Current Report Filing (8-k)

 

 

 

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: [phone]

 

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. [  ]

 

 

 

 

 

Item 8.01.

Other Events.

 

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