts set forth under “Revised 2015 Base Salary” in the table below.
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2015 Base Salary |
Revised 2015 Base Salary |
2014 Cash Bonus |
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T.M. “Roe” Patterson President, Chief Executive Officer and Director |
$700,000 |
$630,000 |
$1,114,190 |
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Alan Krenek Senior Vice President, Chief Financial Officer, Treasurer and Secretary |
$415,000 |
$381,800 |
$548,298 |
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James F. Newman Senior Vice President, Region Operations |
$415,000 |
$381,800 |
$548,298 |
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William T. Dame Vice President, Pumping Services |
$340,000 |
$312,800 |
$449,208 |
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James E. Tyner Vice President, Human Resources |
$310,000 |
$285,200 |
$275,125 |
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John Cody Bissett Vice President, Controller and Chief Accounting Officer |
$255,000 |
$234,600 |
$226,313 |
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Brett J. Taylor Vice President, Manufacturing and Equipment |
$285,000 |
$262,200 |
$252,938 |
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Lanny T. Poldrack Vice President, Safety and Operations Support |
$270,000 |
$248,822 |
$239,625 |
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Douglas B. Rogers Vice President, Marketing |
$270,000 |
$248,431 |
$239,625 |
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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.
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Basic Energy Services, Inc. |
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Date: February 11, 2015 |
By: |
/s/ Alan Krenek |
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Alan Krenek |
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Senior Vice President, Chief Financial Officer, |
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Treasurer and Secretary |
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