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

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

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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.


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 -0.05 at 2.80 with 274,328 shares trading hands.

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