HOUSTON, June 9, 2011 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK) today announced that all members of the Company's senior management team have elected to receive a portion of their 2011 performance bonus in restricted shares of Flotek common stock. The grants were disclosed in a Current Report (Form 8-K) filed today with the U.S. Securities and Exchange Commission.
The shares of restricted stock - issued to John Chisholm, Chairman and President; Steve Reeves, Executive Vice President-Operations; Jempy Neyman, Executive Vice President-Finance; and Johnna Kokenge, Chief Accounting Officer - were issued pursuant to the election of the recipients to receive shares of restricted stock of the Company in lieu of cash bonuses otherwise payable by the Company pursuant to the 2011 Management Incentive Plan of the Company based on the achievement of minimum Adjusted EBITDA thresholds for 2011.
The grants will be forfeited if the minimum Adjusted EBITDA threshold under the 2011 Management Incentive Plan is not achieved for 2011. A grant to a recipient will also be forfeited if the employment of that recipient is terminated prior the end of 2011, unless the termination is caused by the death or disability of the recipient, or the termination is under circumstances in which, pursuant to the terms of the employment agreement between the recipient and the Company, the recipient would be entitled to severance benefits that would include bonuses under the Management Incentive Plan.
"I am pleased that all members of the Flotek senior management team have made the election to receive 50% of their prospective bonus under our Management Incentive Plan in Flotek common shares," said John Chisholm. "Not only does this express their belief in the current status and future outlook of Flotek, it further aligns management interests with those of our shareholders. We look forward to continuing to work toward the common goal of providing leadership and support for the entire Flotek team as we work to accelerate economic return for all of our stakeholders."
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at www.flotekind.com.
Forward-Looking Statements:
Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, environmental and other casualty risks, and the impact of government regulation. Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section) and Form 10-Q, and in the Company's other SEC filings and publicly available documents. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.
SOURCE Flotek Industries, Inc.
