Document:

ex10_11.htm

Exhibit 10.11

Summary Description of the Compensation of

Non-Employee Directors of TETRA Technologies, Inc.

On December 14, 2010, the Board of Directors elected not to modify for the 2011 fiscal year the amounts of monthly cash retainers and meeting fees that were effective as of January 1, 2010, paid to directors who are not officers or employees of TETRA Technologies, Inc. (Non-Employee Directors). Directors who are also officers or employees of TETRA Technologies, Inc. (the Company) do not receive any compensation for duties performed as Directors.

Each Non-Employee Director other than our Chairman of the Board, Ralph S. Cunningham, receives the following cash compensation:

 

	
·  

	
Monthly cash retainer of $3,333.33.

 

	
·  

	
Meeting fees of $1,500 for each Board meeting attended. In addition, members of the Audit Committee, Management and Compensation Committee, Nominating and Corporate Governance Committee, and Reserves Committee receive meeting fees of $1,500 for each committee meeting attended. All meeting fees are payable on the date of the meeting.

Dr. Cunningham receives a monthly cash retainer of $9,583.33. Dr. Cunningham receives no additional compensation for attending meetings of the committees or the Board, or for serving as our Chairman of the Board. Additional annual cash retainers of $10,000 are paid to the chairmen of the Management and Compensation Committee, the Nominating and Corporate Governance Committee, and the Reserves Committee. An additional annual cash retainer of $15,000 is paid to the chairman of the Audit Committee. All additional cash retainer amounts are payable in quarterly installments.

Equity Compensation. On May 20, 2010, each Non-employee Director, including Dr. Cunningham, received an award of 9,804 shares of restricted stock with an aggregate grant date fair market value of $100,001. Twenty-five percent of the shares of restricted stock so awarded vested on the date of grant, and additional 25% portions of the award vested on August 20 and November 20, 2010 and February 20, 2011. It is anticipated that future compensation arrangements approved by the Board of Directors will include awards of grants of approximately $100,000 in value of restricted stock to each Non-employee Director on an annual basis, to be awarded on or about May 20 of each year.

 

Reimbursement of Expenses. All Non-Employee Directors are reimbursed for out-of-pocket travel expenses incurred in attending meetings of the Board and committees (including travel expenses of spouses if they are invited by the Company). Additionally, Non-Employee Directors traveling from out of state to Board or committee meetings receive a $750 travel stipend.ex10_12.htm

Exhibit 10.12

Summary Description of

Named Executive Officer Compensation

On December 13, 2010, the Management and Compensation Committee of the Board of Directors of TETRA Technologies, Inc. (the Company) approved increases in annual base salary levels for certain of the Company’s current officers who were identified as named executive officers in the Company’s 2010 proxy statement, to be effective as of January 3, 2011:

	

Named Executive Officer

	

Title

	

Prior Base Salary

	

Base Salary as of 

January 3, 2011

	
Stuart M. Brightman

	
President and Chief Executive Officer

	
$500,000

	
$535,000

	
Joseph M. Abell

	
Senior Vice President and Chief Financial Officer

	
$285,000

	
$300,000

	
Philip N. Longorio

	
Senior Vice President

	
$325,000

	
$342,000

	
Edwin H. Goldman

	
Senior Vice President

	
$325,000

	
$342,000

	
Bass C. Wallace, Jr.

	
General Counsel and Corporate Secretary

	
$260,000

	
$274,000

Each of the named executive officers has entered into an employment agreement in a form substantially identical to the form of agreement executed by all of TETRA’s employees. Each agreement evidences the at-will nature of employment and does not set forth or guarantee the term of employment, salary, or other incentives, all of which are entirely at the discretion of the Board of Directors. Each named executive officer is eligible to participate in TETRA’s incentive programs generally available to its salaried employees, including health, life, disability and other insurance and benefits, 401(k) Plan, Nonqualified Deferred Compensation Plan, and vacation, paid sick leave, and other employee benefits.ex10_42.htm

Exhibit 10.42

Retention Agreement with Edgar A. Anderson

The purpose of this document is to confirm our confidential discussion wherein I have advised you of the intention of TETRA’s management to explore strategic alternatives to its ownership of Maritech Resources, and of your key role in that effort. As I indicated, it is important for Maritech management and staff to continue to execute our business plan in order to maximize the value of this business unit. You are one of the key personnel in Maritech. Therefore, as incentive for you to remain with Maritech and continue to perform through this transitional period, Maritech is offering you a bonus consisting of several elements which are to be paid in segments, subject to the conditions set forth in this agreement.

In exchange for your continued employment with Maritech from now until the completion of this process, TETRA will pay you a “stay put” bonus of $150,000 (the “Stay Bonus”). The Stay Bonus will not, in any event, be payable in 2010, and will otherwise be earned, assuming your continued employment, upon the sooner to occur of: (i) the conclusion of the sale of Maritech or substantially all of its assets and associated liabilities, (ii) a decision by TETRA to abandon its efforts to sell Maritech or its assets and associated liabilities, and (iii) December 31, 2011. In the event of one or more sales of Maritech’s assets and associated liabilities, the sale process will not be concluded until a sale of all or substantially all of Maritech’s assets and associated liabilities has been completed or TETRA elects to conclude the sale process. The sale of Maritech, or substantially all of its assets and associated liabilities, is referred to as a “Sale Event.” The Stay Bonus will be payable on the tenth (10th) day following the applicable event described in clause (i), (ii) or (iii) above.  In addition to the Stay Bonus, and conditioned upon your continued employment with Maritech, should TETRA be successful in selling either all or a majority interest in Maritech or its assets and associated liabilities, TETRA will pay you an additional bonus amount of up to $520,000. This potential bonus amount was determined taking into account your position and scope of responsibilities at Maritech and the length of your tenure with Maritech. The factors used to determine the amount of the additional bonus paid will consist of the form and extent of the Sale Event, TETRA’s assessment of your contribution to the success of the Sale Event, and whether or not you are offered employment by an acquiring company. This additional bonus, if applicable, will be payable on the tenth (10th) business day following the closing of any such Sale Event.

If you continue to be employed with Maritech through the closing of the Sale Event, at TETRA’s option, any accrued and unpaid vacation will be either assumed by the acquiring company, or, if not assumed by the acquiring company and your employment with Maritech or TETRA is terminated, paid out to you on the tenth (10th) business day following the termination of your employment.  If a Sale Event is concluded and your employment with Maritech or TETRA is terminated in connection therewith prior to payment of any amounts earned under an Annual Incentive Award pursuant to the Cash Compensation Plan, TETRA has agreed to modify the terms of the Cash Incentive Compensation Plan to allow you to receive that amount on the tenth (10th) business day following the termination of your employment.

Your right to receive the Stay Bonus is conditioned upon your continued employment with Maritech through the date or events set forth above and your right to receive any additional bonus described above is conditioned upon your continued employment with Maritech through the closing of any such Sale Event. If your employment with Maritech is terminated prior to such date or events as a result of your death, disability or a termination by Maritech “without cause,” you, or your estate, will be entitled to receive all bonus amounts not yet paid and otherwise payable under the terms of this agreement, as well as any compensation not paid as of the date of separation under any Annual Incentive Award pursuant to the Cash Incentive Compensation Plan. Any such payment of the Stay Bonus and additional bonus described above shall be payable when such payment would otherwise be payable under this agreement.  If your employment with Maritech is terminated for any other reason prior to such date or event, you will forfeit any and all bonus amounts not yet paid and otherwise payable under the terms of this agreement, as well as any compensation not paid as of the date of separation under any Annual Incentive Award pursuant to the Cash Incentive Compensation Plan.

Amounts payable to you under this agreement are in lieu of any severance benefits that would otherwise be payable to you as an employee of Maritech including, without limitation, any benefits provided pursuant to the memorandum to all Maritech personnel dated November 2, 2010. No additional severance will be payable to you upon the termination of your employment.

 

  

  

  

Maritech will withhold from the amount of any benefits payable hereunder all federal, state and local taxes required to be withheld under any applicable law or regulation. The benefits payable hereunder are obligations of Maritech and shall be paid from the general assets of Maritech.

This agreement is intended, and shall be interpreted, to comply with Section 409A of the Internal Revenue Code. For purposes hereof, any “termination” that results in vesting or the payment of compensation hereunder must constitute a “separation of service” within the meaning of Section 409A of the Internal Revenue Code, and in the case of a termination of your employment by Maritech “without cause” that results in vesting or the payment of compensation hereunder, such termination must also constitute an “involuntary separation of service” within the meaning of Section 409A of the Internal Revenue Code. Additionally, disability shall be deemed to have occurred when you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months as determined by Maritech and TETRA.

This agreement does not modify the “at-will” relationship between you and Maritech, and does not give you a right to remain in the employ of Maritech for any period of time. It is imperative that our divestiture efforts and the terms of this agreement remain confidential and are not disclosed by you to any person other than your legal representatives. Any prohibited disclosure by you of the terms of this agreement shall result in your forfeiture of any unpaid portions of the Stay Bonus and other benefits payable hereunder and shall constitute cause for discharge.

If you wish to acknowledge and accept the terms of the foregoing offer of retention  payments, and agree to comply with the terms set forth herein including, without limitation, the confidentiality obligations, please sign a copy of this letter and return it to me at your earliest convenience, but no later than November 5, 2010.

Sincerely,

TETRA Technologies, Inc.

/s/Stuart M. Brightman                                                                

Stuart M. Brightman

President and Chief Executive Officer

AGREED AND ACCEPTED BY:

/s/Edgar A. Anderson                                                               November 2, 2010                                                      

Employee Signature                                                                 Date

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