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10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 

Compensation of Executive Officers
    
Summary Compensation Table

The following table contains information about the compensation that our NEOs earned for fiscal years 2017, 2016 and 2015 as applicable to their status as NEOs for each given year:
Name and Principal Position
 
Year
 
Salary ($)
 
Bonus ($)(1)
 
Stock Awards ($)(2)
 
Option Awards ($)(2)
 
Non-equity Incentive Plan Compensation ($)(3)
 
All Other Compensation ($)(4)
 
Total
Robert Drummond
 
2017
 
$
750,000

 
$
766,000

 
$
3,561,059

 
$

 
$
505,795

 
$
6,916

 
$
5,589,770

   Chief Executive Officer
2016
 
$
683,654

 
$
1,000,000

 
$
6,804,358

 
$
2,114,929

 
$
632,419

 
$
15,299

 
$
11,250,659

 
 
2015
 
$
293,269

 
$
59,063

 
$
2,000,001

 
$

 
$
140,937

 
$
208

 
$
2,493,478

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
J. Marshall Dodson
 
2017
 
$
375,000

 
$
283,333

 
$
1,808,886

 
$

 
$
165,262

 
$
13,420

 
$
2,645,901

   Chief Financial Officer
2016
 
$
359,351

 
$
141,667

 
$
3,464,858

 
$
1,074,313

 
$
202,350

 
$
11,002

 
$
5,253,541

 
 
2015
 
$
352,788

 
$
31,500

 
$
731,250

 
$

 
$
93,500

 
$
10,238

 
$
1,219,276

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
David Brunnert
 
2017
 
$
350,000

 
$

 
$
1,418,400

 
$

 
$
154,244

 
$
624

 
$
1,923,268

   Chief Operating Officer
2016
 
$
24,231

 
$

 
$
2,021,384

 
$
665,370

 
$

 
$

 
$
2,710,985

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scott P. Miller
 
2017
 
$
275,000

 
$
100,000

 
$
840,260

 
$

 
$
121,192

 
$
486

 
$
1,336,938

   Chief Administrative Officer
2016
 
$
266,233

 
$
50,000

 
$
1,587,870

 
$
499,038

 
$
148,390

 
$
486

 
$
2,552,017

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Katherine I. Hargis
 
2017
 
$
276,442

 
$
80,000

 
$
1,070,661

 
$
109,002

 
$
132,210

 
$
594

 
$
1,668,909

          General Counsel
2016
 
$
266,437

 
$
40,000

 
$
537,878

 
$
166,332

 
$
115,493

 
$
594

 
$
1,126,734

_________________________
(1)
Amounts for 2017 consists of payments received pursuant to cash retention awards granted on January 28, 2016 to our NEOs as follows:
 
 
2016
Participant
 
Cash Retention Awards
Robert Drummond
$766,000
J. Marshall Dodson
$425,000
Scott P. Miller
$150,000
Katherine I. Hargis
$120,000

Each of Messrs. Dodson, Miller and Ms. Hargis received payment of one-third of their award amount on October 21, 2016 ($141,667, $50,000 and $40,000, respectively). The remainder of the original award amounts for such executives ($283,333, $100,000 and $80,000, respectively), and the entire amount for Mr. Drummond, vested on June 30, 2017.
(2)
The amounts in these columns represent the aggregate grant date fair value dollar amounts with respect to restricted stock, RSU, and option awards granted in each year under the 2014 Incentive Plan or 2016 Incentive Plan, as applicable, calculated on the respective grant date of each such award in accordance with FASB ASC Topic 718. The assumptions made in the valuation of the expense amounts included in these columns are discussed in Note 21 in the notes to our consolidated financial statements included in Part II of this Form 10-K. Amounts for 2017 for Ms. Hargis include the value of options, performance-based RSUs and time-based RSUs, as applicable, granted on September 12, 2017 in connection with her promotion to Senior Vice President, General Counsel & Secretary. Amounts for each NEO include the value of Replacement Awards (granted 50% in the form of time-based RSUs vesting in three equal installments over a three-year period from the date of grant and 50% in the form of performance-based RSUs with a three-year performance period using an EBITDA performance metric) granted on December 31, 2017 in exchange for the forfeiture of all outstanding unvested equity awards, including time and performance-based options, performance-based stock units and time-based restricted stock units. The value of the portion of the Replacement Awards granted in the form of performance-based restricted stock units reflects performance at target, the probable outcome of the performance conditions underlying those awards as of the date of grant; however, the ultimate amount that may become earned, subject to achievement of the applicable performance conditions, by each of Messrs. Drummond, Dodson, Brunnert and Miller and Ms. Hargis is $3.6 million, $1.8 million, $1.4 million, $0.8 million and $0.8 million, respectively. Although the amounts in this table reflect the grant date value of all awards granted in the 2016 and 2017 year, the values do not reflect the cancellation and forfeiture of certain awards and thus, the amounts reflected in the table are over-stated. The forfeited awards for each of Messrs. Drummond, Dodson, Brunnert and Miller and Ms. Hargis had an aggregate

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