PARKER DRILLING COMPANY (NYSE:PKD) 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.

On June 21, 2018, the Board of Directors (the “Board”) of Parker Drilling Company (the “Company”) adopted the 2018 Annual Incentive Cash Compensation Plan (the “Plan”), effective as of July 1, 2018. Awards under the Plan are intended to be made in lieu of cash-based and equity-based awards under the Company’s existing incentive compensation plan and long-term incentive plan.

The Plan will be administered by the Compensation Committee of the Board (the “Committee”). Subject to the conditions of the Plan, each participant in the Plan (each, a “Participant”) is eligible to earn a cash incentive bonus, measured on a quarterly basis and cumulatively from July 1, 2018 to the extent an applicable performance goal has been attained. Performance goals will be measured by the Company’s earnings before interest, taxes, depreciation, and amortization (“EBITDA”) as determined in accordance with past practice and as may be adjusted by the Committee from time-to-time to adjust for extraordinary or one-time events that were not taken into account in setting the EBITDA performance. Promptly after the end of each quarter, the Committee will certify the degree to which the applicable performance goals have been achieved or exceeded in such quarter, and the amount, if any, payable to each Participant.

Subject to the conditions of the Plan, each Participant’s cumulative incentive bonus may be up to 150% of such Participant’s cumulative target bonus. The quarterly target bonus of each of the Company’s Named Executive Officers is as follows:

The foregoing description of the Plan is not complete and is qualified in its entirety by reference to the Plan, which is filed as Exhibit 10.1 to this Form 8‑K and incorporated herein by reference.

Based on the implementation of the Plan, the Board terminated the Company’s existing incentive compensation plan effective June 30, 2018. Given anticipated achievement of EBITDA and Days Sales Outstanding (“DSO”) goals for the first half of 2018 under the incentive compensation plan, the Board approved the payment of pro-rated incentive compensation thereunder at target levels to each of the Company’s Named Executive Officers as follows:

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

PARKER DRILLING CO /DE/ Exhibit
EX-1.10.1 2 parkerdrilling2018annualin.htm EXHIBIT 1.10.1 Exhibit PARKER DRILLING COMPANY2018 ANNUAL INCENTIVE CASH COMPENSATION PLAN1.Purpose. This Parker Drilling Company (the “Company”) 2018 Annual Incentive Cash Compensation Plan (as it may be amended,…
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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.