PARKER DRILLING COMPANY (NYSE:PKD) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03 Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year.
Drilling Company (the Company) amended and restated the Companys
By-laws (as amended and restated, the By-laws) to change the voting
standard for uncontested director elections from a plurality voting
standard to a majority voting standard. Accordingly, in future
uncontested director elections, a director nominee will be elected
only if the votes cast for such nominees election exceed the votes
cast against such nominees election. The By-laws retain a plurality
voting standard in contested elections, which includes an election
for which there are more nominees for election than positions on
the board of directors to be filled by that election.
incumbent director or nominee shall sign and deliver to the board
of directors an irrevocable letter of resignation that is only
deemed tendered as of the date of the certification of the election
results for any director who fails to achieve a majority of the
votes cast at an election of directors where directors are elected
by a majority of the votes cast. Such resignation shall only be
effective upon acceptance by the board of directors. If an
incumbent director fails to achieve a majority of the votes cast at
an election of directors where directors are elected by a majority
of the votes cast, the corporate governance committee will make a
recommendation to the board of directors on whether to accept or
reject the resignation, or whether other action should be taken.
The board of directors will act on the corporate governance
committee’s recommendation, considering all factors that the board
of directors believes to be relevant, and will publicly disclose
its decision and the rationale behind it within ninety (90) days
from the date of the certification of the election results.
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Amended By-Laws dated March 9, 2017.
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About PARKER DRILLING COMPANY (NYSE:PKD)
Parker Drilling Company (Parker Drilling) is a provider of contract drilling, and drilling-related services and rental tools. The Company’s business consists of two business lines: drilling services and rental tools services. Its Rental Tools Services business includes its Rental Tools segment, and its Drilling Services business includes its U.S. (Lower 48) Drilling, and International & Alaska Drilling segments. The Company’s U.S. (Lower 48) Drilling segment provides drilling services with its Gulf of Mexico barge drilling rig fleet and through U.S. (Lower 48) based O&M services. Its International & Alaska Drilling segment provides drilling services, with Company-owned rigs, as well as through O&M contracts, and project related services. In its Rental Tools Services business, it provides rental equipment and services to exploration and production (E&P) companies, drilling contractors and service companies on land and offshore in the United States and select international markets. PARKER DRILLING COMPANY (NYSE:PKD) Recent Trading Information
PARKER DRILLING COMPANY (NYSE:PKD) closed its last trading session down -0.02 at 1.61 with 1,007,175 shares trading hands.
