Forum Energy Technologies Adopts Limited Duration Stockholder Rights Plan

Forum Energy Technologies, Inc. (NYSE: FET) (the “Company”) today announced that its Board of Directors has approved the adoption of a limited duration Stockholder Rights Plan (the “Rights Plan”), effective April 29, 2020. The Rights Plan is similar to plans adopted by numerous publicly traded companies.

In light of the significant market disruption caused by the rapid and sharp decline in oil prices, which has been exacerbated by the COVID-19 pandemic and other macroeconomic factors, and the resulting decline in the market price of the Company’s common stock, the Rights Plan is designed to protect stockholders, including by keeping any party from obtaining effective control of the Company without paying a fair control premium and preventing any one stockholder from effectively blocking strategic actions that may be beneficial to all stockholders. The Rights Plan is not designed to prevent any action that the Board of Directors determines to be in the best interest of the Company and its stockholders. The Rights Plan will ensure that the Board of Directors remains in the best position to discharge its fiduciary duties to the Company and its stockholders.

The adoption of the Rights Plan is not in response to any specific effort to acquire or influence control of the Company.

The Rights Plan includes certain recognized stockholder protections that emphasize its limited focus. The Rights Plan has a limited duration and expires on April 28, 2021, but the Board of Directors may consider earlier termination. The Rights Plan will generally be triggered only if a person or group of persons acquires beneficial ownership of 10% or more of the Company's outstanding common stock (20% or more in the case of eligible passive institutional investors). SCF Partners and its related parties, which currently are the beneficial owners of approximately 16% of the outstanding common stock, are exempted under the plan. Any other stockholder or group that currently has beneficial ownership of more than 10% is grandfathered, but may not acquire additional shares constituting one percent or more of the then outstanding shares of the Company's common stock without triggering the Rights Plan.