Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As part of the general salary and wage reductions being implemented with regard
to a broad base of the employees of TETRA Technologies, Inc. (the "Company"), on
April 3, 2020, the Compensation Committee (the "Compensation Committee") of the
Board of Directors of the Company, at the request of management of the Company,
approved reductions in the base annual salaries of the officers of the Company
who were identified as named executive officers in the Company's 2020 Proxy
Statement filed with the Securities and Exchange Commission on March 23, 2020.
The salary reductions will commence on April 11, 2020 and continue indefinitely
thereafter. The effect of such salary reductions for the named executive
officers is to reduce their respective annual base salaries by twenty percent
(20%) commencing on April 11, 2020.
In connection with the salary reductions, Stuart M. Brightman, our former Chief
Executive Officer and a current employee of the Company pursuant to the terms of
his Transition Agreement with the Company disclosed on TETRA's Form 8-K filed
with the Securities and Exchange Commission on May 8, 2019, entered into an
amendment to his Transition Agreement (the "Amendment") to reflect his salary
reduction. The foregoing description of the Amendment does not purport to be
complete and is qualified in its entirety by reference to the Amendment, which
will be filed with the Company's Form 10-Q for the quarter ending June 30, 2020.
In order to align the compensation of our board members with these salary
reductions, the non-employee directors of the Company approved 20% reductions in
their annual cash retainers and meeting fees and the annual cash retainer of the
Chairman of the Board, effective as of April 1, 2020 and continuing indefinitely
thereafter.
In addition, effective April 5, 2020 for nonexempt employees and April 11, 2020
for exempt employees, the Company has suspended its matching contributions to
all participants under the Company's 401(k) Retirement Plan (the "401(k)
Plan"). As of December 31, 2019, approximately 92% of all eligible employees
were participating in the 401(k) Plan.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
TETRA TECHNOLOGIES, INC. 
