HOUSTON, Oct. 2, 2012 /PRNewswire/ -- Parker Drilling Company (NYSE:PKD) today announced, that in accordance with New York Stock Exchange rules regarding equity inducement awards, the Company has granted an equity inducement award of 349,650 restricted stock units to Gary Rich, its newly appointed President and Chief Executive Officer, on October 1, 2012.
The restricted stock units will vest, assuming continuing employment by Mr. Rich, 50% on April 30, 2013, 30% on April 30, 2014 and 20% on April 30, 2015. This award was granted outside of the Company's 2010 Stock Incentive Plan. However, the units are subject to substantially the same terms and conditions of other service-based restricted stock units granted by the Company to its executive officers.
The Company's independent Compensation Committee approved the equity inducement award in reliance on an employment inducement exception to shareholder approval provided for in the NYSE governance rules. To comply with the terms of this exemption, the inducement equity grant requires public announcement of the award and written notice to the NYSE.
About Parker Drilling Company
Parker Drilling Company provides high-performance contract drilling solutions, rental tools and project management services to the energy industry. Parker's rig fleet includes 24 land rigs and two offshore barge rigs in international locations, 13 barge rigs in the U.S. Gulf of Mexico, one land rig located in the U.S., and two land rigs in Alaska undergoing commissioning. The Company's rental tools business supplies premium equipment to operators on land and offshore in the U.S. and select international markets. Parker also performs contract drilling for customer-owned rigs and provides technical services addressing drilling challenges for E&P customers worldwide. More information about Parker Drilling can be found at http://www.parkerdrilling.com, including operating status reports for the Company's Rental Tools segment and its international and U.S. rig fleets, updated monthly.
SOURCE Parker Drilling Company