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): December 19, 2007
(Exact
name of registrant as specified in its charter)
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Delaware
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1-9260
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73-1283193
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|
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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7130
South Lewis, Suite 1000, Tulsa, Oklahoma
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74136
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (918) 493-7700
Not
Applicable
(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:
|
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))
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Section
5 – Corporate Governance and Management
Item
5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(e) On
December 19, 2007, the Compensation Committee of the Board of Directors (the
"Committee") of Unit Corporation (the "Company") approved and the Board of
Directors ratified (and approved, where required), a cash bonus award of
$600,000.00 to Larry D. Pinkston, the Company’s President and Chief Executive
Officer, and $220,000.00 to Mark E. Schell, the Company’s Senior Vice President,
General Counsel and Secretary. The cash bonus awards are payable in
January 2008.
The
Committee also approved and the Board of Directors ratified (and approved,
where
required), the following retention restricted stock awards for the executive
officers of the Company and its subsidiaries:
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Name
and Principal Position(s)
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Restricted
Stock Award(s)(#)
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Larry
D. Pinkston
President
and CEO, Unit Corporation
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18,267
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Mark
E. Schell
Sr.
V.P., Secretary and
General
Counsel, Unit Corporation
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10,047
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David
T. Merrill
CFO
and Treasurer, Unit Corporation
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9,134
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Bradford
J. Guidry
Senior
Vice President, Unit Petroleum Company
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7,672
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John
Cromling
Executive
Vice President, Unit Drilling Company
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8,038
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The restricted stock awards were issued under the Unit Corporation Stock and
Incentive Compensation Plan (the "Plan”) and are evidenced by a Restricted Stock
Award Agreement entered into between each of the above employees and the
Company. The
Restricted Stock Award Agreement filed as Exhibit 10.1 to the Company’s 8-K
dated December 15, 2006, is incorporated herein by reference.
Each
Restricted Stock Award Agreement, in addition to certain other provisions
contained in the Plan, provides that one hundred percent of the shares of
restricted stock vests on August 23, 2010, subject in each case to the employee
remaining in the employment of the Company. In the event of a "change in
control” of the Company (as defined in and determined by the agreement), any
unvested shares will immediately vest in the recipient.
Section
9 – Financial Statements and Exhibits
Item
9.01 Financial
Statements and Exhibits.
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(a)
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Financial
Statements
of Businesses
Acquired.
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Not
Applicable.
2
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(b)
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Pro
Forma Financial
Information.
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Not
Applicable.
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(c)
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Shell
Company
Transactions.
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Not
Applicable.
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(d)
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Exhibits.
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Not
Applicable.
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.
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Unit
Corporation
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Date:
December 21, 2007
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By: /s/
Mark E.
Schell
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Name: Mark
E. Schell
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Title: Senior
Vice President
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3