Simons Jennifer Fremont Form 4 PARKER DRILLING / Jennifer Fremont Simons ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Simons Jennifer Fremont

(Last) (First) (Middle)

5 GREENWAY PLAZA, SUITE 100

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PARKER DRILLING CO /DE/ [ PKD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
03/26/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/26/2020		M		5,166	A	(1)	5,183	D
Common Stock	03/26/2020		M		5,166	A	(2)	10,349	D
Common Stock	03/26/2020		F		1,258	D	$30	9,091	D
Common Stock	03/26/2020		D		5,166	D	$30	3,925	D
401K Common Stock								7	I	By 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	03/26/2020		M			5,166	(3)	(3)	Common Stock	5,166	(1)	10,332	D
Phantom Stock Units	(2)	03/26/2020		M			5,166	(3)	(3)	Common Stock	5,166	(2)	10,332	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of common stock of Parker Drilling Company (the "Issuer").

2. Each phantom stock unit represents a contingent right to receive a cash amount equivalent to the fair market value of one share of the Issuer's common stock on the settlement date.

3. On February 21, 2020, the Issuer and the Reporting Person agreed to amend and restate the award agreement concerning the restricted stock units to convert one-half of the restricted stock units into phantom stock units. The restricted stock units and phantom stock units will vest in equal installments on each of March 26, 2020, March 26, 2021 and March 26, 2022. The restricted stock units and phantom stock units do not expire. The vested restricted stock units will settle in shares of Issuer common stock, and the vested phantom stock units will settle in cash at the fair market value of the equivalent number of shares of Issuer common stock, with such settlement to occur as soon as practicable following each applicable vesting date.

Remarks:

	/s/ Jennifer F. Simons	03/27/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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