ex10-1.htm


    
      

    

    Exhibit
10.1


    
      
        

      



    


    Summary
of Compensation Arrangements with Executive Officers

    As
of April 16, 2009

    


    


    The
following summarizes the current compensation and benefits received by the Chief
Executive Officer and Chief Financial Officer of RPC, Inc. (“the Company”) and
the Company’s other most highly compensated executive officers (the “Named
Executive Officers”) as of April 16, 2009.

    


    This
document is intended to be a summary of existing oral, at will arrangements, and
in no way is intended to provide any additional rights to any of the Named
Executive Officers.

    


    Base
Salaries

    


    The
annual base salaries for the Company’s Named Executive Officers as of April 16,
2009 are as follows:

    


    
      
        	
                R.
      Randall Rollins, Chairman of the Board

              	
                $510,000

              
	
                Richard
      A. Hubbell, President and Chief Executive Officer

              	
                $595,000

              
	
                Linda
      H. Graham, Vice President and Secretary

              	
                $140,250

              
	
                Ben
      M. Palmer, Vice President, Chief Financial Officer and
      Treasurer

              	
                $212,500

              


      



    These
salaries may be adjusted from time to time in the discretion of the Company’s
Compensation Committee.

    


    Bonuses

    


    All of
the Named Executive Officers are eligible for annual cash bonuses under the
Company’s Performance-Based Incentive Cash Compensation Plan (the
“Plan”).

    


    Stock
Options and Other Equity Awards

    


    The Named
Executive Officers are eligible to receive options and restricted stock under
the Company’s stock incentive plan, in such amounts and with such terms and
conditions as determined by the Committee at the time of grant.

    


    Supplemental
Retirement Plan

    


    Salary and Bonus
Deferrals

    


    All of
the Named Executive Officers are eligible to participate in the Company’s
Supplemental Retirement Plan (“Plan”).

    


    The Plan
allows participants to defer up to 50% of base salary and up to 100% of annual
bonus, subject to other terms and conditions set forth in the Plan.

     

    
      
        
        

      

      
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    Automobile
Usage

    


    The
Company provides an automobile or an automobile allowance to Messrs. Hubbell and
Palmer.

    


    Other
Benefits

    


    The Named
Executive Officers are eligible to participate in the Company’s regular employee
benefit programs, including the 401(k) plan with Company match, group life
insurance, group medical and dental coverage and other group benefit
plans.  All of the Named Executives are eligible for the Retirement
Income Plan that was frozen in March 2002.  See Supplemental
Retirement Plan above for further discussion.

    


    All of
the Named Executive Officers are also executive officers of Marine Products
Corporation (“MPC”) and receive compensation from that
company.  Disclosure regarding such compensation can be found in MPC’s
filings with the Securities and Exchange Commission.

     

     

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