ex10-18.htm


    
      
        

      

      Exhibit
10.18

      


      


      


      Summary
of Compensation Arrangements with Executive Officers

      As
of February 28, 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 February 28, 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 February
28, 2009 are as follows:

      


      
        	
                R.
      Randall Rollins, Chairman of the Board

              	 	$	600,000	 
	
                Richard
      A. Hubbell, President and Chief Executive Officer

              	 	$	700,000	 
	
                Linda
      H. Graham Vice President and Secretary

              	 	$	165,000	 
	
                Ben
      M. Palmer, Vice President, Chief Financial Officer and
      Treasurer

              	 	$	250,000	 


      

      


      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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Company
Contributions

      


      The
Company makes certain “Enhanced Benefit Contributions” under the Plan on behalf
of certain Participants of long service to the Company who were 40 - 65 years of
age or older on December 31, 2002.  The Company makes the “Enhanced
Benefit Contributions” (as disclosed in the Company’s last filed annual proxy
statement) in lieu of the benefits that previously accrued under the RPC, Inc.
Retirement Income Plan.  Additional benefits ceased to accrue under
the RPC, Inc. Retirement Income Plan effective March 31,
2002.  Enhanced Benefit Contributions are discretionary and may be
made annually, for a maximum of seven years, subject to the Participant’s
continued employment with the Company.

      


      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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