- Current report filing (8-K)
December 12 2008 - 5:05PM
Edgar (US Regulatory)
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):
December 10, 2008
T-3 ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
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Delaware
(State or Other
Jurisdiction of
Incorporation)
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000-19580
(Commission File Number)
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76-0697390
(I.R.S. Employer Identification No.)
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7135 Ardmore
Houston, Texas 77054
(Address of principal executive offices) (zip code)
(713) 996-4110
(Registrants Telephone Number, Including Area Code)
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers
(e) Compensatory Arrangements of Certain Officers
Amendment to Employment Agreement
On December 10, 2008, the Compensation Committee of the Board of Directors of T-3 Energy
Services, Inc. (the Company) approved the First Amendment (the Amendment) to Employment
Agreement (the Employment Agreement) entered into between the Company and Gus D. Halas, the
Companys Chairman, President and Chief Executive Officer. The Amendment was entered into to
comply with the applicable provisions of Section 409A of the Internal Revenue Code of 1986, as
amended, and the Treasury regulations issued thereunder. Section 409A was enacted in 2004 and
governs nonqualified deferred compensation arrangements. It imposes penalties and additional tax
on service providers (including employees and directors) if a nonqualified deferred compensation
arrangement does not comply with its provisions. Although Section 409A took effect in 2005, final
regulations were not issued until 2007. Companies must amend affected nonqualified deferred
compensation arrangements by December 31, 2008 to ensure compliance with Section 409A. The
Amendment adds a 7-month delay for certain payments following the separation from service of Mr.
Halas, modifies the definition of Constructive Termination to satisfy Section 409A requirements
and clarifies that amounts payable will be paid at the times and in the manner permitted.
Additionally, the Amendment provides for a new Section 11.15, which states that Mr. Halas and
the Company acknowledge that as of the date of this Amendment, Mr. Halas has not received the
restricted stock grant of 10,000 shares that Mr. Halas would have been entitled to receive on
September 14, 2008 subject to availability in the Companys 2002 Stock Incentive Plan (the Plan)
and Compensation Committee approval, with a vesting date of September 14, 2009 (the 2008
Restricted Stock). As of the date of this Amendment, the Company intends to grant to Mr. Halas the
2008 Restricted Stock at such time as the shares necessary for such grant are available under the
Plan (or such other arrangement that receives approval of the stockholders of the Company).
Furthermore, on the earlier to occur of (a) September 14, 2009, (b) a Change of Control, as defined
in Section 8, or (c) a termination of employment that has the effect set forth in Section 9, and
provided that the 2008 Restricted Stock has not been granted to Mr. Halas prior to such time set
forth in clause (a), (b) or (c) of Section 11.15, then the Company will pay to Mr. Halas an amount
in cash equal to 10,000 multiplied by the closing share price of the Companys stock on the
business day set forth in clause (a), (b) or (c) of Section 11.15, as applicable.
The foregoing description is a brief summary of the Amendment and does not purport to be a
complete statement of the parties rights and obligations under the Amendment and the Employment
Agreement. The foregoing description of the Amendment is qualified in its entirety by reference to
the full text of the Amendment, which is attached as Exhibit 10.1 to this Form 8-K and is
incorporated herein by reference.
Item 9.01. Exhibits
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10.1
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First Amendment to Employment Agreement dated December 10, 2008, between T-3
Energy Services, Inc. and Gus D. Halas.
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SIGNATURES
Pursuant to the requirements of the Securities and 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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T-3 ENERGY SERVICES, INC.
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Date: December 10, 2008
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By:
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/s/ James M. Mitchell
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James M. Mitchell
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Chief Financial Officer and
Senior Vice President
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EXHIBIT INDEX
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Exhibit No.
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Description
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10.1
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First Amendment to Employment Agreement dated December 10,
2008, between T-3 Energy Services, Inc. and Gus D. Halas.
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