Current Report Filing (8-k)
March 25 2020 - 8:02AM
Edgar (US Regulatory)
SUPERIOR ENERGY SERVICES INC false 0000886835 0000886835 2020-03-25 2020-03-25
UNITED STATES
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): March 25, 2020
SUPERIOR ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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001-34037
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75-2379388
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(State or other
jurisdiction)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1001 Louisiana Street, Suite 2900
Houston, Texas
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77002
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(Address of principal executive offices)
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(Zip Code)
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(713) 654-2200
(Registrant’s telephone number, including area code)
Not Applicable
(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:
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
symbol
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Name of each exchange
on which registered
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Common Stock
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SPN
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New York Stock Exchange
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Indicate by check mark whether the registrant is an emerging growth company as defined in 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. ☐
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Item 5.02
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Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
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Changes to Executive Compensation Program
In light of current industry-wide conditions, including the uncertainty created by the effects of the novel coronavirus (COVID-19) and the significant decline in worldwide oil prices due to the conflict between Saudi Arabia and Russia, Superior Energy Services, Inc.’s (the “Company”) executive management team has reduced their base salaries. The President and Chief Executive Officer of the Company, David D. Dunlap, has voluntarily reduced his base salary by 20%, and each of the other executive officers have voluntarily reduced their base salaries by 15%.
Each of these salary reductions will be effective as of March 30, 2020.
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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SUPERIOR ENERGY SERVICES, INC.
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By:
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/s/ William B. Masters
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William B. Masters
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Executive Vice President, General
Counsel and Secretary
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Dated: March 25, 2020
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