Item 2.02. Results of Operations and Financial Condition.

On October 29, 2020, Superior Drilling Products, Inc. (the "Company") issued a press release announcing its preliminary financial results and certain operations results for the third quarter ended September 30, 2020. The Company also announced additional cost savings initiatives. A copy of the press release making the announcement is attached hereto as Exhibit 99.1.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;


           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers.



The Company announced a 40% deferral in the base salary for each of the Company's named executive officers, G. Troy Meier, Annette Meier, and Chris Cashion, of $190,000, $170,000 and $120,000, respectively, all effective October 23, 2020. The deferrals are part of a broader cash conservation effort to mitigate the impact relating to the deterioration of oil prices and the COVID-19 health emergency in the United States. These deferrals are in addition to the prior reductions of the base salaries announced by the Company in April 2020.




Item 8.01 Other Events.




Business Update


In addition to the deferrals noted in Item 5.02, the Company also announced several other cost reduction initiatives in response to the deterioration of the COVID-19 pandemic and the related impact on its business, including (i) an additional reduction of the Company's workforce resulting in a total decrease of 43% for the year, (ii) a 20% deferral in the base salaries of certain non-executive officers of the Company, (iii) a 40% deferral in fees to be paid to the independent directors on the Board for their service as directors, and (iv) a 10% deferral in salaries of other members of the management team and salaried workforce.

A copy of the press release making this announcement, and announcing the changes in the salaries of the named executive officers, is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.













Exhibit
Number    Description

99.1        Press release issued on October 29, 2020.*



* Furnished herewith.

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