PARKER DRILLING COMPANY (NASDAQ:PKD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

PARKER DRILLING COMPANY (NASDAQ:PKD) Files An 8-K 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

Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On January 4, 2017 Parker Drilling Company, a Delaware
corporation, (the Company) announced that Philip Agnew, its
Senior Vice President and Chief Technical Officer, left the
Company effective January 1, 2017.
In connection with Mr. Agnews departure, the Company and Mr.
Agnew have entered into a Separation Agreement and Release dated
as of December 30, 2016 (the Agnew Separation Agreement). The
Agnew Separation Agreement provides, among other things, that Mr.
Agnew will receive the following consideration:
base salary through January 1, 2017;
payment for accrued but unused vacation time in accordance
with the Companys customary policy for all employees;
a lump-sum payment of $836,382.40;
health insurance coverage for Mr. Agnew and his covered
dependents for twenty-four months;
pro rata vesting of restricted stock units and phantom
stock units; and,
in the event that the Companys compensation committee
approves such awards for other executive officers, payouts
of incentive compensation and long-term incentive awards
earned in 2016.
The foregoing description of the Agnew Separation Agreement is
not complete and is qualified in its entirety by reference to the
Agnew Separation Agreement, which is filed as Exhibit 10.1 to
this report and is incorporated herein by reference.
On January 4, 2017 the Company announced that David Farmer, its
Senior Vice President – Europe, Middle East and Asia, left the
Company effective January 1, 2017.
In connection with Mr. Farmers departure, the Company and Mr.
Farmer have entered into a Separation Agreement and Release dated
as of December 30, 2016 (the Farmer Separation Agreement). The
Farmer Separation Agreement provides, among other things, that
Mr. Farmer will receive the following consideration:
base salary through January 1, 2017;
payment for accrued but unused vacation time in accordance
with the Companys customary policy for all employees;
a lump-sum payment of $1,067,520.35;
health insurance coverage for Mr. Farmer and his covered
dependents for twenty-four months;
pro rata vesting of restricted stock units and phantom
stock units; and,
in the event that the Companys compensation committee
approves such awards for other executive officers, payouts
of incentive compensation and long-term incentive awards
earned in 2016.
The foregoing description of the Farmer Separation Agreement is
not complete and is qualified in its entirety by reference to the
Farmer Separation Agreement, which is filed as Exhibit 10.2 to
this report and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is furnished herewith:
10.1
Separation Agreement and Release dated as of December 30,
2016 between Parker Drilling Company and Philip Agnew.
10.2
Separation Agreement and Release dated as of December 30,
2016 between Parker Drilling Company and David Farmer.
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