X0306 4 2020-05-29 0 0000320575 PIONEER ENERGY SERVICES CORP * 0001727251 Seki Bryce 1250 N E LOOP 410 #1000 SAN ANTONIO TX 78209 0 1 0 0 VP General Counsel Common Stock 2020-05-29 4 D 0 39276 D 0 D Common Stock 2020-05-29 4 A 0 27 A 27 D Common Stock 2020-05-29 4 A 0 194 A 221 D Common Stock 2020-05-29 4 F 0 59 19.12 D 162 D On March 1, 2020, Pioneer Energy Services Corp. (the "Issuer") and its subsidiaries, (collectively, with the Issuer, the "Debtors"), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court") seeking relief under the provisions of Chapter 11 of Title 11 of the United States Bankruptcy Code. Debtors also filed a prepackaged Chapter 11 plan of reorganization (the "Plan") with the Bankruptcy Court. On May 11, 2020, the Bankruptcy Court entered an order, Docket No. 331 (the "Confirmation Order") confirming the Plan. On May 29, 2020 (the "Effective Date"), the Debtors emerged from bankruptcy and the Plan became effective pursuant to its terms. On the Effective Date, and pursuant to the Plan, all outstanding shares of the Issuer's common stock, par value $0.10 (the "Old Shares") were exchanged for new shares of the Issuer's common stock, $0.001 par value per share (the "New Shares") at the conversion rate of 0.0006849838 New Shares for each Old Share. The receipt of New Shares was involuntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court. In connection with the Plan becoming effective, all unvested equity awards for Old Shares granted under the Pioneer Energy Services Corp. Amended and Restated 2007 Incentive Plan (the "2007 Incentive Plan") that were held by any director or employee of the Issuer on the Effective Date vested and became New Shares at the conversion rate of 0.0006849838 New Shares for each Old Share. On the Effective Date, the Reporting Person held 282,871 Old Shares pursuant to unvested equity award grants under the 2007 Incentive Plan, all of which had their vesting accelerate and convert into New Shares, (Continued from footnote 3) which consisted of: (i) 37,268 and 202,598 performance phantom award shares granted on January 25, 2018 and January 24, 2019, respectively, which vested at the maximum multiple of two times the number of units granted due to the change in control of Issuer; (ii) 20,260 time based phantom award shares granted on January 24, 2019 and (iii) 2,485 and 20,260 time based restricted stock units granted on January 25, 2018 and January 24, 2019, respectively. Number of shares includes New Shares withheld by the Issuer to pay for the applicable withholding tax due upon vesting of these equity awards as described in footnote 5. These New Shares were withheld by the Issuer to pay for the applicable withholding tax due upon vesting of the equity awards described in footnote 3 and 4. * The Company is not currently listed on any exchange or on the OTC market and therefore does not have a symbol. Bryce T Seki 2020-06-02