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| PKD > SEC Filings for PKD > Form 8-K on 20-Mar-2009 | All Recent SEC Filings |
20-Mar-2009
Change in Directors or Principal 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.
Dated: March 20, 2009 By: /s/ W. Kirk Brassfield W. Kirk Brassfield Senior Vice President and Chief Financial Officer
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