8-K 1 h60132e8vk.htm FORM 8-K - CURRENT REPORT e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): August 28, 2008
PIONEER DRILLING COMPANY
(Exact name of registrant as specified in its charter)
         
Texas   1-8182   74-2088619
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)
     
1250 N.E. Loop 410, Suite 1000, San Antonio, Texas   78209
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (210) 828-7689
(Former name or former address, if changed since last report.)
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 (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On August 28, 2008, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Pioneer Drilling Company (the “Company”) approved adjustments, effective as of April 1, 2008, to the annual base salaries of certain of the Company’s executive officers and other key employees (collectively, the “Named Executive Officers”).
     The Compensation Committee also approved annual cash incentive award opportunities (the “Award Opportunities”) for the Named Executive Officers for the Company’s fiscal year ending December 31, 2008 (“FY 2008”), pursuant to the Company’s 2007 Incentive Plan. The Award Opportunities are expressed as a percentage of the Named Executive Officer’s annual base salary.
     The annual base salaries, as adjusted, and Award Opportunities for the Named Executive Officers are as follows:
                             
        Previous   Adjusted   Target Award
Name   Position   Base Salary   Base Salary   Opportunity(1)
Wm. Stacy Locke
  Director, President and Chief Executive Officer   $ 450,000     $ 550,000       80 %
 
                            
William D. Hibbetts
  Interim Chief Financial Officer   $ 210,000     $ 210,000       40 %
 
                            
Franklin C. West
  President—Drilling Services Division   $ 370,000     $ 395,000       50 %
 
                            
Joseph B. Eustace
  President—Production Services Division   $ 230,000     $ 280,000       50 %
 
                            
Donald G. Lacombe
  Senior Vice President of Drilling Services Division—Marketing   $ 195,000     $ 210,000       40 %
 
(1)   For each of the Named Executive Officers, the maximum Award Opportunity is equal to approximately 200% of the target Award Opportunity.

 

 

     Pursuant to the Company’s 2007 Incentive Plan, the Compensation Committee also approved grants of long-term incentive awards in the form of restricted stock and stock options to the Named Executive Officers for FY 2008. The restricted stock awards generally vest in three equal annual installments beginning on the first anniversary of the grant date. The stock option grants have an exercise price equal to the fair market value on August 28, 2008 (the date of grant), generally vest in three equal annual installments beginning on the first anniversary of the grant date, and expire no later than the tenth anniversary of the grant date.
     The FY 2008 long-term incentive awards for the Named Executive Officers are as follows:
                 
Name   Stock Options   Restricted Stock Awards
Wm. Stacy Locke
     180,000       28,500  
 
                
William D. Hibbetts
     24,000       3,900  
 
                
Franklin C. West
     93,000       15,000  
 
                
Joseph B. Eustace
     54,000       8,400  
 
                
Donald G. Lacombe
     24,000       3,900  
Item 9.01   Financial Statements and Exhibits.
(d) Exhibits.
     
Exhibit No.   Document Description
 
    
10.1
  Pioneer Drilling Company 2007 Incentive Plan Form of Stock Option Agreement
 
    
10.2
  Pioneer Drilling Company 2007 Incentive Plan Form of Employee Restricted Stock Award Agreement
 
    
10.3
  Pioneer Drilling Company 2007 Incentive Plan Form of Non-Employee Director Restricted Stock Award Agreement

 

 

SIGNATURES
     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.
         
  PIONEER DRILLING COMPANY
 		  
  By:   /s/ William D. Hibbetts    
    William D. Hibbetts   
    Interim Chief Financial Officer   
 
Dated: September 4, 2008

 

 

Exhibit Index
     
Exhibit No.   Document Description
 
    
10.1
  Pioneer Drilling Company 2007 Incentive Plan Form of Stock Option Agreement
 
    
10.2
  Pioneer Drilling Company 2007 Incentive Plan Form of Employee Restricted Stock Award Agreement
 
    
10.3
  Pioneer Drilling Company 2007 Incentive Plan Form of Non-Employee Director Restricted Stock Award Agreement