Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The board of directors ("Board") ofCactus, Inc. (the "Company") approved an increase in the number of directors on the Board from eight to nine and appointedTym Tombar to fill the newly created vacancy resulting from the increase in the number of directors, effective as ofJuly 1, 2021 .Mr. Tombar was appointed as a Class I director, with an initial term expiring at the 2024 annual meeting of stockholders. In connection with his appointment to the Board,Mr. Tombar was appointed to serve on the audit committee and the compensation committee of the Board, bringing the size of each of those committees to five. The increase in the size of the Board, the election ofMr. Tombar to fill the newly created vacancy on the Board andMr. Tombar's appointment to the audit committee and the compensation committee were based upon the recommendation of the Company's nominating and governance committee. In connection with his appointment, the Board reviewed the independence ofMr. Tombar using the independence standards of theNew York Stock Exchange ("NYSE") and theSecurities and Exchange Commission and, based on this review, determined thatMr. Tombar is independent within the meaning of the applicable NYSE listing standards currently in effect and within the meaning of Section 10A-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").Mr. Tombar is a Co-Founder ofArcadius Capital Partners ("Arcadius"), an energy private equity firm as well as its predecessor,SW Capital Partners , that invests growth capital into start-ups and early-stage companies in the upstream oil and gas industry since 2011. From 2007 to 2011, he was a Managing Director and co-head of Scotiabank's Energy Private Equity group. Since 2007, he has served on the boards of over 12 private oil and gas companies. Prior toApril 2007 , he was a Vice President withGoldman, Sachs & Co , and led deal teams through sourcing, execution, and management of a variety of primary market energy investments in securities and loans. Prior to that, he worked in Goldman's Investment Banking Division inNew York ,London , andHouston , advised several upstream oil and gas, oilfield services and petrochemical clients and executed a variety of transactions for public and private oil and gas companies.Mr. Tombar began his career with Goldman in its Energy &Power Principal Investment Area and Banking Group based inNew York in 1994.Mr. Tombar graduated with an M.B.A. fromStanford University's Graduate School of Business and an A.B. degree in Applied Math fromHarvard University . The Company believesMr. Tombar's qualifications to serve on the board include his executive leadership and 25 years of investment and finance experience in the energy industry. The Company has entered into its standard form of indemnification agreement withMr. Tombar . The form indemnification agreement was previously filed as Exhibit 10.6 to the Company's Annual Report on Form 10-K for the fiscal year endedDecember 31, 2018 , as filed with theSecurities and Exchange Commission onMarch 15, 2019 and is incorporated by reference herein.Mr. Tombar was not appointed pursuant to any arrangement or understanding with any other person and there are no family relationships betweenMr. Tombar and the other directors or executives of the Company. There are no transactions in whichMr. Tombar has an interest requiring disclosure on the part of the Company under Item 404(a) of Regulation S-K promulgated under the Exchange Act. As a non-employee director,Mr. Tombar will be entitled to receive an annual cash retainer of$80,000 per year, payable quarterly in arrears, as well as annual equity-based compensation with an aggregate grant date value of$100,000 . As a member of the Company's audit committee and compensation committee,Mr. Tombar will also receive additional cash retainers totaling$15,000 per year. Each member of the Board is entitled to be reimbursed for out-of-pocket expenses incurred in connection with attending Board and committee meetings. OnJuly 1, 2021 , in connection with his appointment to the Board,Mr. Tombar will receive an award of restricted stock units with a grant date value of$100,000 .
A copy of the press release announcing the appointment of
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 Form of Director and Officer Indemnification
Agreement (incorporated by
reference to Exhibit 10.5 to the Registrant's
Registration Statement on Form
S-1 (File No. 333-222540) filed with the
Commission on
Press Release ofCactus, Inc. datedJune 10 ,
2021 relating to appointment
99.1 of director. 104 Cover Page Interactive Data File (embedded within
the Inline XBRL document). 2
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