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Fill and Sign the Cash Out of Option Gains Form

Fill and Sign the Cash Out of Option Gains Form

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§18.359 Cash-Out of Option Gains (g) Cashing Out of Option; Settlement of Spread Value in Stock. On receipt of written notice of exercise any Option for which at least six months has elapsed since the Grant Date (provided that such limitation of six months shall not apply to an Option granted to a Participant who has died), the Committee may elect to cash out all or part of the portion of any Option to be exercised by paying the Participant an amount, in cash or Common Stock, equal to the Spread times the number of shares of Common Stock subject to the Option on the effective date of such cash out. Cash outs relating to Options held by a Participant who is actually or potentially subject to Section 16(b) of the Exchange Act shall comply with the "window period" provisions of Rule 16b-3, to the extent applicable, and the Committee may determine the Spread by applying the Fair Market Value based on the highest mean sales price of the Common Stock on any exchange on which the Common Stock is listed (or NASDAQ) on any day during such "window period". Parker Drilling Company 11/4/94

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