0000076321-19-000028.txt : 20190328
0000076321-19-000028.hdr.sgml : 20190328
20190328172032
ACCESSION NUMBER: 0000076321-19-000028
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20190326
FILED AS OF DATE: 20190328
DATE AS OF CHANGE: 20190328
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Simons Jennifer Fremont
CENTRAL INDEX KEY: 0001736375
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-07573
FILM NUMBER: 19712978
MAIL ADDRESS:
STREET 1: 5 GREENWAY PLAZA DR. SUITE 100
CITY: HOUSTON
STATE: TX
ZIP: 77046
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: PARKER DRILLING CO /DE/
CENTRAL INDEX KEY: 0000076321
STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381]
IRS NUMBER: 730618660
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 5 GREENWAY PLAZA
STREET 2: SUITE 100
CITY: HOUSTON
STATE: TX
ZIP: 77046
BUSINESS PHONE: 281-406-2000
MAIL ADDRESS:
STREET 1: 5 GREENWAY PLAZA
STREET 2: SUITE 100
CITY: HOUSTON
STATE: TX
ZIP: 77046
4
1
wf-form4_155380801502282.xml
FORM 4
X0306
4
2019-03-26
0
0000076321
PARKER DRILLING CO /DE/
NONE
0001736375
Simons Jennifer Fremont
5 GREENWAY PLAZA, SUITE 100
HOUSTON
TX
77046
0
1
0
0
See Remarks
401K Common Stock
2019-03-26
4
D
0
517.52
D
0
I
By 401(k) Plan
401K Common Stock
2019-03-26
4
A
0
7
A
7
I
By 401(k) Plan
Common Stock
2019-03-26
4
D
0
1225
D
0
D
Common Stock
2019-03-26
4
A
0
17
A
17
D
Restricted Stock Units
2019-03-26
4
A
0
30996
A
Common Stock
30996.0
30996
D
Option (Employee Right to Buy)
23.0
2019-03-26
4
A
0
46494
A
Common Stock
46494.0
46494
D
Warrants (right to buy)
48.85
2019-03-26
4
A
0
287
A
Common Stock
287.0
287
D
On December 12, 2018, Parker Drilling Company (the "Issuer") and certain of its U.S. subsidiaries, (collectively, with the Issuer, the "Debtors"), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court") seeking relief under the provisions of Chapter 11 of Title 11 of the United States Bankruptcy Code. On March 7, 2019, the Bankruptcy Court entered an order confirming the Debtors' Amended Joint Chapter 11 Plan of Reorganization, dated as of January 21, 2019 (as amended, modified or supplemented from time to time, the "Plan"), and on March 26, 2019 (the "Effective Date"), the Plan became effective pursuant to its terms and the Debtors emerged from bankruptcy.
On the Effective Date, all outstanding shares of the Issuer's common stock ("Old Common Stock") were cancelled and extinguished.
Shares of Issuer common stock in the Reporting Person's 401(k) plan.
New shares of the Issuer's common stock, $0.01 par value per share (the "New Shares") were issued to the Reporting Person pursuant to the Plan in exchange for Old Common Stock held by the Reporting Person on the Effective Date under the Plan. The receipt of New Shares was involuntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.
Each restricted stock unit ("Restricted Stock Unit") represents a contingent right to receive one New Share.
In accordance with the Plan, the Reporting Person received an award of Restricted Stock Units.
The Restricted Stock Units will vest as follows: (i) one-third (1/3) on the first anniversary of the Effective Date; (ii) one-third (1/3) on the second anniversary of the Effective Date; and (iii) one-third on the third anniversary of the Effective Date. The Restricted Stock Units do not expire. The vested Restricted Stock Units will settle as soon as practicable following each applicable vesting date.
In accordance with the Plan, the Reporting Person received an award of stock options.
The stock options will vest and become exercisable as follows: (i) one-third (1/3) on the first anniversary of the Effective Date; (ii) one-third (1/3) on the second anniversary of the Effective Date; and (iii) one-third on the third anniversary of the Effective Date.
The stock options expire on the tenth anniversary of the Effective Date.
In accordance with the Plan, the Reporting Person also received Warrants to purchase New Shares in exchange for Old Common Stock held by the Reporting Person on the Effective Date.
On the Effective Date, the Issuer and Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, entered into the Warrant Agreement, dated as of the Effective Date (the "Warrant Agreement") pursuant to which each warrant became exercisable for one New Share. The warrants were exercisable from the date of issuance and expire at 5:00 p.m., New York City time, on the fifth and a half anniversary of the Effective Date.
VP, General Counsel & Secretary
Jennifer F. Simons
2019-03-27