0000859911-11-000004.txt : 20110526 0000859911-11-000004.hdr.sgml : 20110526 20110526120818 ACCESSION NUMBER: 0000859911-11-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110523 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20110526 DATE AS OF CHANGE: 20110526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST ROYALTIES INSTITUTIONAL INCOME FUND X-B LP CENTRAL INDEX KEY: 0000859911 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752332174 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19601 FILM NUMBER: 11873143 BUSINESS ADDRESS: STREET 1: 6 DESTA DRIVE, SUITE 1100 CITY: MIDLAND STATE: TX ZIP: 79705 BUSINESS PHONE: 4326826324 MAIL ADDRESS: STREET 1: 6 DESTA DRIVE, SUITE 1100 CITY: MIDLAND STATE: TX ZIP: 79705 8-K 1 swr8k52611_221.htm FORM 8-K swr8k52611_221.htm
 

 
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):  May 23, 2011



Southwest Royalties Institutional Income Fund X-B, L.P.
(Exact name of Registrant as specified in its charter)
  



Delaware
  
0-19601
  
75-2332174
(State or other jurisdiction of
  
(Commission File
  
(I.R.S. Employer
incorporation or organization)
  
Number)
  
Identification Number)



6 Desta Drive, Suite 6500, Midland, Texas
  
79705-5510
(Address of principal executive offices)
  
(Zip code)



Registrant's Telephone Number, including area code:   (432) 682-6324



Not applicable
(Former name, former address and former fiscal year, if changed since last report)


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 May 23, 2011, Ted Gray Jr. and Davis L. Ford were elected to the board of directors of Southwest Royalties Inc., the Managing General Partner of the Partnership.  Messrs. Gray and Ford are also directors of Clayton Williams Energy, Inc., the sole stockholder of Southwest Royalties, Inc.

Southwest Royalties, Inc. expects to name Messrs. Gray and Ford to a special committee of the board of directors to be established to explore possible transactions involving the Partnership.  In connection with their service on the special committee, Southwest Royalties, Inc. intends to enter into an arrangement with Messrs. Gray and Ford pursuant to which they will each be entitled to receive a fee of $10,000 per month beginning June 1, 2011 (with a minimum fee of $30,000) for their service on the special committee.



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 thereto duly authorized.


Date:  May 26, 2011
  
Southwest Royalties Institutional Income
   
Fund X-B, L.P., a Delaware limited partnership
     
 
By:
Southwest Royalties, Inc., Managing
   
General Partner
     
     
 
By:
/s/ Michael L. Pollard
   
Michael L. Pollard
   
Senior Vice President