Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - TETRA TECHNOLOGIES INC | tti10k-20100301.htm |
| EX-21 - EXHIBIT 21 - TETRA TECHNOLOGIES INC | ex21.htm |
| EX-23.2 - EXHIBIT 23.2 - TETRA TECHNOLOGIES INC | ex23_2.htm |
| EX-32.1 - EXHIBIT 32.1 - TETRA TECHNOLOGIES INC | ex32_1.htm |
| EX-23.1 - EXHIBIT 23.1 - TETRA TECHNOLOGIES INC | ex23_1.htm |
| EX-31.2 - EXHIBIT 31.2 - TETRA TECHNOLOGIES INC | ex31_2.htm |
| EX-32.2 - EXHIBIT 32.2 - TETRA TECHNOLOGIES INC | ex32_2.htm |
| EX-23.3 - EXHIBIT 23.3 - TETRA TECHNOLOGIES INC | ex23_3.htm |
| EX-99.2 - EXHIBIT 99.2 - TETRA TECHNOLOGIES INC | ex99_2.htm |
| EX-99.1 - EXHIBIT 99.1 - TETRA TECHNOLOGIES INC | ex99_1.htm |
| EX-31.1 - EXHIBIT 31.1 - TETRA TECHNOLOGIES INC | ex31_1.htm |
| EX-10.12 - EXHIBIT 10.12 - TETRA TECHNOLOGIES INC | ex10_12.htm |
Exhibit
10.13
Summary
Description of
Named
Executive Officer Compensation
On
February 14, 2009, TETRA Technologies, Inc. (the Company), with the approval of
its Board of Directors and as part of the Company’s efforts to reduce costs and
expenses, approved a general wage and salary reduction of 5% to 20% of base
annual compensation rates. As part of this general wage and salary reduction,
the Management and Compensation Committee of the Board (the Committee) also
approved salary reductions for the Company’s current officers who were
identified as named executive officers in the Company’s 2008 proxy
statement.
On
November 23, 2009, the Board of Directors, upon the recommendation of the
Committee, approved the reinstatement of the previous wage and salary reduction
for the Company’s current officers who were identified as named executive
officers in the Company’s 2009 proxy statement, and for other employees. In
addition, the Company approved the resumption of its matching contributions to
participants under the Company’s 401(k) Plan. The reinstatement of wages and
salaries and the matching contributions under the 401(k) Plan became effective
as of January 2, 2010. Effective January 2, 2010, the salaries for the
Company’s current officers who were identified as named executive officers in
the Company’s 2009 proxy statement are as follows:
|
Named
Executive Officer
|
Title
|
Reinstated
Salary
|
||
|
Stuart M.
Brightman
|
President and
Chief Executive Officer
|
$500,000
|
||
|
Joseph M.
Abell
|
Senior Vice
President and Chief Financial Officer
|
$285,000
|
||
|
Philip N.
Longorio
|
Senior Vice
President
|
$325,000
|
||
|
Raymond D.
Symens
|
Senior Vice
President
|
$325,000
|
In
connection with the February 2009 salary reductions, the Company adopted a
claw-back program which was designed to give the Company’s employees as of
December 31, 2009, an opportunity to be reimbursed by the Company for between
30% and 100% of the amount their wages and salaries were reduced, depending on
the level of the Company’s long-term debt as of December 31, 2009 and, in
certain circumstances, the amount of per share earnings reported for 2009. The
interpretation and implementation of the claw-back program was solely within the
Board of Director’s discretion. On February 17, 2010, the Board of Directors
approved a 50% reimbursement pursuant to the terms of the claw-back program.
Following the Board of Directors approval, the reimbursements paid to the
Company’s current officers who were identified as named executive officers in
the Company’s 2009 proxy statement were as follows:
|
Named
Executive Officer
|
Claw-back
Earned
|
|
|
Stuart M.
Brightman
|
$39,296
|
|
|
Joseph M.
Abell
|
$18,909
|
|
|
Philip N.
Longorio
|
$21,563
|
|
|
Raymond D.
Symens
|
$21,563
|
Each of the named
executive officers has entered into an employment agreement in a form
substantially identical to the form of agreement executed by all of TETRA’s
employees. Each agreement evidences the at-will nature of employment and does
not set forth or guarantee the term of employment, salary, or other incentives,
all of which are entirely at the discretion of the Board of Directors. Each
named executive officer is eligible to participate in TETRA’s incentive programs
generally available to its salaried employees, including health, life,
disability and other insurance and benefits, 401(k) Plan, Nonqualified Deferred
Compensation Plan, and vacation, paid sick leave, and other employee
benefits.