Current Report
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) June 5, 2007
____________________________________________________
DEEP
DOWN INC.
(formerly
Mediquip Holdings, Inc.)
(Exact
name of registrant as specified in its charter)
Nevada
(formerly
Delaware)
(State
or
other jurisdiction of incorporation or organization)
75-2263732
(IRS
Employer Identification Number)
15473
East Freeway
Channelview,
Texas 77530
(Address
of principal executive offices)
Ronald
E. Smith, President
Deep
Down, Inc.
15473
East Freeway
Channelview,
Texas 77530
(Name
and
address of agent for service)
(281)
862-2201
(Telephone
number, including area code of agent for service)
ITEM
5.02 - Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
On
June
5, 2007, the Company announced that it has engaged Eugene L. Butler to serve
as
its new Chief Financial Officer. Mr. Butler will also fill a vacancy on the
Board of Directors
Mr.
Butler served in various capacities as a Director, President, CEO, CFO and
COO
of Weatherford International, Inc., a $2 billion multinational service and
equipment corporation serving the worldwide energy market, from 1974 to 1991.
He
was elected to the Board of Directors of Weatherford in May 1978, elected
President and COO in 1979, and President and CEO in 1984. He successfully
developed and implemented a turnaround strategy eliminating debt and returning
the company to profitability during a severe energy recession. As well, he
expanded operations into international markets allowing Weatherford to become
the world leader in the company’s products and services lines.
Prior
to
joining Weatherford International in 1974, Mr. Butler, a Certified Public
Accountant, was an Audit Manager with Arthur Andersen & Co. in Houston.
Since leaving Weatherford in 1991, Mr. Butler has been involved in numerous
financial packaging, debt restructuring, acquisition and capital raising
transactions, as agent and principal.
Mr.
Butler will receive 3 million options, each to purchase one share of common
stock of Deep Down, Inc. at an exercise price of $0.515 per share. One-third
of
such options will vest on each of May 31, 2008, 2009 and 2010. The options
will
expire on August 31. 2010.
The
Company has also announced that Mary L. Budrunas will fill a vacancy on the
Board of Directors. Ms. Budrunas, currently responsible for all administrative
functions including human resources and accounting for the Company, co-founded
Deep Down, Inc. in 1997 along with the current chief executive officer Ronald
E.
Smith. Ms. Budrunas has more than 20-years of logistical management experience
in manufacturing, fabrication, and industrial sourcing in the oil and gas
industry. Prior to Deep Down, she managed purchasing for Mustang Engineering
and
directed procurement for a large petroleum drilling and production facility
project in Ulsan, Korea.
SIGNATURE
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 hereunto
duly authorized.
DEEP
DOWN, INC.
By:
/s/
Ronald Smith
Ronald
Smith, President
Date:
June 5, 2007
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