ProPetro Holding Corp. filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits
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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.
On April 7, 2025, the Board of Directors of ProPetro Holding Corp. (the “Company”) approved, subject to stockholder approval, the Second Amended and Restated ProPetro Holding Corp. 2020 Long Term Incentive Plan (the “A&R LTIP”). As further described below in Item 5.07, the Company’s stockholders approved the A&R LTIP at the Company’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”) on May 20, 2025. As a result, the A&R LTIP became effective on May 20, 2025.
The A&R LTIP increases the number of shares of common stock available for issuance thereunder by 2,470,000, from 8,050,000 to 10,520,000, subject to the share recycling and adjustment provisions of the A&R LTIP. All 10,520,000 shares will be available for issuance upon the exercise of incentive stock options. The A&R LTIP also extends the term of the plan to the tenth anniversary of the Annual Meeting. The A&R LTIP also makes certain other non-material changes to the 2020 LTIP, including updating the default treatment of performance-based awards upon an involuntary termination in connection with a change in control.
Consistent with the predecessor plan, the A&R LTIP provides for potential grants of: (i) incentive stock options qualified as such under U.S. federal income tax laws (“ISOs”), (ii) stock options that do not qualify as ISOs, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock units, (vi) awards of vested stock, (vii) dividend equivalents, (viii) other stock-based or cash awards, and (ix) substitute awards. Employees, non-employee directors, and other service providers of the Company and its affiliates are eligible to receive awards under the A&R LTIP. Consistent with the predecessor plan, the A&R LTIP provides that, subject to certain exceptions, in a single calendar year, a non-employee director may not be paid compensation, whether denominated in cash or awards, for such individual’s service on the Board in excess of $500,000.
The material terms of the A&R LTIP are described in more detail in the section entitled “Proposal 4: Approval of The Second Amended and Restated 2020 Long Term Incentive Plan” of the Company’s definitive proxy statement for the Annual Meeting, which was filed with the United States Securities and Exchange Commission on April 8, 2025 and is incorporated by reference herein (the “Proxy Statement”).
The foregoing description of the A&R LTIP is qualified in its entirety by reference to the A&R LTIP, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the Company’s Annual Meeting, on May 20, 2025, the Company’s stockholders elected each of the Company’s nine director nominees to serve until the Company’s 2026 Annual Meeting of Stockholders. Further, the Company’s stockholders approved on an advisory basis the compensation paid to the Company’s named executive officers, as disclosed in the Proxy Statement. In addition, the Company’s stockholders approved on an advisory basis an annual advisory vote on compensation of the Company’s named executive officers. In accordance with these results and its previous recommendation, the Company’s Board of Directors determined that future advisory votes on executive compensation will be held annually until the next required advisory vote on the frequency of stockholder votes on the compensation of named executive officers, which the Company expects to hold no later than its 2031 Annual Meeting of Stockholders. The Company’s stockholders also approved the A&R LTIP and the ratification of the appointment of RSM US LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.
The final results of the voting on each matter of business at the Annual Meeting are as follows:
Proposal 1 – Election of nine director nominees to serve for a one-year term.
| NOMINEES | FOR | WITHHOLD | BROKER NON- VOTES | |||||||||
| Phillip A. Gobe | 92,225,275 | 746,520 | 3,594,995 | |||||||||
| Samuel D. Sledge | 92,333,676 | 638,119 | 3,594,995 | |||||||||
| Spencer D. Armour III | 82,535,334 | 10,436,461 | 3,594,995 | |||||||||
| Mark S. Berg | 82,918,485 | 10,053,310 | 3,594,995 | |||||||||
| Anthony J. Best | 92,142,771 | 829,024 | 3,594,995 | |||||||||
| G. Larry Lawrence | 92,510,036 | 461,759 | 3,594,995 | |||||||||
| Mary P. Ricciardello | 92,464,103 | 507,692 | 3,594,995 | |||||||||
| Michele Vion | 90,906,419 | 2,065,376 | 3,594,995 | |||||||||
| Alex V. Volkov | 91,053,692 | 1,918,103 | 3,594,995 | |||||||||
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Proposal 2 – Approval, on an advisory basis, of the compensation of the Company’s named executive officers.
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTES | |||||||||||
| 87,939,288 | 4,817,021 | 215,487 | 3,594,994 | |||||||||||
Proposal 3 – Approval, on an advisory basis, of the frequency of future advisory votes on the compensation of the Company’s named executive officers.
| 1 YEAR | 2 YEARS | 3 YEARS | ABSTAIN | BROKER NON-VOTES | ||||||||||||||
| 86,794,803 | 139,631 | 5,831,442 | 205,917 | 3,594,997 | ||||||||||||||
Proposal 4 – Approval of the Second Amended and Restated 2020 Long-Term Incentive Plan.
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTES | |||||||||||
| 86,464,145 | 6,299,076 | 208,574 | 3,594,995 | |||||||||||
Proposal 5 – Ratification of the appointment of RSM US LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.
| FOR | AGAINST | ABSTAIN | ||||||||
| 95,766,514 | 595,441 | 204,835 | ||||||||
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| 10.1# | Second Amended and Restated ProPetro Holding Corp. 2020 Long Term Incentive Plan. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
# Compensatory plan, contract or arrangement.
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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.
| PROPETRO HOLDING CORP. | ||
| Date: May 27, 2025 | ||
| By: | /s/ John J. Mitchell | |
| John J. Mitchell | ||
| General Counsel and Corporate Secretary | ||
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