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 9, 2010
(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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(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
March 9, 2010, the Compensation Committee of the Board of Directors (the
"Committee") of Unit Corporation (the "Company") approved 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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37,018
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Mark
E. Schell
Sr.
V.P., Secretary and
General
Counsel, Unit Corporation
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10,334
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David
T. Merrill
CFO
and Treasurer, Unit Corporation
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9,985
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Bradford
J. Guidry
Executive
Vice President, Unit Petroleum Company
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9,985
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John
Cromling
Executive
Vice President, Unit Drilling Company
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9,985
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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 twenty-five percent of the shares of
restricted stock will vest annually on April 1st, with the first installment
vesting on April 1, 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.
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:
March 12, 2010
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By: /s/ Mark E.
Schell
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Mark
E. Schell
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Senior
Vice President
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| and General Counsel |
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