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SEC Filings

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

2017 and 23,696 options with a fair market value of $109,002 based on grant date Black Sholes fair valued half at $3.31 and the other half at $5.89.
Replacement Awards

The compensation committee offered each holder of 2016 Awards (including the Hargis Awards) the opportunity to elect to forfeit the remainder of their 2016 Awards that did not vest in December 2017 in exchange for Replacement Awards consisting 50% of Time RSU Awards and 50% of Performance RSU Awards. Each of the NEOs elected to forfeit the remainder of their 2016 Awards in exchange for Replacement Awards, which were granted on December 31, 2017.

Time RSU Awards

The following table sets forth the number of shares of time-based restricted stock units granted on December 31, 2017 to our NEOs:
 
 
2017
Participant
 
Time-Based Restricted Stock Units Granted
 
Grant Value
(based on $11.82 stock price)
Robert Drummond
150,637
 
$1,780,529
J. Marshall Dodson
76,518
 
$904,442
David Brunnert
60,000
 
$709,200
Scott P. Miller
35,544
 
$420,130
Katherine I. Hargis
32,500
 
$384,150

The Time RSU Awards represent the right to receive one share of common stock of the Company for each vested restricted stock unit. The Time RSU Awards will become vested as to 1/3 of the restricted stock units on each anniversary of the date of grant date of December 31. Upon a termination of the holder’s employment for any reason, any portion of the Time RSU Award which remains unvested will be forfeited; provided, however, that if the holder’s employment is terminated by the Company without “cause” (as defined in the Time RSU Award) or by the holder for “good reason” (as defined in the Time RSU Award), in each case, within 12 months following a “change of control” (as defined in the Time RSU Award), then any portion of the Time RSU Award which remains unvested will become vested. For additional information about equity grants awarded in 2017, see “Compensation of Executive Officers- Summary Compensation Table” and “2017 Grants of Plan-Based Awards.”

Performance RSU Awards

The following table sets forth the number of shares of performance-based restricted stock units granted on December 31, 2017 to our NEOs:
 
 
2017
Participant
 
Performance-Based Restricted Stock Units Granted
 
Grant Value
(based on $11.82 stock price)
Robert Drummond
150,637
$1,780,529
J. Marshall Dodson
76,518
$904,442
David Brunnert
60,000
$709,200
Scott P. Miller
35,544
$420,130
Katherine I. Hargis
32,500
$384,150


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