Heckmann (HEK) Appoints Jay Parkinson as CFO
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On September 10, 2012, Heckmann Corporation (NYSE: HEK) appointed Jay Parkinson to the positions of Executive Vice President and Chief Financial Officer.
Prior to joining the Company, Mr. Parkinson, age 37, worked in the Energy Investment Banking Group at Jefferies & Company, Inc. (“Jefferies”), since January 2006, most recently as a Managing Director. From June 2003 to December 2005, Mr. Parkinson worked in the Investment Banking Group at Johnson Rice & Company L.L.C., most recently as a Vice President. Mr. Parkinson received his Bachelor of Arts degree in History from Georgetown University in 1997, his Master of Science degree in International Relations from the London School of Economics and Political Science in 1999 and his Masters of Business Administration from the Tulane University’s A.B. Freeman School of Business in 2003.
Mr. Parkinson’s initial annual base salary as Executive Vice President and Chief Financial Officer will be $400,000. Mr. Parkinson will be entitled to a one-time cash bonus of $300,000 upon the closing of the merger of Badlands Energy, LLC, doing business as Power Fuels, with and into a wholly-owned subsidiary of the Company (the “Power Fuels Merger”). Mr. Parkinson was granted an option (the “Option”) pursuant to the Company’s 2009 Equity Incentive Plan (the “Plan”) to purchase 300,000 shares of the Company’s common stock at a price equal to the fair market value of the Company’s common stock on September 10, 2012, the date of grant. The Option will vest over a three-year period at the rate of 33-1/3% upon the first anniversary of the date of grant and 1/36 per month during the succeeding 24-month period, subject to the terms of the applicable grant agreement and Mr. Parkinson’s continued employment through each respective vesting date. In addition, Mr. Parkinson received a grant of 200,000 shares of restricted stock pursuant to the Plan, which will vest in full on September 10, 2015, the third anniversary of the grant date. The Option and the shares of restricted stock are subject to the terms and conditions of the Plan and the applicable grant agreements. Mr. Parkinson will also be entitled to participate in all other benefit plans generally provided to senior executives of the Company.
Jefferies and its affiliates have performed and continue to perform various financial advisory, investment banking and commercial banking services from time to time for the Company and its affiliates, for which they have received or may receive customary fees. During 2012, Jefferies has been engaged to act as the Company’s financial advisor in connection with the Power Fuels Merger, and Jefferies will receive an aggregate fee of $5 million for its services, substantially all of which is payable contingent upon consummation of the Power Fuels Merger. The bonus that Mr. Parkinson may receive from the Company upon completion of the Power Fuels Merger is unrelated to such engagement. In addition, Jefferies acted as an underwriter in connection with a public offering of the Company’s common stock that closed in March 2012, and as an initial purchaser in a private placement pursuant to Rule 144A under the Securities Act of the Company’s 9.875% Senior Notes due 2018 that closed in April 2012, for which Jefferies received fees of $1.5 million and $2.7 million, respectively. In each engagement, Jefferies also is or was entitled to be reimbursed for expenses incurred, and the Company agreed to indemnify Jefferies against certain liabilities arising out of or in connection with the services rendered by Jefferies under such engagement. Jefferies may in the future provide additional financial and advisory services to the Company and may receive fees for the rendering of such services.
W. Christopher Chisholm, the Company’s current Executive Vice President and Chief Financial Officer, will remain with the Company as an executive and, upon closing of the Power Fuels Merger, is expected to continue to serve as Executive Vice President and Chief Financial Officer of the Company’s newly-created Fluids Management Division, which will include Power Fuels.
Prior to joining the Company, Mr. Parkinson, age 37, worked in the Energy Investment Banking Group at Jefferies & Company, Inc. (“Jefferies”), since January 2006, most recently as a Managing Director. From June 2003 to December 2005, Mr. Parkinson worked in the Investment Banking Group at Johnson Rice & Company L.L.C., most recently as a Vice President. Mr. Parkinson received his Bachelor of Arts degree in History from Georgetown University in 1997, his Master of Science degree in International Relations from the London School of Economics and Political Science in 1999 and his Masters of Business Administration from the Tulane University’s A.B. Freeman School of Business in 2003.
Mr. Parkinson’s initial annual base salary as Executive Vice President and Chief Financial Officer will be $400,000. Mr. Parkinson will be entitled to a one-time cash bonus of $300,000 upon the closing of the merger of Badlands Energy, LLC, doing business as Power Fuels, with and into a wholly-owned subsidiary of the Company (the “Power Fuels Merger”). Mr. Parkinson was granted an option (the “Option”) pursuant to the Company’s 2009 Equity Incentive Plan (the “Plan”) to purchase 300,000 shares of the Company’s common stock at a price equal to the fair market value of the Company’s common stock on September 10, 2012, the date of grant. The Option will vest over a three-year period at the rate of 33-1/3% upon the first anniversary of the date of grant and 1/36 per month during the succeeding 24-month period, subject to the terms of the applicable grant agreement and Mr. Parkinson’s continued employment through each respective vesting date. In addition, Mr. Parkinson received a grant of 200,000 shares of restricted stock pursuant to the Plan, which will vest in full on September 10, 2015, the third anniversary of the grant date. The Option and the shares of restricted stock are subject to the terms and conditions of the Plan and the applicable grant agreements. Mr. Parkinson will also be entitled to participate in all other benefit plans generally provided to senior executives of the Company.
Jefferies and its affiliates have performed and continue to perform various financial advisory, investment banking and commercial banking services from time to time for the Company and its affiliates, for which they have received or may receive customary fees. During 2012, Jefferies has been engaged to act as the Company’s financial advisor in connection with the Power Fuels Merger, and Jefferies will receive an aggregate fee of $5 million for its services, substantially all of which is payable contingent upon consummation of the Power Fuels Merger. The bonus that Mr. Parkinson may receive from the Company upon completion of the Power Fuels Merger is unrelated to such engagement. In addition, Jefferies acted as an underwriter in connection with a public offering of the Company’s common stock that closed in March 2012, and as an initial purchaser in a private placement pursuant to Rule 144A under the Securities Act of the Company’s 9.875% Senior Notes due 2018 that closed in April 2012, for which Jefferies received fees of $1.5 million and $2.7 million, respectively. In each engagement, Jefferies also is or was entitled to be reimbursed for expenses incurred, and the Company agreed to indemnify Jefferies against certain liabilities arising out of or in connection with the services rendered by Jefferies under such engagement. Jefferies may in the future provide additional financial and advisory services to the Company and may receive fees for the rendering of such services.
W. Christopher Chisholm, the Company’s current Executive Vice President and Chief Financial Officer, will remain with the Company as an executive and, upon closing of the Power Fuels Merger, is expected to continue to serve as Executive Vice President and Chief Financial Officer of the Company’s newly-created Fluids Management Division, which will include Power Fuels.
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