Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 27, 2021, the Company entered into an amendment to the Company's
employment agreement with Adam Hurley (the "Amendment"), the Company's Executive
Vice President, Chief Financial Officer, Treasurer and Secretary. Pursuant to
the Amendment, the parties have confirmed the amount of severance payable to Mr.
Hurley in certain circumstances in connection with his position as Executive
Vice President and Chief Financial Officer, which has previously been disclosed
in the Form 10-K/A filed with the Securities and Exchange Commission on April
30, 2021.
The foregoing description of the Amendment does not purport to be complete and
is qualified in its entirety by reference to the full text of the Amendment, a
copy of which is filed herewith as Exhibit 10.1 and incorporated herein by
reference.
Item 7.01 Regulation FD Disclosure.
On May 3, 2021, Basic Energy Services, Inc. (the "Company") issued a press
release announcing the completion of a sale-leaseback transaction related to
certain real property in Los Angeles, California. The purchase price for the
property consisted of $10.5 million, subject to a holdback of approximately $2.6
million for certain improvements to be constructed at the property. The Company
is entitled to reimbursement of any remaining balance of said holdback funds to
the extent not fully expended for the intended purpose. The Company has entered
into a simultaneous lease of the property for an initial term of three years. A
copy of the press release is being furnished as Exhibit 99.1 hereto and is
incorporated into this Item 7.01 by reference.
The information furnished pursuant to Item 7.01, including Exhibit 99.1, shall
not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, is not subject to the liabilities of that section and is
not deemed incorporated by reference in any filing of the Company's under the
Securities Act of 1933, as amended, unless specifically identified therein as
being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Exhibit
10.1 Amendment to Employment Agreement made and entered into by and
between Basic Energy Services, Inc. and Adam Hurley, effective as of
April 27, 2021.
99.1 Press Release dated May 3, 2021.
104 Cover Page Interactive Data File (formatted as Inline XBRL and
contained in exhibit 101).
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