Innovex International, Inc. (NYSE:INVX), a provider of oil and gas field machinery and equipment, has entered into an agreement with its former Vice President and Chief Financial Officer, Kyle McClure. As per the contract signed on September 8, 2024, McClure will serve as an independent contractor to assist with a financial settlement concerning amounts due to the company from a counterparty.
The agreement stipulates that McClure will be compensated with a fixed monthly rate of $10,000, payable within 10 days following the submission and approval of his monthly invoices. Additionally, McClure will receive a fixed fee of $10,000 for any business trip outside the country conducted at the company’s request.
The contract, known as the McClure Letter Agreement, allows for termination by either party through written notice. Upon termination, Innovex is required to pay McClure for services rendered up to the termination date. This new arrangement follows McClure's departure from his previous executive role at the company.
This move comes as Innovex continues its operations out of its headquarters in Humble, Texas, under the leadership of CEO Adam Anderson. The company, formerly known as Dril-Quip (NYSE:INVX) Inc., operates within the oil and gas sector, providing essential equipment and services.
Innovex's engagement of McClure as an independent contractor is expected to leverage his expertise for the specific financial settlement task at hand. The information is based on a press release statement.
In other recent news, the merger between Dril-Quip, Inc. and Innovex Downhole Solutions, Inc. has been finalized, leading to the formation of a new entity, Innovex International, Inc. The merger is expected to generate significant growth, cash flow, and returns for shareholders, while delivering nearly $30 million in annual cost savings.
The merged entity will operate globally, serving the upstream onshore and offshore markets with a comprehensive portfolio designed to drive efficiency and lower costs.
Innovex International has begun trading on the New York Stock Exchange, following the merger's completion. The merger terms were amended, waiving the need for Dril-Quip stockholder approval on certain governance changes, reflecting the companies' commitment to strong corporate governance.
Institutional Shareholder Services has endorsed the merger, citing potential benefits such as increased earnings and a diversified business portfolio. The combined entity is projected to maintain a net cash position of around $100 million post-transaction.
Dril-Quip has also expanded its Board of Directors with the appointment of Benjamin M. Fink, a veteran in the energy and finance sectors. Fink's extensive experience is expected to significantly contribute to Dril-Quip's financial and industry expertise.
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