UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) and (e) Effective April 21, 2021, William B. Masters, a named executive officer of Superior Energy Services, Inc. (the “Company”), resigned from his position as the Company’s Executive Vice President and General Counsel and transitioned to the role of a senior advisor to the Company.
The Company and Mr. Masters have entered into a Transition Agreement, dated April 21, 2021 (the “Transition Agreement”), which replaces the June 15, 2013 employment agreement between Mr. Masters and the Company in its entirety except for certain surviving provisions set forth in the Transition Agreement, including the restrictive covenant agreements contained in his employment agreement (other than the one-year non-compete covenant that otherwise would apply if Mr. Masters voluntarily resigns his employment with the Company with or without good cause). Pursuant to the Transition Agreement, subject to Mr. Masters’ execution of a waiver and release agreement which Mr. Masters executed effective April 21, 2021, which contains, among other things, a release of claims and covenant not to sue, Mr. Masters will serve as a senior advisor to the Company through December 31, 2021 (the “Termination Date”). Between April 22, 2021 and the Termination Date, Mr. Masters will be paid the remainder of his base salary bi-weekly. Mr. Masters and his family, will remain eligible for continued participation in all medical and other welfare benefit plans generally available to the Company’s executive officers, but not certain other incentive benefits and other perquisites. Following the Termination Date, pursuant to governing law and independent of the Transition Agreement, Mr. Masters may elect COBRA benefit continuation coverage. Subject to Mr. Masters’ execution and non-revocation of a post-termination release, if elected by Mr. Masters, the Company will provide a direct payment of 100% of Mr. Masters’ COBRA premium through March 31, 2022, unless Mr. Masters’ becomes eligible for other group health plan coverage or Medicare.
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.
| Superior Energy Services, Inc. | ||||||
| Date: April 26, 2021 | By: | /s/ Blaine D. Edwards | ||||
| Blaine D. Edwards | ||||||
| Vice President and General Counsel | ||||||