- Additional Proxy Soliciting Materials (definitive) (DEFA14A)
May 27 2009 - 5:26PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant
þ
Filed by a Party other than the Registrant
o
Check the appropriate box:
o
|
|
Preliminary Proxy Statement
|
o
|
|
Confidential, for Use of the Commission Only (as permitted by Rule 14a-
6(e)(2)
)
|
o
|
|
Definitive Proxy Statement
|
þ
|
|
Definitive Additional Materials
|
o
|
|
Soliciting Material Pursuant to §240.14a-12
|
T-3 Energy Services, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
þ
|
|
No fee required.
|
o
|
|
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
|
|
(1)
|
|
Title of each class of securities to which transaction applies:
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Aggregate number of securities to which transaction applies:
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
Proposed maximum aggregate value of transaction:
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
Total fee paid:
|
|
|
|
|
|
|
|
|
|
o
|
|
Fee paid previously with preliminary materials.
|
|
o
|
|
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing.
|
|
(1)
|
|
Amount Previously Paid:
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Form, Schedule or Registration Statement No.:
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
Filing Party:
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
Date Filed:
|
|
|
|
|
|
|
|
|
|
T-3 Energy Services, Inc.
7135 Ardmore
Houston, Texas 77054
May 27, 2009
Dear Stockholder:
Recently, T-3 Energy Services, Inc. mailed its 2009 Annual Meeting of Stockholders materials, which
included a Proxy Statement.
Due to a typographical error, the burn rate commitment disclosure on Proposal Two on page 37 was
incorrect. Specifically, the sentence that reads,
|
|
|
In order to facilitate approval of this proposal and assuage any stockholder concerns
regarding the number of equity awards we intend to grant in any given year, our
prospective three-year average burn rate with respect to the number of equity awards
granted will not exceed the greater of two percent of our shares outstanding or the mean
of our Global Industry Classification Standards Peer Group (1010 Energy).
|
should have read:
|
|
|
In order to facilitate approval of this proposal and assuage any stockholder concerns
regarding the number of equity awards we intend to grant in any given year, our
prospective three-year average burn rate with respect to the number of equity awards
granted will not exceed the greater of two percent of our shares outstanding or the mean
of our Global Industry Classification Standards Peer Group (1010 Energy) plus one standard
deviation, which currently equals 3.09%.
|
We have discussed our three-year average burn rate commitment with RiskMetrics. Previously,
RiskMetrics has supported the adoption of the Amended and Restated 2002 Stock Incentive Plan. With
this clarification, RiskMetrics has confirmed that they will continue to support the adoption of
the Amended and Restated 2002 Stock Incentive Plan.
Enclosed with this letter is a restatement of the subsection Purpose of the Proposal included
within Proposal Two in the Proxy Statement.
We sincerely apologize for this error.
Sincerely,
Steven W. Krablin
Chief Executive Officer and Chairman of the Board
Purpose of the Proposal
For a description of the benefits that would have been issuable during 2008 had the plan been
amended, please see Executive CompensationCompensation Discussion and AnalysisComponents of
Executive CompensationLong-Term Equity Compensation.
On April 7, 2009, the Board unanimously approved the Restated 2002 Plan, subject to
stockholder approval. We believe that the approval of the Restated 2002 Plan is essential to our
continued success. Our employees are our most valuable assets. The Restated 2002 Plan provides for
incentive awards that are vital to our ability to attract and retain outstanding and highly skilled
individuals in the competitive labor markets in which we must compete. Such awards also are crucial
to our ability to motivate employees to achieve our goals. To accomplish these goals, the Restated
2002 Plan permits the granting of incentive stock options, nonstatutory stock options, stock
appreciation rights, restricted stock, restricted stock units and other types of incentive awards,
some of which may require the satisfaction of performance-based criteria in order to be payable to
the grantees. In order to facilitate approval of this proposal and assuage any stockholder concerns
regarding the number of equity awards we intend to grant in any given year, our prospective
three-year average burn rate with respect to the number of equity awards granted will not exceed
the greater of two percent of our shares outstanding or the mean of our Global Industry
Classification Standards Peer Group (1010 Energy) plus one standard deviation, which currently
equals 3.09%. This policy will apply to shares issued pursuant to our Restated 2002 Plan. The burn
rate will be calculated as (i) the number of shares granted in each fiscal year by the Compensation
Committee of the Board of Directors and reported in our periodic reports filed with the SEC,
including (a) incentive stock options, (b) restricted stock awards, (c) restricted stock units, (d)
non-statutory stock options, and (e) stock-settled stock appreciation rights (SARs) divided by
(ii) the fiscal year end basic shares outstanding. SARs or full value shares settled in cash will
not be included in the calculation of burn rate. For purposes of the calculation, 1 full value
share equals 1.5 option shares.
Our Board is also requesting that stockholders approve the material terms of the Restated 2002
Plan so that certain designated awards under the Restated 2002 Plan qualify for exemption from the
deduction limitations of Section 162(m) of the Internal Revenue Code. Under Section 162(m), the
federal income tax deductibility of compensation paid to our Chief Executive Officer and our three
other most highly compensated officers (other than our Chief Executive Officer and principal
financial officer) determined pursuant to the executive compensation disclosure rules under the
Securities Exchange Act of 1934 (Covered Employees) may be limited to the extent such
compensation exceeds $1,000,000 in any taxable year. However, we may deduct compensation paid to
our Covered Employees in excess of that amount if it qualifies as performance-based compensation.
In addition to certain other requirements, in order for awards under the Restated 2002 Plan to
constitute performance-based compensation, the material terms of the Restated 2002 Plan must be
disclosed to and approved by our stockholders no later than the first stockholder meeting that
occurs in the fifth year following the year in which our stockholders previously approved the plan.
Under the Section 162(m) regulations, the material terms of the Restated 2002 Plan are (i) the
maximum amount of compensation that may be paid to a participant under the Restated 2002 Plan
during a specified period, (ii) the employees eligible to receive compensation under the Restated
2002 Plan, and (iii) the business criteria on which performance goals are based.
The terms of the Restated 2002 Plan provide that the Committee (as defined below) may require
the satisfaction of certain performance standards before awards under the Restated 2002 Plan are
granted or before such awards vest or become exercisable, and may designate that certain awards are
intended to satisfy the performance-based compensation exception under Section 162(m). Accordingly,
we are asking stockholders to approve as part of this Proposal Two the material terms of the
Restated 2002 Plan for Section 162(m) purposes. The material terms of the Restated 2002 Plan are
disclosed below as follows: (i) the maximum amount of compensation is described in the section
entitled Description of the Restated 2002 PlanEligibility, (ii) the eligible employees are
described in the section entitled Description of the Restated 2002 PlanEligibility, and (iii)
the business criteria are described in the section entitled Description of the Restated 2002
PlanPerformance-Based Awards.
Currently, the full value of awards under the plan may be fully deductible by us for federal
income tax purposes. However, the deductibility of awards granted to Covered Employees after our
annual meeting will potentially be limited unless the maximum award limits, eligibility provisions
and business criteria in the Restated 2002 Plan are reapproved by stockholders.
T-3 Energy Services (MM) (NASDAQ:TTES)
Historical Stock Chart
From Jul 2024 to Jul 2024
T-3 Energy Services (MM) (NASDAQ:TTES)
Historical Stock Chart
From Jul 2023 to Jul 2024