0001193125-20-216388.txt : 20200811 0001193125-20-216388.hdr.sgml : 20200811 20200811163454 ACCESSION NUMBER: 0001193125-20-216388 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200806 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200811 DATE AS OF CHANGE: 20200811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GEOSPACE TECHNOLOGIES CORP CENTRAL INDEX KEY: 0001001115 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 760447780 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13601 FILM NUMBER: 201092903 BUSINESS ADDRESS: STREET 1: 7007 PINEMONT DR. CITY: HOUSTON STATE: TX ZIP: 77040 BUSINESS PHONE: 7139864444 MAIL ADDRESS: STREET 1: 7007 PINEMONT DR. CITY: HOUSTON STATE: TX ZIP: 77040 FORMER COMPANY: FORMER CONFORMED NAME: OYO GEOSPACE CORP DATE OF NAME CHANGE: 19950919 8-K 1 d949199d8k.htm 8-K 8-K
GEOSPACE TECHNOLOGIES CORP false 0001001115 0001001115 2020-08-06 2020-08-06

 

 

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): August 6, 2020

 

 

GEOSPACE TECHNOLOGIES CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Texas   001-13601   76-0447780

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

7007 Pinemont,

Houston, Texas

  77040
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: (713) 986-4444

Not Applicable

(Former Name or Former Address, 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 (see General Instructions A.2. below):

 

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))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock   GEOS   The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On August 6, 2020, Mr. Michael J. Sheen, a Director on the Board of Directors of Geospace Technologies Corporation (the “Company”) notified the Company that he will not stand for reelection at the 2021 annual meeting of stockholders (the “Annual Meeting”) and will be retiring from the Board of Directors of the Company effective on such Annual Meeting. Mr. Sheen’s retirement was not due to a disagreement with the Company. Mr. Sheen will continue as the Senior Vice-President and Chief Technical Officer of the Company.

On August 6, 2020, Mr. William H. Moody informed the Company of his decision to retire from the Board of Directors of the Company effective September 30, 2020. Mr. Moody’s retirement was not due to a disagreement with the Company.

The Board of Directors of the Company thanks Mr. Sheen and Mr. Moody for their many years of distinguished service and significant contributions to the Company.

 

Item 8.01

Other Events

The Board of Directors, based on recommendations from the Nominating and Corporate Governance Committee, approved the implementation of two governance measures. The Board has instituted a tenure limit of 15 years for all new non-employee directors to hold a seat on the Board of Directors. In addition, the Board will adopt equity ownership guidelines that will require each of the Company’s directors to maintain a specified minimum equity investment in the Company. The details and level of the ownership requirements will be approved by the Board before fiscal year end 2020.

 

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits:

 

Exhibit

  

Description

Exhibit 99.1    Press Release dated August 11, 2020.
Exhibit 104    Cover Page Interactive Data File (embedded within the Inline XBRL document).


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.

 

    GEOSPACE TECHNOLOGIES CORPORATION
Date: August 11, 2020      
    By:  

/s/ Robert L. Curda

      Robert L. Curda
      Vice President, Chief Financial Officer & Secretary
EX-99.1 2 d949199dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO   NEWS RELEASE        

7007 Pinemont Drive

Houston, TX 77040 USA

Contact: Rick Wheeler

President & CEO

TEL: 713.986.4444

FAX: 713.986.4445

FOR IMMEDIATE RELEASE

GEOSPACE TECHNOLOGIES ANNOUNCES CHANGES TO THE BOARD OF DIRECTORS

Houston, Texas – August 11, 2020 - GEOSPACE Technologies (NASDAQ: GEOS) (“Geospace” or the “Company”) today announced several immediate and upcoming changes to its Board of Director’s and the implementation of certain governance measures.

Mr. Michael J. Sheen, Senior Vice-President and Chief Technical Officer and executive director will retire from the Board of Directors of the Company effective at the upcoming annual meeting to be held in February 2021. Mr. Sheen informed the Board that he was electing to not stand for re-election at the upcoming Annual Meeting. Mr. Sheen sighted his desire to dedicate more time to the development and application of the Company’s existing and new technologies being utilized in oil and gas exploration and development, and the border security sector. The Board extends its gratitude to Mr. Sheen for his board work and the achievements the Board has overseen during his tenure as a director. We look forward to his continued success with the Company.

Mr. William H. Moody (Hank) has elected to retire from the board of directors effective at the end of the Company’s current fiscal year, September 30, 2020. Mr. Moody joined the board in July 2004. He was head of the Audit Committee up until May 2020. During his tenure, Geospace has grown its operations and now provides services globally. These changes required significant oversight by Hank and the Audit Committee as new accounting rules and standards had to be adopted and properly applied. Prior to joining the Geospace Board, Hank was with KPMG and served in several notable capacities including managing partner, audit partner-in-charge, and Securities and Exchange Commission reviewing partner. “Geospace has been very fortunate to have Hank serve on our board for the last 16 years,” stated Gary Owens, Geospace’s Chairman. “He has been a highly effective director, and we will miss his strong leadership and wise counsel. We extend our gratitude and best wishes to Hank and his wife, Jane, in his retirement.”


As previously announced, Mr. Charles H. Still (Hank) elected to retire from the board of directors on June 30, 2020. Mr. Still joined the Board in November 1997 with the Company’s initial public offering. Hank’s service to the Company began in 1980 as the Secretary of various affiliates and predecessors of the Company, and from September 1994 to February 2009 he served as the Secretary of the Company serving in a non-executive capacity. In February 2015 he was appointed Lead Independent Director on the Geospace board. Mr. Still was a partner in Fulbright & Jaworski LLP from 1975 until his retirement in January 2008, at which time he became a partner in Kelly Hart & Hallman LLP until he retired in December 2010. He returned to Fulbright & Jaworski LLP as Of Counsel until his retirement in January 2014. Hank also served on the board of Martin Midstream GP LLC from August 2010 to October 2014. Gary Owens commented, “Hank served Geospace and its predecessors for 40 years. He was a key player in the development and success of Geospace. His extensive legal and financial expertise combined with his in-depth knowledge of the SEC, our business and corporate governance made him a significant resource as a director on the Board. All of us will miss Hank’s counsel and insight. We wish him all the best in his retirement.”

With these changes, the Board will be downsizing and will eliminate the director seats held by Mr. Still and Mr. Moody. Mr. Thomas L. Davis, Ph.D., will replace Mr. Still as the Lead Independent Director.

As a result of the Board’s annual governance review, and based on recommendations from the Nominating and Corporate Governance Committee, the Board has approved two additional governance measures at this time. The Board has instituted a tenure limit of 15 years for all new non-employee directors to hold a seat on the board. In addition, the Board will adopt equity ownership guidelines that will require each of the Company’s directors to maintain a specified minimum equity investment in the Company. The details and level of the ownership requirements will be approved by the Board before fiscal year end 2020.

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Entity Central Index Key 0001001115
Document Type 8-K
Document Period End Date Aug. 06, 2020
Entity Incorporation State Country Code TX
Entity File Number 001-13601
Entity Tax Identification Number 76-0447780
Entity Address, Address Line One 7007 Pinemont
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77040
City Area Code (713)
Local Phone Number 986-4444
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Security 12b Title Common Stock
Trading Symbol GEOS
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