PARKER DRILLING COMPANY (NYSE:PKD) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On June 13, 2019, Parker Drilling Company (“Parker” or the “Company”) entered into indemnification agreements, in substantially the form attached as Exhibit 10.1 to this Current Report on Form 8-K (the “Indemnification Agreement”), with each director serving on the Company’s board of directors (the “Board”), each current executive officer of the Company or the Company’s direct and indirect subsidiaries (together, “Subsidiaries”) and each current member of the governing bodies of the Company’s Subsidiaries (each, an “Indemnitee”). Each Indemnification Agreement entered into with, or on behalf of, any Indemnitee replaces and supersedes any prior indemnification agreement entered into between the Company (or any Subsidiary) and such Indemnitee to the extent such Indemnitee was a party to the Company’s or any Subsidiary’s prior form of indemnification agreement. The Indemnification Agreement is intended for use by the Company for indemnification agreements entered into by the Company with, or on behalf of, any Indemnitee on or after June 13, 2019.
Under each Indemnification Agreement, the Company agrees to indemnify, to the fullest extent permitted by the General Corporation Law of the State of Delaware (or any replacement or successor statute), each Indemnitee party thereto against any and all Expenses (as defined in the Indemnification Agreement) and Losses (as defined in the Indemnification Agreement) if, by reason of such Indemnitee’s status as a current or former director, officer, employee, partner, member, manager, trustee, fiduciary or agent of the Company or any other entity on behalf of which such Indemnitee is or was serving at the request of the Company or any Subsidiary, if such Indemnitee is, or is threatened to be made a party to or participant in, a claim, action, suit, investigation or other proceeding. The Indemnification Agreement also provides for, among other things, the advancement by the Company of expenses actually and reasonably paid or incurred by an Indemnitee (whether prior to or after final disposition of any claim or proceeding), subject to reimbursement of such expenses advance by such Indemnitee in the event such Indemnitee is ultimately determined, after final disposition of a claim or proceeding, not to be entitled to indemnification. In addition, the Indemnification Agreement provides procedures for the determination of an Indemnitee’s right to receive indemnification and the advancement of expenses.
The foregoing summary of the Indemnification Agreement is qualified in its entirety by reference to, and should be read in conjunction with, the complete text of the form of the Indemnification Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference into this Item 1.01.
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02 of this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
The following exhibit is furnished herewith:
PARKER DRILLING CO /DE/ Exhibit
EX-10.1 2 ex1011indemnificationagmtf.htm EXHIBIT 10.1 Exhibit INDEMNIFICATION AGREEMENTThis Indemnification Agreement (this “Agreement”),…
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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.
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