HOUSTON, Oct. 3, 2017 /PRNewswire/ -- Parker Drilling
Company (NYSE:PKD) today announced, in accordance with New York
Stock Exchange rules regarding equity inducement awards, the
Company has granted an equity inducement award of 159,091
restricted stock units to Mike
Sumruld, its newly appointed Senior Vice President and Chief
Financial Officer, on October 1,
2017.
The restricted stock units will vest, assuming continuing
employment by Mr. Sumruld, in thirds on the first of October
in each of 2018, 2019 and 2020. This award was granted outside
of the Company's 2010 Stock Incentive Plan, as amended and restated
as of May 10, 2016. However, the
units are subject to substantially the same terms and conditions of
other service-based restricted stock units granted by the Company
to its executive officers.
The Company's independent Compensation Committee approved the
equity inducement award in reliance on an employment inducement
exception to shareholder approval provided for in the NYSE
governance rules. To comply with the terms of this exemption, the
inducement equity grant requires public announcement of the award
and written notice to the NYSE.
Company Description
Parker
Drilling provides drilling services and rental tools to the
energy industry. The Company's Drilling Services business serves
operators in the inland waters of the U.S. Gulf of Mexico utilizing Parker Drilling's barge rig fleet and in select
U.S. and international markets and harsh-environment regions
utilizing Parker-owned and customer-owned equipment. The
Company's Rental Tools Services business supplies premium equipment
and well services to operators on land and offshore in the U.S. and
international markets. More information about Parker Drilling can be found on the Company's
website at www.parkerdrilling.com.
Contact: Jason Geach, Vice
President, Investor Relations & Corporate Development, (+1)
(281) 406-2310, jason.geach@parkerdrilling.com.
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SOURCE Parker Drilling Company