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Posted 22 February, 2022

FORUM ENERGY TECHNOLOGIES, INC. appointed Mr. Neal Lux as new CEO

NYSE:FET appointed new Chief Executive Officer Mr. Neal Lux in a 8-K filed on 22 February, 2022.


  As previously disclosed in the Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") on December 6, 2021 by Forum Energy Technologies, Inc. (the "Company"), Mr. Neal Lux was appointed as President and Chief Executive Officer of the Company and a member of the board of directors, effective February 18, 2022.In connection with his appointment as President and Chief Executive Officer, Mr. Lux's annual base salary was increased from $369,000 to $600,000 and he will be eligible to receive a target annual bonus of 100% of his base salary, with a maximum bonus opportunity of 200% of his base salary, based on Company and individual performance.  

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Overview of FORUM ENERGY TECHNOLOGIES, INC.
Companies on the Energy Service • Oil & Gas Products/Services
Forum Energy Technologies, Inc. designs, manufactures, and distributes products to the oil and natural gas industry. The firm operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, downhole, and subsea markets, as well as other markets, such as alternative energy, defense, and communications. This segment offers drilling technologies consisting of capital equipment and a line of products consumed in the drilling, downhole technologies, such as cementing and casing tools, and protection products for artificial lift equipment and cables, and subsea remotely operated vehicles and trenchers, specialty components and tools, and complementary subsea technical services. The Completions segment provides products and related services to the coiled tubing, stimulation, and intervention markets. This segment offers pressure pumping, hydraulic fracturing and flowback services, including hydraulic fracturing pumps, cooling systems, flow iron, wireline cable, and pressure control equipment, as well as related recertification and refurbishment services, and coiled tubing products, such as coiled tubing strings and line pipes. The Production segment designs, manufactures, and supplies products, and provides related equipment and services to the production and infrastructure markets. The company was founded in 2005 and is headquartered in Houston, TX.
Market Cap
$199M
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FORUM ENERGY TECHNOLOGIES, INC. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


As previously disclosed in the Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") on December 6, 2021 by Forum Energy Technologies, Inc. (the "Company"), Mr. Neal Lux was appointed as President and Chief Executive Officer of the Company and a member of the board of directors, effective February 18, 2022.In connection with his appointment as President and Chief Executive Officer, Mr. Lux's annual base salary was increased from $369,000 to $600,000 and he will be eligible to receive a target annual bonus of 100% of his base salary, with a maximum bonus opportunity of 200% of his base salary, based on Company and individual performance. In addition, the Company granted Mr. Lux 47,519 performance restricted stock units, which will vest based on continued service over three years and achievement of designated stock price hurdles, and 47,519 restricted stock units, which will vest ratably over a period of three years. Mr. Lux will also remain subject to the Severance Agreement he previously entered into with the Company, dated May 12, 2020.


Effective as of the same day, and as previously announced, Mr. C. Christopher Gaut was appointed Executive Chairman of the Company's board of directors. In connection therewith, the Company entered into a letter agreement with Mr. Gaut providing, among other things: (i) that Mr. Gaut's annual base salary be decreased from $600,000 to 500,000; (ii) that his target annual bonus opportunity be reduced from 110% of base salary to 100% of base salary, with a maximum bonus opportunity of 200% of his base salary, based on Company and individual performance; (iii) for a cash bonus award of $150,000, vesting in quarterly installments over a one year period; and (iv) for an award of 33,084 cash-settled phantom units that will vest in equal installments over two years. Pursuant to the letter agreement, Mr. Gaut also waived his right to future severance benefits under his December 19, 2018 Severance Agreement with the Company. The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement, which is filed as Exhibit 10.1 hereto.