Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of President and Chief Executive Officer
On February 18, 2020, Larry D. Pinkston notified the board of directors of the
company of his decision to retire as the President and Chief Executive Officer
of the company, effective March 31, 2020. Mr. Pinkston will continue to serve as
a member of the board. Mr. Pinkston's decision to retire did not result from any
disagreement with the company, the company's management, or the board.
Appointment of Chief Executive Officer
Effective on Mr. Pinkston's retirement, David T. Merrill, 59, will become the
company's President and Chief Executive Officer. Mr. Merrill joined the company
in August 2003 and served as its Vice President of Finance until February 2004
when he was elected to the position of Chief Financial Officer and Treasurer,
positions he held until November 2017. He has served as the company's Chief
Operating Officer since August 2017. Mr. Merrill received a Bachelor of Business
Administration Degree in Accounting from the University of Oklahoma and is a
Certified Public Accountant.
Mr. Merrill receives a base salary of $545,000 per year. He will continue to
participate in employee benefits on terms similar to other executive officers,
including eligibility for annual bonuses and equity incentives under the
company's Second Amended and Restated Stock and Incentive Compensation Plan. No
bonuses or equity awards were granted in connection with his promotion.
Mr. Merrill was not elected to his officer position under any arrangement or
understanding between him and any other person. There are no transactions with
Mr. Merrill that would be reportable under Item 404(a) of Regulation S-K and no
family relationships exist between Mr. Merrill and any of the directors or
officers of the company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release of Unit Corporation, dated February 21, 2020
101.INS XBRL Instance Document.
101.SCH XBRL Taxonomy Extension Schema Document.
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.
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