UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
| Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 |
Date of Report (Date of earliest event reported): September 2, 2015
Seventy Seven Energy Inc.
(Exact name of registrant as specified in its charter)
| Oklahoma | 001-36354 | 45-3338422 |
(State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) |
777 N.W. 63rd Street Oklahoma City, Oklahoma | 73116 | |
| (Address of principal executive offices) | (Zip Code) | |
(405) 608-7777
(Registrant’s telephone number, including area code)
______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 2, 2015, the Board of Directors of Seventy Seven Energy Inc. (the “Company”) approved a 5% reduction to the base salaries of its named executive officers. In addition, the Company’s Board of Directors approved a 5% reduction to the cash retainers payable to its non-employee directors. The reductions were implemented as part of an initiative to reduce cash costs in light of current industry conditions and will be effective September 13, 2015.
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 thereunto duly authorized.
| September 9, 2015 | SEVENTY SEVEN ENERGY INC. | |
| By: | /s/ Cary Baetz | |
| Cary Baetz | ||
| Chief Financial Officer and Treasurer | ||