PIONEER ENERGY SERVICES CORP. (NYSE:PES) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 19, 2018, Pioneer Energy Services Corp. (the “Company”) announced that Joe P. Freeman intends to retire from his role as Senior Vice President of Well Servicing Segment, effective January 1, 2019.
On December5, 2018, the Company entered into a Confidential Retirement Agreement and Release of Claims (the "Retirement Agreement") with Mr. Freeman under which he will retire from his role as Senior Vice President of Well Servicing, effective January 1, 2019, and will continue as an employee of the Company through his retirement date of May 31, 2019, providing business operations consulting services.
to the Retirement Agreement, Mr.Freeman agreed to a customary release and restrictive covenants. The Retirement Agreement entitles Mr.Freeman to, among other things, (1)monthly payments of $13,750, paid in accordance with the Company’s payroll practices; (2)a lump sum payment of $16,023.65 for accrued, unused vacation time, payable following his retirement date of May 31, 2019, and a payout of his award under the Company’s Annual Incentive Program, payable in February 2019; (3)the vesting of unvested restricted cash units and phantom share units will vest in accordance with their terms and conditions on the dates applicable to them; and (4) continued eligibility to participate in the Company’s employee benefits plans, programs and arrangements through May 31, 2019. The foregoing summary is qualified in its entirety by reference to the Retirement Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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10.1 |
Confidential Retirement Agreement and Release of Claims, dated as of December 5, 2018, by and between Pioneer Energy Services Corp. and Joe P. Freeman. |
PIONEER ENERGY SERVICES CORP ExhibitEX-10.1 2 ex101-retirementagreementa.htm EXHIBIT 10.1 Exhibit Exhibit 10.1CONFIDENTIAL RETIREMENT AGREEMENT & RELEASE OF CLAIMSPioneer Energy Services Corp. (“Company”) and I,…To view the full exhibit click here
About PIONEER ENERGY SERVICES CORP. (NYSE:PES)
Pioneer Energy Services Corp. provides land-based drilling services and production services to oil and gas exploration, and production companies in the United States and internationally in Colombia. The Company operates through two segments: Drilling Services and Production Services. The Drilling Services Segment provides contract land drilling services to a group of exploration and production companies through its four drilling divisions in the United States, and internationally in Colombia. The Production Services Segment provides a range of services, including well servicing, wireline services and coiled tubing services, to a group of exploration and production companies, with its operations concentrated in the United States onshore oil and gas producing regions in the Mid-Continent and Rocky Mountain states and in the Gulf Coast, both onshore and offshore. The Company also provides coiled tubing and wireline services offshore in the Gulf of Mexico.
