Ensco plc (NYSE:ESV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
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Item 5.02
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Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Directors of Ensco plc (the Company) granted retention awards
to the Companys executive officers, in each case on the terms
and subject to the conditions of such executive officers
retention award agreement (collectively, the Retention Award
Agreements). The retention award amounts for our principal
executive officer, principal financial officer and each named
executive officer are set forth below.
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Executive
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2018 Retention Payment
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2019 Retention Payment
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Total Retention Award
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|||||||||
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Carl G. Trowell
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900,000
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900,000
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1,800,000
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|||||||||
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Jonathan Baksht
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$
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637,500
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$
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637,500
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$
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1,275,000
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||||||
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P. Carey Lowe
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$
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775,000
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$
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775,000
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$
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1,550,000
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||||||
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Steven J. Brady
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$
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490,000
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$
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490,000
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$
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980,000
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||||||
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John S. Knowlton
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$
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450,000
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$
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450,000
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$
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900,000
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||||||
one-half of the retention award if such executive remains
employed through December 31, 2017 and (ii) the second half of
the retention award if such executive remains employed through
December 31, 2018. If earned, each of the retention payments
will be paid in a lump sum in cash on or before January 15,
2018 and 2019, respectively. The Retention Award Agreements
provide for accelerated vesting, in whole or in part, upon
death, permanent and total disability, termination without
cause, and termination without cause or resignation for good
reason within two years following a change of control. If an
executive voluntarily resigns or is terminated for cause, any
then unearned portion of such executives retention award is
forfeited.
About Ensco plc (NYSE:ESV)
Ensco plc is an offshore contract drilling company. The Company provides offshore contract drilling services to the international oil and gas industry. The Company’s segments include Floaters, Jackups and Other. Its Floaters segment includes the Company’s drillships and semisubmersible rigs, and provides contract drilling. The Jackups segments provide contract drilling. The Other segment consists of management services on rigs owned by third parties. It owns and operates an offshore drilling rig fleet of over 60 rigs, including approximately four rigs under construction. Its rig fleet includes approximately 10 drill ships, over 10 semisubmersible rigs, approximately three moored semisubmersible rigs and over 40 jackup rigs. Of its approximately 70 rigs, approximately 30 are located in the Middle East, Africa and Asia Pacific, over 20 are located in North and South America (including Brazil), and approximately 20 are located in Europe and the Mediterranean. Ensco plc (NYSE:ESV) Recent Trading Information
Ensco plc (NYSE:ESV) closed its last trading session up +0.17 at 8.74 with 15,823,039 shares trading hands.