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): June 5, 2020
FORUM ENERGY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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001-35504
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61-1488595
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(State or other jurisdiction of
incorporation or organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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10344 Sam Houston Park Drive
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Suite 300
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Houston
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TX
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77064
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(Address of Principal Executive Offices)
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(Zip Code)
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code
(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:
☐ 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:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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FET
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NYSE
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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. o
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Termination of the Deferred Compensation Plan
On June 5, 2020 (the “DCP Termination Date”), in an effort to further streamline the benefits offered to members of management, Forum Energy Technologies, Inc. (the “Company”) terminated its Deferred Compensation and Restoration Plan (the “DCP”). The DCP is a supplemental executive retirement plan that has provided key employees and directors with an opportunity to defer receipt of a portion of their salary, bonus and other specified compensation. In addition, the DCP has been maintained as an unfunded, nonqualified plan providing benefits based on the participant’s notional account balance at the time of retirement or termination.
In accordance with Section 409A of the Internal Revenue Code of 1986, as amended, and as a result of the termination of the DCP, payment of the full balance of each DCP participant’s account as of a final payment date (the “Final Payment Date”) is scheduled to occur following the first anniversary of the DCP Termination Date. At such time, DCP participants will receive a single, lump sum payout of their respective accounts as of the Final Payment Date. Distributions that are set to occur prior to the Final Payment Date will be made as currently scheduled in the ordinary course. Balances under the DCP will continue to accrue interest at a rate of 8% per annum until the Final Payment Date.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Exhibit Title or Description
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104
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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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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Date: June 10, 2020
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FORUM ENERGY TECHNOLOGIES, INC.
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/s/ John C. Ivascu
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John C. Ivascu
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Senior Vice President, General Counsel, Chief Compliance Officer and Secretary
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