-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MCVf19fcbu5klxJbxtyNKtn46S7s7qEh3ktTgsMOvNldYnCRhJuNPGLMw46lB6Hx UFUh/Mka2jKNf3eCbQGzbg== 0000950129-06-001094.txt : 20060207 0000950129-06-001094.hdr.sgml : 20060207 20060207165353 ACCESSION NUMBER: 0000950129-06-001094 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060201 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20060207 DATE AS OF CHANGE: 20060207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARKER DRILLING CO /DE/ CENTRAL INDEX KEY: 0000076321 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 730618660 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07573 FILM NUMBER: 06586014 BUSINESS ADDRESS: STREET 1: 1401 ENCLAVE PARKWAY STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77077 BUSINESS PHONE: 281-406-2000 MAIL ADDRESS: STREET 1: 1401 ENCLAVE PARKWAY STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77077 8-K 1 h32769e8vk.htm PARKER DRILLING COMPANY e8vk
 

 
 
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): February 1, 2006
PARKER DRILLING COMPANY
(Exact name of registrant as specified in its charter)
         
Delaware   1-7573   73-0618660
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (I.R.S. Employer
Identification No.)
1401 Enclave Parkway, Suite 600
Houston, Texas 77077
(Address of principal executive offices, including zip code)
(281) 406-2000
(Registrant’s telephone number, including area code)
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:
    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 1.01 Entry into a Material Definitive Agreement.
     On February 1, 2006, upon recommendation of the Compensation Committee, the Board of Directors approved the annual base salaries (effective as of such date) of the Registrant’s named executive officers. The recommendation of the Compensation Committee was based on its review and analysis of the Chief Executive Officer’s performance, receiving input from the Chief Executive Officer regarding the performance of the other named executive officers and a report from an independent compensation consultant that included a comparison of the compensation paid to executive officers of the Registrant’s peer group. The following table sets forth the annual base salary levels of the named executive officers that changed from 2005 to 2006:
                 
NAME AND POSITION   YEAR   BASE SALARY
David C. Mannon
                
Senior Vice President
     2006     $ 350,000  
& Chief Financial Officer
     2005     $ 330,000  
 
Denis Graham
     2006     $ 246,000  
Vice President- Engineering
     2005     $ 235,000  
 
Ronald C. Potter
     2006     $ 260,000  
Vice President & General Counsel
     2005     $ 218,000  
     On February 1, 2006, upon recommendation of the Corporate Governance Committee, after consultation and receiving a survey of director compensation and a recommendation from an independent compensation consultant, the Board of Directors approved cash compensation and restricted stock grants for non-employee directors for 2006. The following table sets forth the changes in the non-employee director cash compensation and restricted stock grants from 2005 to 2006:
                 
Annual Retainer
     2006     $ 25,000  
 
     2005     $ 20,000  
 
Audit Committee Chair Fee
     2006     $ 12,000  
 
     2005     $ -0-  
 
Compensation and Corporate
     2006     $ 6,000  
Governance Chair Fee
     2005     $ -0-  
 
Restricted Stock Grants
     2006     8,500 shares*
 
     2005     10,000 shares
 
*   The restricted shares vest on the first anniversary date of the grant.

 

 

     The Registrant intends to provide additional information regarding the compensation awarded to the named executive officers in respect of the year ended December 31, 2005, in the Registrant’s 2006 definitive proxy statement for the 2006 annual meeting of stockholders, which is expected to be filed with the Securities and Exchange Commission in March 2006.
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.
             
    PARKER DRILLING COMPANY    
 
            
Dated: February 7, 2006
  By:   /s/ Ronald C. Potter    
 
           
 
      Ronald C. Potter    
 
      Vice President & General Counsel    

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