-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QMUwCwsgq2N+8kD0P3TOdZvhM/i1JNBXs29KcLBakWVAaXygoPTWfY46a9EzL+T/ 3UiCrBtlvCBLxuRd/A3trw== 0000950129-06-002398.txt : 20060308 0000950129-06-002398.hdr.sgml : 20060308 20060308172723 ACCESSION NUMBER: 0000950129-06-002398 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060302 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20060308 DATE AS OF CHANGE: 20060308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BASIC ENERGY SERVICES INC CENTRAL INDEX KEY: 0001109189 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 542091194 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32693 FILM NUMBER: 06674104 BUSINESS ADDRESS: STREET 1: 400 W. ILLINOIS, SUITE 800 CITY: MIDLAND STATE: TX ZIP: 79701 BUSINESS PHONE: 4326205500 MAIL ADDRESS: STREET 1: 400 W. ILLINOIS, SUITE 800 CITY: MIDLAND STATE: TX ZIP: 79701 FORMER COMPANY: FORMER CONFORMED NAME: SIERRA WELL SERVICE INC DATE OF NAME CHANGE: 20000313 8-K 1 h33819e8vk.htm BASIC ENERGY SERVICES, INC. e8vk
 

 
 
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): March 2, 2006
Basic Energy Services, Inc.
(Exact name of registrant as specified in its charter)
         
Delaware   1-32693   54-2091194
(State or other jurisdiction of   (Commission   (IRS Employer
incorporation )   File Number)   Identification No.)
         
400 W. Illinois, Suite 800        
Midland, Texas       79701
(Address of principal executive offices)       (Zip Code)
Registrant’s telephone number, including area code: (432) 620-5500
 
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 Instruction A.2 below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 1.01 Entry into a Material Definitive Agreement.
     On March 2, 2006, the Board of Directors of Basic Energy Services, Inc. (the “Company”) approved the recommendations of its Compensation Committee with respect compensation for the Company’s named executive officers and certain of its employees. The Board approved the payment of year-end cash bonuses for the year ended December 31, 2005 and approved base salaries for the named executive officers, as set forth below.
                                         
                    2005 Cash Compensation
                    Quarterly Bonus Plan           Total
Name and Current                   Payments   Year-End   Cash
Position   Year   Base Salary(1)   (% Base Salary/$)   Cash Bonus   Bonuses
Kenneth V. Huseman
     2006     $ 400,000                          
President and Chief Executive Officer
     2005     $ 325,000       N/A     $ 275,000     $ 275,000  
 
                                        
Alan Krenek
     2006     $ 240,000                          
Senior Vice President and Chief Financial Officer
     2005     $ 185,000       N/A     $ 150,000     $ 150,000  
 
                                        
James J. Carter
     2006     $ 170,000                          
Executive Vice President
     2005     $ 170,000       N/A     $ 60,000     $ 60,000  
 
                                        
Charles W. Swift
     2006     $ 160,000                          
Vice President — Permian Division
     2005     $ 150,000       60%/$90,068     $ 5,000     $ 95,068  
 
                                        
Dub W. Harrison
     2006     $ 150,000                          
Vice President — Safety & Maintenance
     2005     $ 140,000       25%/$35,000     $ 13,000     $ 48,000  
 
(1)   2006 base salaries are effective March 19, 2006.
     The Compensation Committee bases its decisions with respect to executive compensation, including cash bonus incentives, on a number of factors, including the Company’s financial performance, the achievement of certain strategic goals and each executive’s contribution to the Company’s overall performance.
     Messrs. Swift and Harrison received cash bonuses during 2005 as part of the Company’s quarterly incentive bonus plans. The quarterly cash bonuses paid to Mr. Swift during 2005 were based on an EBITDA percentage of capital employed in operations for which he was responsible, without any limits as a percentage of his salary. The quarterly cash bonuses paid to Mr. Harrison during 2005 under a corporate-level bonus plan were based on consolidated net income returned on capital employed, subject to a limit of 25% of his quarterly salary. The actual total 2005 quarterly bonus plan payments to Messrs. Swift and Harrison were $90,068 and $35,000, respectively.
     The Company is currently reviewing, and intends to establish targets with respect to, quarterly bonus plans for division managers and corporate staff level vice presidents for 2006.

 

 

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.
         
  Basic Energy Services, Inc.
 		  
Date: March 8, 2006  By:   /s/ Alan Krenek    
    Alan Krenek   
    Vice President and Chief Financial Officer   
 

 

-----END PRIVACY-ENHANCED MESSAGE-----