4//SEC Filing
Seki Bryce 4
Accession 0000899243-20-014870
CIK 0000320575other
Filed
Jun 1, 8:00 PM ET
Accepted
Jun 2, 2:06 PM ET
Size
12.8 KB
Accession
0000899243-20-014870
Insider Transaction Report
Form 4
Seki Bryce
VP General Counsel
Transactions
- Award
Common Stock
2020-05-29+27→ 27 total - Award
Common Stock
2020-05-29+194→ 221 total - Tax Payment
Common Stock
2020-05-29$19.12/sh−59$1,128→ 162 total - Disposition to Issuer
Common Stock
2020-05-29−39,276→ 0 total
Footnotes (5)
- [F1]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.
- [F2]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.
- [F3]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,
- [F4](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.
- [F5]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.
Documents
Issuer
PIONEER ENERGY SERVICES CORP
CIK 0000320575
Entity typeother
Related Parties
1- filerCIK 0001727251
Filing Metadata
- Form type
- 4
- Filed
- Jun 1, 8:00 PM ET
- Accepted
- Jun 2, 2:06 PM ET
- Size
- 12.8 KB