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Filing Details

Accession Number:: 0001109189-16-000408
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2016-12-28 21:38:54
Reporting Period:: 2016-12-23

Filing Date:: 2016-12-28
Accepted Time:: 2016-12-28 21:38:54
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1109189	Basic Energy Services Inc	BAS	Oil & Gas Field Services, Nec (1389)	542091194

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1450261	F. James Newman	801 Cherry Street Suite 2100 Fort Worth TX 76102	Svp, Region Operations	No	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Disposition	2016-12-23	130,618	$0.00	0	No	4	J	Direct
New Common Stock	Acquisiton	2016-12-23	229	$0.00	229	No	4	J	Direct
New Common Stock	Acquisiton	2016-12-23	29,679	$36.55	29,908	No	4	M	Direct
New Common Stock	Disposition	2016-12-23	11,502	$36.00	18,406	No	4	S	Direct
New Common Stock	Disposition	2016-12-23	98	$0.00	18,308	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	J	Direct
No	4	J	Direct
No	4	M	Direct
No	4	S	Direct
No	4	S	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
New Common Stock	Restricted Stock Units	Acquisiton	2016-12-23	89,036	$0.00	89,036	$0.00
New Common Stock	Restricted Stock Units	Disposition	2016-12-23	29,679	$0.00	29,679	$0.00
New Common Stock	Stock options (right to buy)	Acquisiton	2016-12-23	35,614	$0.00	35,614	$36.55
New Common Stock	Warrants	Acquisiton	2016-12-23	6,313	$0.00	6,313	$55.25

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
89,036			No	4	A	Direct
59,357			No	4	M	Direct
35,614		2026-12-23	No	4	A	Direct
6,313	2016-12-23	2023-12-23	No	4	J	Direct

Footnotes

The Issuer and certain of its subsidiaries (collectively with the Issuer, the "Debtors") filed voluntary petitions (the cases commenced thereby, the "Chapter 11 Cases") under chapter 11 of title 11 of the United States Code on October 25, 2016 in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). On December 9, 2016, the Bankruptcy Court entered an order approving the First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors (as confirmed, the "Prepackaged Plan"), and on December 23, 2016 (the "Effective Date"), the Prepackaged Plan became effective pursuant to its terms and the Debtors emerged from the Chapter 11 Cases. On the Effective Date, all outstanding shares of the Issuer's common stock (the "Old Common Stock") were cancelled and extinguished.
New shares of the Issuer's common stock, par value $0.01 per share (the "New Common Stock") were issued to all of the Issuer's stockholders (including the Reporting Person) pursuant to the Prepackaged Plan in exchange for the Old Common Stock held by such persons on the Effective Date under the Prepackaged Plan. The receipt of the New Common Stock in exchange for Old Common Stock was involuntary, without consideration and in accordance with the Prepackaged Plan approved by the Bankruptcy Court.
Promptly following the vesting date (but no later than 30 days following such vesting date), the restricted stock units will be settled by the Issuer into New Common Stock on a one-for-one basis; provided, the Issuer, it in sole discretion, has the option to settle the Restricted Stock Units in cash (subject to applicable withholding taxes).
Shares sold to settle tax withholding obligations through a "broker sale."
The restricted stock units vest in three equal annual installments: 1/3 on the Effective Date, 1/3 on December 23, 2017 and 1/3 on December 23, 2018.
The option vests in three equal annual installments: 1/3 on December 23, 2017, 1/3 on December 23, 2018 and 1/3 on December 23, 2019.
The warrants were issued to the Reporting Person pursuant to the Prepackaged Plan. The receipt of the warrants was involuntary and without consideration.