UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported, on April 8, 2020, the Human Capital Management and Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of TETRA Technologies, Inc. (the “Company”) approved temporary 20% reductions in the base salaries of the Company’s named executive officers (“NEOs”). On July 26, 2021, the Committee approved the reinstatement of the NEOs’ base salaries to their respective pre-reduction levels, with the exception of Brady M. Murphy, Elijio V. Serrano, and Richard D. O’Brien. The base salaries of Messrs. Murphy, Serrano, and O’Brien were reinstated to 90% of their respective base salary and their annual short term incentive target award opportunity was increased to provide an opportunity for them to earn a portion of their respective reduced salary through performance.
Item 7.01. Regulation FD Disclosures.
In addition, on July 29, 2021, the Board approved the reinstatement of the 20% reduction implemented in April 2021 with respect to the cash retainers paid to non-employee directors, including the annual retainer, chairman of the board retainer, and committee chair retainers, which reinstatement shall be effective August 1, 2021. On May 26, 2021 and effective July 1, 2021, the Board also approved an increase in the annual cash retainer paid to non-employee directors (excluding the chairman of the board), from $50,000 to $70,000 per year, which was paid at the 20% reduction until such annual retainer was reinstated, and eliminated the payment of per-meeting fees.
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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TETRA Technologies, Inc. |
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By: |
/s/ Brady M. Murphy |
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Brady M. Murphy |
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President and Chief Executive Officer |
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Date: July 30, 2021 |
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