TETRA Technologies, Inc. has appointed Philip N. Longorio to the position of Senior Vice President. Mr. Longorio will be responsible for managing TETRA's global fluids and production testing businesses.
Geoffrey M. Hertel, President and Chief Executive Officer, stated, "We are extremely pleased to welcome Phil Longorio as a member of our management team. Phil brings to TETRA a wealth of experience in the oilfield service industry. During his more than twenty-eight year career with Halliburton Energy Services and its subsidiaries, Phil served in both operational and sales positions of increasing authority, ending as the Vice President of Sperry-Sun Drilling Services. From July of 2004 through May, 2007, Phil served as President and Chief Executive Officer of WellDynamics B.V., which was formed as a joint venture between Halliburton Energy Services and Shell Technology Ventures to market intelligent completion technology. WellDynamics uses advanced intelligent well technology to deliver solutions for surface controlled reservoir monitoring and management."
"Phil will continue the implementation of our plan for global expansion and, as we move toward the future consolidation of our fluids and production testing businesses, Phil will provide valuable expertise in maximizing operational efficiency. In his capacity as a Senior Vice President, Phil will report directly to Stuart Brightman, our Chief Operating Officer," concluded Hertel.
In accordance with the New York Stock Exchange Listed Company Manual, Section 303A.08, "Shareholder Approval of Equity Compensation Plans," we hereby disclose that the Company has authorized the grant to Philip Longorio of an employment inducement award of 30,200 shares of restricted stock, the effective date of such agreement to coincide with the Company's filing of a registration statement covering the issuance of such shares. The restricted stock will vest 20% on the first anniversary of the date of the award, and will vest an additional 10% each six months thereafter.
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