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): January 22,
2008
RPC,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
1-8726
|
58-1550825
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
2170
Piedmont Road, NE, Atlanta, Georgia 30324
(Address
of principal executive office) (zip code)
Registrant's
telephone number, including area code: (404) 321-2140
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):
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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|
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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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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o
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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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Item
5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain
Officers.
Executive
Officer Compensation
On
January 22, 2008, the Compensation Committee of the Board of Directors
approved
for its Named Executive Officers identified in the registrant’s 2007 proxy
statement the following base salary for 2008.
Name
|
Title
|
|
2008
Base
Salary
|
|
Richard
A. Hubbell
|
President
and Chief Executive Officer
|
|
$ |
700,000 |
|
Ben
M. Palmer
|
Vice
President, Chief Financial Officer and Treasurer
|
|
$ |
250,000 |
|
R.
Randall Rollins
|
Chairman
|
|
$ |
600,000 |
|
Linda
H. Graham
|
Vice
President and Secretary
|
|
$ |
165,000 |
|
A
performance based cash compensation for 2007 was awarded pursuant to the
plan
approved by the shareholders in 2006 and disclosed in Form 8-K filed with
the
SEC on April 28, 2006. For 2007, the Named Executive Officers earned
awards that were higher than target but lower than the superior performance
level which qualified the officers to receive bonus awards up to 163 percent
of
the target incentive award, limited in 2007 to 150 percent of base
compensation.
For
2008,
the Compensation Committee has increased the Target Award of Mr. Ben M.
Palmer,
Vice President, Chief Financial Officer and Treasurer to 100
percent. The target awards of the other Named Executive Officers,
performance criteria and maximum awards were established at the same levels
as
2007.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, RPC, Inc. has
duly
caused this report to be signed on its behalf by the undersigned hereunto
duly
authorized.
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RPC,
Inc.
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Date: January
25, 2008
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/s/
Ben M. Palmer
|
|
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Ben
M. Palmer
|
|
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Vice
President,
|
|
|
Chief
Financial Officer and Treasurer
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