Unit Corporation (NYSE:UNT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Unit Corporation (NYSE:UNT) 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 August 25, 2017, the Board of Directors of the company promoted David T. Merrill, the company’s Senior Vice President, Chief Financial Officer, and Treasurer, to the position of Chief Operating Officer, effective August 28, 2017. In his new role, Mr. Merrill will be responsible for the day-to-day management of the company and its operating segments. Mr. Merrill will continue to report to Larry Pinkston, the company’s President and Chief Executive Officer. Mr. Merrill will continue to serve as the company’s Chief Financial Officer and Treasurer until a replacement is named. Mr. Merrill, age 56, joined the company in August 2003 and served as its Vice President of Finance until February 2004 when he was elected to the position of Chief Financial Officer and Treasurer. In May 2012, he was promoted to Senior Vice President.

Mr. Merrill will be paid a base salary of $513,600 per year. He will continue to participate in employee benefits on terms similar to other executive officers, including eligibility for annual bonuses and equity incentives under the company’s Second Amended and Restated Stock and Incentive Compensation Plan. No bonuses or equity awards were granted in connection with his promotion.

Mr. Merrill was not elected to his officer position under any arrangement or understanding between him and any other person. There are no transactions with Mr. Merrill that would be reportable under Item 404(a) of Regulation S-K and no family relationships exist between Mr. Merrill and any of the directors or officers of the company.

In addition, the company promoted David Dunham to Senior Vice President of Business Development, effective August 28, 2017. In that role Mr. Dunham will be responsible for identifying strategic opportunities to grow each of the company’s business segments. Mr. Dunham, age 38, joined Unit in November 2007 as Director of Corporate Planning, and in January 2012 he was promoted to the position of Vice President of Corporate Planning.

Mr. Dunham received a salary increase of approximately 9% in connection with his promotion. He will continue to participate in employee benefits on terms similar to other executive officers, including eligibility for annual bonuses and equity incentives under the company’s Second Amended and Restated Stock and Incentive Compensation Plan. No bonuses or equity awards were granted in connection with his promotion.

Mr. Dunham was not elected to his officer position under any arrangement or understanding between him and any other person. There are no transactions with Mr. Dunham that would be reportable under Item 404(a) of Regulation S-K and no family relationships exist between Mr. Dunham and any of the directors or officers of the company.

Section 9 – Financial Statements and Exhibits.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1

Press release datedAugust 29, 2017


UNIT CORP Exhibit
EX-99.1 2 exhibit991managementpromot.htm EXHIBIT 99.1 PRESS RELEASE Exhibit newsUNIT CORPORATION 8200 South Unit Drive,…
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About Unit Corporation (NYSE:UNT)

Unit Corporation is an oil and natural gas contract drilling company. The Company has operations in the exploration and production and mid-stream areas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling and Mid-Stream. It is primarily engaged in the exploration, development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing and treating of natural gas. Its Oil and Natural Gas operations are carried out by its subsidiary Unit Petroleum Company. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties. Contract Drilling operations are carried out by subsidiary Unit Drilling Company. It drills onshore oil and natural gas wells for its own account, as well as for other oil and natural gas companies. Its Mid-Stream operations are carried out by subsidiary Superior Pipeline Company, L.L.C.

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