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): March 20, 2009
PARKER DRILLING COMPANY
(Exact name of registrant as specified in its charter)
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| Delaware
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1-7573
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73-0618660 |
| (State or other jurisdiction
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(Commission File Number)
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(IRS Employer |
| of incorporation)
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Identification No.) |
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| 1401 Enclave Parkway, Suite 600 |
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| Houston, Texas 77077
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77077 |
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(Zip Code) |
Registrant’s telephone number, including area code: (281) 406-2000
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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
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| Item 5.02 |
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Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 20, 2009, Mr. Ronald C. Potter, Vice President and General Counsel of Parker Drilling
Company (the “Company”), advised the Company that he will resign from the Company effective March
27, 2009. Mr. Potter will be a consultant to the Company for a two-month period following his
resignation. Mr. Potter has served the Company in various positions for nearly 30 years, having
first joined the Company in 1980.
The Company and Mr. Potter have agreed to enter into a separation agreement that will provide
Mr. Potter with the payments and benefits that he would be entitled to receive under his existing
employment agreement upon the termination of his employment by the Company. Accordingly, the
separation agreement will provide that Mr. Potter will receive, six months after the effective date
of his resignation, a lump sum payment of $708,075, which is equivalent to one-and-one-half times
the highest annual base salary plus bonus paid to him during any of the three most recently
completed calendar years. The Company will also agree to maintain Mr. Potter’s group health plan
and group dental plan for a period of 18 months following the effective date of his resignation.
Thereafter, Mr. Potter will be entitled to elect continuation coverage under such plans pursuant to
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and the Company’s
procedures for COBRA administration.
The Company and Mr. Potter also have agreed to enter into a consulting agreement pursuant to
which Mr. Potter will be paid $24,458 each month during the two-month term of the agreement.