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NBR > SEC Filings for NBR > Form 8-K on 25-Jul-2013All Recent SEC Filings

Show all filings for NABORS INDUSTRIES LTD | Request a Trial to NEW EDGAR Online Pro

Form 8-K for NABORS INDUSTRIES LTD


25-Jul-2013

Change in Directors or Principal Officers, Financial Statements and Exhibit


Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 25, 2013, we issued a press release announcing that our Board of Directors voted to expand the Board to eight members from seven and subsequently appointed John P. Kotts, age 62, to fill the newly created vacancy. Mr. Kotts has also been appointed to serve on the Audit, Governance and Nominating, and Risk Oversight Committees of the Board.

A copy of the press release announcing Mr. Kotts's appointment is attached as Exhibit 99.1 to this report and is incorporated herein by reference.

Mr. Kotts will receive the same compensation as other members of the Board of Directors:

annual retainer of $100,000 (no additional amounts are paid for attendance at meetings);

any director may elect to receive immediately vested stock options, in lieu of any cash payments, valued at the amount of the payment; and

12,000 restricted shares upon initial appointment to the Board and 15,000 restricted shares annually, which vest over a three-year period.

Directors are also parties to an indemnification agreement with the Company.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release


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