SEC Form 4 · accession 0000899243-19-007127
PARKER DRILLING CO /DE/ · PKDSQ
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael W Sumruld
Officer — Sr. VP and CFO
Period of report
Mar 7, 2019
Accepted (ET)
Mar 11, 2019 · 7:57 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000076321
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | holding | — | — | — | 2,674 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom Stock UnitsF3,F1 | — | Mar 7, 2019 | D | 11,562 | D | — | — | Common Stock | 11,562 | 0 | D |
| Restricted Stock UnitsF3,F2 | — | Mar 7, 2019 | D | 18,632 | D | — | — | Common Stock | 18,632 | 0 | D |
Explanation of responses
- F1Each phantom stock unit ("PSU") represents a contingent right to receive a cash amount equivalent to one share of Parker Drilling Company (the "Company") common stock
- F2Each restricted stock unit ("RSU") represents a contingent right to receive one share of Company common stock.
- F3In connection with the Company's corporate reorganization and in accordance with the terms and conditions of the Company's 2010 Long-Term Incentive Plan (as amended and restated as of May 8, 2013), the Company's Compensation Committee determined on March 7, 2019 to cancel all outstanding incentive awards, including RSUs and PSUs. In exchange, the Committee exercised its discretion to determine a reasonable approximation of the value thereof and approved a payment to holders of such RSUs and PSUs of $0.33 per unit.