Current Report Filing (8-k)
December 05 2017 - 5:12PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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):
December
4, 2017
SUPERIOR
DRILLING PRODUCTS, INC.
(Exact
name of registrant as specified in its charter)
Utah
(State
of Incorporation)
|
46-4341605
(I.R.S.
Employer Identification No.)
|
|
|
1583
South 1700 East
Vernal,
Utah
(Address
of principal executive offices)
|
84078
(Zip
code)
|
Commission
File Number:
001-36453
Registrant’s
telephone number, including area code:
(435) 789-0594
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))
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [X]
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. [ ]
On
December 4, 2017, as part of the annual awards made to employees of Superior Drilling Products, Inc. (the “Company”),
the board of directors of the Company (the “Board”) approved grants of restricted stock units to G. Troy Meier, the
Company’s Chief Executive Officer, and Annette Meier, the Company’s President and Chief Operating Officer, with an
approximate value of $587,500, provided that the Board determined that, in lieu of making such awards and at the request of the
Meiers, the dollar value of such awards, after calculation of the taxes due thereon, would be used to pay the annual interest
of $36,255 due on that certain Second Amended and Restated Promissory Note dated June 19, 2017 and executed by the Meiers in favor
of the Company (the “Tronco Note”), and the remaining amount of the value of the grant thereof be applied to pay down
the principal on the Tronco Note. The annual interest payment would otherwise have been due and owing on December 31, 2017. As
a result of the transaction, $7,356,153 remains outstanding on the Tronco Note.
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.
Date:
December 5, 2017
|
SUPERIOR
DRILLING PRODUCTS, INC.
|
|
|
|
/s/
Christopher D. Cashion
|
|
Christopher
D. Cashion
|
|
Chief
Financial Officer
|
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