UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 23, 2017 (May 22, 2017)
KEY ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-08038 | 04-2648081 | ||
| (State or other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1301 McKinney Street, Suite 1800
Houston, Texas 77010
(Address of principal executive offices and Zip Code)
713-651-4300
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective May 22, 2017 (the “Effective Date”), Key Energy Services, Inc. (the “Company”) has decided to eliminate the position of Senior Vice President – Strategic Projects for its wholly owned subsidiary Key Energy Services, LLC, which position is held by Jeffrey S. Skelly. Mr. Skelly’s employment will terminate on the Effective Date. On May 19, 2017, in connection with Mr. Skelly’s termination of employment, the Compensation Committee of the Board of Directors of the Company agreed to accelerate the vesting of Mr. Skelly’s outstanding time-vesting equity awards, subject to his signing a release of claims against the Company. Upon his termination, Mr. Skelly will also be eligible to receive severance compensation in accordance with the terms of his employment agreement and continued payment of his retention award in accordance with the terms of his amended and restated cash retention award agreement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KEY ENERGY SERVICES, INC. | ||||
| Date: May 23, 2017 | By: | /s/ Katherine I. Hargis | ||
| Katherine I. Hargis | ||||
| Vice President, Chief Legal Officer and Secretary | ||||