Document:

Exhibit 10.82

Exhibit 10.82

Las Vegas Sands Corp.

2004 EQUITY AWARD PLAN

RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”), is made, effective as of the

 _____ 

day of _____, 2010, (hereinafter the “Award Date”), between Las Vegas Sands Corp., a
Nevada corporation (the “Company”), and                      (the “Participant”).

 R E C I T A L S:

WHEREAS, the Company has adopted the Las Vegas Sands Corp. 2004 Equity Award Plan (the
“Plan”), pursuant to which awards of restricted shares of the Company’s Common Stock may be
granted; and

WHEREAS, the Compensation Committee of the Board of Directors of the Company (the
“Committee”) has determined that it is in the best interests of the Company and its
stockholders to grant the restricted stock award provided for herein (the “Restricted Stock
Award”) to the Participant in recognition of the Participant’s services to the Company, such
grant to be subject to the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
hereto agree as follows:

1. Grant of Restricted Stock Award. The Company hereby grants on the Date of Grant to the Participant a Restricted Stock Award
consisting of                      shares of Common Stock (hereinafter called the “Restricted
Shares”), on the term and conditions set forth in this Agreement and as otherwise provided in
the Plan. The Restricted Shares shall vest in accordance with Section 3(a) hereof.

2. Incorporation by Reference, Etc. The provisions of the Plan are hereby
incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement
shall be construed in accordance with the provisions of the Plan and any capitalized terms not
otherwise defined in this Agreement shall have the definitions set forth in the Plan. The
Committee shall have final authority to interpret and construe the Plan and this Agreement and to
make any and all determinations under them, and its decision shall be binding and conclusive upon
the Participant and his legal representative in respect of any questions arising under the Plan or
this Agreement.

3. Terms and Conditions.

(a) Vesting. Except as otherwise provided in the Plan and this Agreement, and subject to the
provisions of your employment agreement, the Restricted Stock Award shall vest with
respect to                      percent
(_____%) of the Restricted Shares subject thereto (and
the restrictions on
such Shares shall lapse), on each of the first through
 _____ 

anniversaries of
                    . Restricted Shares may not be sold until they “vest”.

 

 

 

(b) Taxes. The Participant shall pay to the Company promptly upon request, and in any
event at the time the Participant recognizes taxable income in respect of the
Restricted Stock Award, an amount equal to the taxes, if any, the Company
determines it is required to withhold under applicable tax laws with respect to the
Restricted Shares. Such payment may be made in the form of cash. The Participant
also may satisfy, in whole or in part, the foregoing withholding liability (but no
more than the minimum required withholding liability) by (i) the delivery of Mature
Shares owned by the Participant having a Fair Market Value equal to such
withholding liability or (ii) having the Company withhold from the number of shares
of Common Stock otherwise issuable pursuant to the exercise or settlement of the
Restricted Stock Award a number of shares with a Fair Market Value equal to such
withholding liability.

(c) Certificates. As a condition to the receipt of this Restricted Stock Award, the
Participant shall deliver to the Company an escrow agreement and stock powers, duly
endorsed in blank, relating to the Restricted Shares. Certificates evidencing the
Restricted Shares shall be issued by the Company and shall be registered in the
Participant’s name on the stock transfer books of the Company promptly after the
date hereof, and shall be deposited, together with the stock powers, with an escrow
agent designated by the Committee (who may be the Company’s transfer agent), and
shall remain in the physical custody of such escrow agent at all times prior to, in
the case of any particular Restricted Shares, the applicable Vesting Date.

(d) Effect of Termination of Services.

(i) Except as provided in subsection (ii) of this Section 3(d) or as otherwise
agreed upon by the parties in an employment agreement between them, unvested
Restricted Shares shall be forfeited without consideration by the Participant at
any time prior to the applicable Vesting Date upon the Participant’s termination of
services with the Company for any reason.

(ii) Upon the termination of Participant’s services due to death, any
remaining unvested Restricted Shares shall vest on the date of such termination.

 

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(e) Rights as a Stockholder; Dividends. The Participant shall be the record owner of the Restricted Shares unless and
until such shares are forfeited pursuant to Section 3(d) hereof or sold or
otherwise disposed of, and as record owner shall be entitled to all rights of a
common stockholder of the Company, including, without limitation, voting rights,
if any, with respect to the Restricted Shares; provided that any
cash or in-kind dividends paid with respect to unvested Restricted Shares shall be
withheld by the Company and shall be paid to the Participant, without interest,
only when, and if, such Restricted Shares shall become vested. As soon as
practicable following the vesting of any Restricted Shares, certificates for such
vested Restricted Shares and any cash dividends or in-kind dividends credited to
the Participant’s account with respect to such Restricted Shares shall be delivered
to the Participant or the Participant’s beneficiary along with the stock powers
relating thereto.

(f) Restrictive Legend. All certificates
representing Restricted Shares shall have affixed thereto a legend in substantially
the following form, in addition to any other legends that may be required under
federal or state securities laws:

Transfer of this certificate and the shares represented hereby is
restricted pursuant to the terms of the Las Vegas Sands Corp.
2004 Equity Award Plan and a Restricted Stock Award Agreement,
dated as of                     , 2010, between Las Vegas Sands Corp. and
                    . Copies of such Plan and Agreement are on file at the
offices of Las Vegas Sands Corp.

(g) Transferability. The Restricted Shares may not at any time prior
to vesting be assigned, alienated, pledged, attached, sold or otherwise transferred
or encumbered by the Participant and any such purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable
against the Company; provided, that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance.

4. Miscellaneous.

(a) Notices. All notices, demands and other communications provided for or permitted
hereunder shall be made in writing and shall be by registered or certified
first-class mail, return receipt requested, telecopier, courier service or personal
delivery:

if to the Company:

Las Vegas Sands Corp.

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attn: Office of the General Counsel

if to the Participant, at the Participant’s last known address on file with the
Company.

 

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All such notices, demands and other communications shall be deemed to have been
duly given when delivered by hand, if personally delivered; when delivered by
courier, if delivered by commercial courier service; five (5) business days after
being deposited in the mail, postage prepaid, if mailed; and when receipt is
mechanically acknowledged, if telecopied.

(b) Bound by Plan. By signing this Agreement, the Participant acknowledges that he has
received a copy of the Plan and has had an opportunity to review the Plan and
agrees to be bound by all the terms and provisions of the Plan.

(c) Beneficiary. The Participant may file with the Committee a written designation of a
beneficiary on such form as may be prescribed by the Committee and may, from time
to time, amend or revoke such designation. If no designated beneficiary survives
the Participant, the executor or administrator of the Participant’s estate shall be
deemed to be the Participant’s beneficiary.

(d) Successors. The terms of this Agreement shall be binding upon and inure to the benefit of
the Company, its successors and assigns, and of the Participant and the
beneficiaries, executors, administrators, heirs and successors of the Participant.

(e) Modifications. No change, modification or waiver of any provision of this Agreement shall
be valid unless the same be in writing and signed by the parties hereto.

(f) GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEVADA APPLICABLE TO AGREEMENTS MADE AND TO BE WHOLLY
PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR
THE CONFLICT OF LAWS PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE
APPLICATION OF ANY LAW OTHER THAN THAT OF THE STATE OF NEVADA. ANY ACTION TO
ENFORCE THIS AGREEMENT MUST BE BROUGHT IN A COURT SITUATED IN, AND THE PARTIES
HEREBY CONSENT TO THE JURISDICTION OF, COURTS SITUATED IN CLARK COUNTY, NEVADA.
EACH PARTY HEREBY WAIVES THE RIGHTS TO CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT
FORUM FOR THE RESOLUTION OF ANY SUCH ACTION.

(g) JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE
EVENT ANY ACTION ARISING UNDER OR IN CONNECTION
WITH THIS AGREEMENT IS LITIGATED OR HEARD IN ANY COURT.

 

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(h) Headings. The headings of the Sections hereof are provided for
convenience only and are not to serve as a basis for interpretation or
construction, and shall not constitute a part, of this Agreement.

(i) Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

	 	 	 	 	 	 	 
	 	 	Las Vegas Sands Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 
	 

	 	 	Title: 	 
	 	 

 

5exv10w4

Exhibit 10.4

PARKER DRILLING COMPANY

INCENTIVE COMPENSATION PLAN

(As Amended and Restated Effective January 1, 2009)

SECTION 1 — PURPOSE

     The Compensation Committee of the Board of Directors of Parker Drilling Company
(“Company”) approved the Incentive Compensation Plan (the “Plan”) originally effective as of
January 1, 2008. The primary purpose of the Plan is to motivate and to reward executive officers
and key personnel who contribute materially to the economic value of the Company and its
Affiliates and thereby to aid the Company in attracting, retaining and motivating personnel.

     The Company recognizes the important contribution of its employees to its success, and adopts
this Plan to reward such contributions and sustain the incentive for making such contributions in
the future. The Company reserves the right to amend, modify or revoke the Plan at its discretion,
without prior notice to Participants; provided, however, any amendments, modifications or
revocations shall not be retroactive as to a Bonus that was awarded in a prior Plan Year. This is
a discretionary plan and no contractual right or property interest to any benefit described herein
is intended to be created by this document or any related action of the Company, and none should
be inferred from the descriptions of the Plan or any Plan Year.

     The Plan is separate from, and not a part of or otherwise connected with, the Parker Drilling
Company 2005 Long-Term Incentive Plan (the “LTIP”). A Bonus payable under the Plan is not intended
to qualify as a Performance-Based Award (as defined in the LTIP).

     The Plan is hereby amended and restated effective as of January 1, 2009.

SECTION 2 — DEFINITIONS

	 	 	As used herein:
	 
	2.1	 	“Affiliate” shall mean any person or entity that is a member of a controlled group of
corporations or other entities with the Company, as described in Code Section 414.
	 
	2.2	 	“Base Salary” shall mean the aggregate amount of base wages and/or salary (but
excluding any bonus, disability pay, severance pay and other non-base compensation)
that is earned by a Participant during the applicable Plan Year in which the Participant
was eligible to participate in the Plan, as determined in accordance
with Section 3.
	 
	2.3	 	“Beneficiary” shall mean the beneficiary or beneficiaries designated by the
Participant, on a form provided by the Company, to receive any Bonus amount
distributable under the terms and conditions of the Plan after the Participant’s death.
	 
	2.4	 	“Board of Directors” or “Board” shall mean the Board of Directors of the Company.

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	2.5	 	“Bonus” shall mean the amount of incentive compensation earned by a Participant under
the Plan for a Plan Year, as determined in accordance with Section 4.
	 
	2.6	 	“Cause” shall mean (a) the Participant’s conviction by a court of competent
jurisdiction as to which no further appeal can be taken of a crime involving moral
turpitude or a felony or entering the plea of nolo contedere to such crime by the
Participant; (b) the commission by the Participant of a material and
demonstrable act of fraud or misrepresentation of or upon the Company or any
Affiliate; (c) the Participant’s gross negligence or willful misconduct in the performance
or nonperformance of Participant’s duties and responsibilities as an employee of the
Company or any of its Affiliates; (d) the knowing engagement by the Participant, without
the written approval of the Board or Committee, in any material activity that violates (i) a
confidentiality, non-solicitation, non-competition or other similar restrictive covenant
entered into between the Company (or one of its Affiliates) and such Participant, or (ii)
any Company policy or procedure that could result in a material adverse financial
or operational effect or expose the Company or its Affiliate to civil or criminal
liability, including without limitation, policies and procedures regarding compliance
with anti-bribery laws and other laws and regulations; but only under clauses (a), (b), (c)
or (d) (above), after (1) Participant has received written notice from the Company of
such breach or nonperformance (which notice must specifically identify the manner
and set forth specific facts, circumstances and examples of which the Company
believes Participant has breached the restrictive covenants or not substantially
performed Participant’s duties) and (2) Participant’s continued failure to cure such
breach or nonperformance within the time period set by the Board or Committee, but in
no event less than 10 calendar days after Participant’s receipt of such notice.
	 
	2.7	 	“Change in Control” of the Company means the occurrence of any one or more of the
following events:

     (a) The acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either
(i) the then outstanding shares of common stock of the Company (the “Outstanding
Company Stock”) or (ii) the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that the following
acquisitions shall not constitute a Change in Control: (i) any acquisition directly
from the Company or any subsidiary, (ii) any acquisition by the Company or any
subsidiary or by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any subsidiary, or (iii) any acquisition by any corporation
pursuant to a reorganization, merger, consolidation or similar business combination
involving the Company (a “Merger”), if, following such Merger, the conditions
described in (c) (below) are satisfied;

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     (b) Individuals who, as of January 1, 2009, constitute the Board of
Directors of the Company (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to January 1, 2009 whose election, or
nomination for election by the Company’s shareholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-ll of Regulation 14A
promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board;

     (c) Approval by the shareholders of the Company of a Merger,
unless immediately following such Merger, (i) substantially all of the holders
of the Outstanding Company Voting Securities immediately prior to Merger
beneficially own, directly or indirectly, more than 50% of the common
stock of the corporation resulting from such Merger (or its parent corporation)
in substantially the same proportions as their ownership of Outstanding
Company Voting Securities immediately prior to such Merger and (ii) at least
a majority of the members of the board of directors of the corporation resulting
from such Merger (or its parent corporation) were members of the Incumbent
Board at the time of the execution of the initial agreement providing for such
Merger;

     (d) The sale or other disposition of all or substantially all of the
assets of the Company, unless immediately following such sale or other
disposition, (i) substantially all of the holders of the Outstanding Company
Voting Securities immediately prior to the consummation of such sale or
other disposition beneficially own, directly or indirectly, more than 50% of
the common stock of the corporation acquiring such assets in substantially the
same proportions as their ownership of Outstanding Company Voting Securities
immediately prior to the consummation of such sale or disposition and (ii)
at least a majority of the members of the board of directors of such
corporation (or its parent corporation) were members of the Incumbent Board at
the time of execution of the initial agreement or action of the Board providing
for such sale or other disposition of assets of the Company;

     (e) The adoption of any plan or proposal for the liquidation
or dissolution of the Company; or

     (f) Any other event that a majority of the Board, in its sole discretion,
determines to constitute a Change in Control hereunder.

	2.8	 	“Code” shall mean the Internal Revenue Code of 1986, as amended.
	 
	2.9	 	“Committee” shall mean the Compensation Committee of the Board.

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	2.10	 	“Company” shall mean Parker Drilling Company or its successor in interest.
	 
	2.11	 	“Disability” shall mean that the Participant is entitled to receive long-term
disability (“LTD”) income benefits under the LTD plan or policy maintained by the
Company that covers the Participant. If, for any reason, the Participant is not covered
under such LTD plan or policy, then “Disability” shall mean a “permanent and total
disability” as defined in Code Section 22(e)(3) and Treasury regulations
thereunder. Evidence of such Disability shall be certified by a physician acceptable to
both the Company and the Participant. In the event that the parties are not able to
agree on the choice of a physician, each shall select one physician who, in turn, shall
select a third physician to render such certification.
	 
	2.12	 	“Employee” shall mean an individual who is designated on the payroll records of
the Company or its Affiliate as an employee.
	 
	2.13	 	“Participant” shall mean any officer or employee of the Company or its Affiliate who is
designated by the Committee as eligible to participate in the Plan for a Plan Year.
	 
	2.14	 	“Plan” shall mean this Parker Drilling Company Incentive Compensation Plan, as it
may be amended from time to time.
	 
	2.15	 	“Plan Year” shall mean the 12-month calendar year.

SECTION 3 — ELIGIBILITY

	3.1	 	Individuals eligible to receive a Bonus pursuant to this Plan shall be such
Employees as the Committee shall at any time designate, in its discretion, in consultation
with senior management of the Company. The Committee, in consultation with senior
management, shall also designate the classification level at which each eligible
Employee shall participate. Eligibility for participation in the Plan, and the
classification
level that an Employee participates, shall be guided by the principle that the Participants
shall be Employees whose areas of responsibility provide them with a substantial
opportunity to significantly affect the economic profit of the Company or provide
them with an opportunity to significantly influence the long-term growth of the
financial performance of the Company.
	 
	3.2	 	Each Participant whose employment is terminated due to death or Disability
during a Plan Year shall be eligible for a Bonus based upon the Base Salary earned
by such Participant during the Plan Year prior to termination. Except as provided in the
preceding sentence, unless specifically provided otherwise by his employment
agreement with the Company, a Participant shall not be eligible to receive part or all of a
Bonus unless the Participant is employed by the Company or its Affiliate on the date the
Bonus payment is actually made. No Bonus shall vest in any Participant unless and until
paid to him by the Company. If a Participant: (a) violated a confidentiality,
non-solicitation, non-competition or similar restrictive covenant between the
Company (or one of its Affiliates) and such Participant, including violation of a
Company policy relating to such matters, or (b) engaged in willful fraud that causes
harm to the Company (or one of its Affiliates) or that is intended to manipulate the

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	 	 	performance results of this Plan, including without limitation, any material breach of
fiduciary duty, embezzlement or similar conduct that results in a restatement of the
Company’s financial statements (each of (a) or (b) shall be defined as “Detrimental
Conduct”), with such Detrimental Conduct occurring either during employment with the Company
(or its Affiliate) or within two (2) years after such employment terminates for any reason,
then, in such event, the following rules shall apply under this Plan with respect to such
Detrimental Conduct:

     (a) In the event that the Committee determines, in its sole and absolute
discretion, that a Participant engaged in Detrimental Conduct prior to the
earlier of (i) the second anniversary of the conclusion of the performance period
applicable to any Bonus under this Plan or (ii) two (2) years following
employment termination, the Committee may, in its sole and absolute discretion,
(A) if no payments hereunder have previously been made to such Participant,
terminate such Participant’s participation in the Plan, or (B) if payments
hereunder have been made to such Participant, direct the Company to send a
notice of recapture (a “Recapture Notice”) to such Participant. Within ten (10)
days after receiving a Recapture Notice from the Company, the Participant
shall deliver to the Company a cash payment in an amount equal to the net
(after tax) cash payment previously made to such Participant hereunder unless
the Recapture Notice demands repayment of a lesser sum.

     (b) The Committee has the sole and absolute discretion not to take
action upon discovery of Detrimental Conduct, and its determination not to take
action in any particular instance shall not in any way limit the authority
to terminate the employment of the Participant, terminate the
participation of Participant under the Plan, and/or send a Recapture Notice, in
any other instance or at any other time.

     (c) Upon receipt of a payment hereunder, the Participant shall, if
requested by the Company, certify on a form acceptable to the Company that the
Participant has not, and has not previously been, engaged in Detrimental
Conduct.

     (d) Any action taken by the Committee or Company is without prejudice to any
other action the Committee, Company, or any Affiliates may choose to take upon
determination that a Participant has engaged in Detrimental Conduct.

	3.3	 	The Committee may, in its sole and absolute discretion, terminate a Participant’s
participation in the Plan for Cause, at any time prior to the second anniversary of the
conclusion of the performance period applicable to any Bonus under the Plan. Additionally, if
payments hereunder have been made to such Participant, the Committee may, in its sole and
absolute discretion, direct the Company to send a Recapture Notice to such Participant.
Within ten (10) days after receiving a Recapture Notice from the Company, the Participant
shall deliver to the Company a cash payment in an amount equal to the net (after tax) cash
payment previously made to such Participant hereunder unless the Recapture Notice demands
repayment of a lesser

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		 	sum. Notwithstanding the foregoing, this Section 3.3
shall not apply after a Change in
Control.
	 
	3.4	 	If any provision of Section 3 or Section 4 is determined in a final action to be
unenforceable or invalid under applicable law, such provision shall be enforced and applied
to the maximum extent permitted by applicable law, and shall automatically be deemed amended
in a manner consistent with its objectives to the extent necessary to conform to any
limitations imposed under applicable law.

SECTION 4 — DETERMINATION OF AMOUNT OF BONUS

	4.1	 	The individual participation level shall be outlined in the notification to each Participant
regarding such Participant’s participation in the Plan. The participation level is based
upon a target Bonus, with the actual Bonus ranging from 0% (minimum) to 200% of
target (maximum). For instance, if the participation level is defined as 10%, the Bonus
range is from 0% to 20%. In the event a Participant changes levels during the Plan Year, the
potential Bonus may, at the discretion of the Committee in consultation with senior
management of the Company, be adjusted to reflect the number of months spent in each
level.
	 
	4.2	 	The Chief Executive Officer of the Company shall submit to the Committee recommended
criteria and target performance levels for each Participant
level for each Plan Year. The Committee will consider such recommendation and, after
consultation with senior management, may modify the criteria and/or the target
performance levels of the Company at which the Bonus awards may be earned for
such Plan Year. The Committee shall approve the target levels for each Plan Year
within the first ninety (90) days of the Plan Year. Upon approval by the Committee, such
target performance levels shall be announced to the Participants.

SECTION 5 — PAYMENT OF BONUS

	5.1	 	Within sixty (60) days following the end of each Plan Year, the Chief Financial
Officer of the Company shall submit to the Committee a report on the Company’s results
in achieving the target performance levels and the Bonus awards recommended by senior
management for such Plan Year based upon the target performance levels previously
approved by the Committee. The Committee shall then calculate the amount of
Bonus to be paid to each Participant based on the pre-established performance criteria
and target levels for such Plan Year. The Committee has the discretion to consider the
impact of any non-recurring item or related charge, write-up or write-down or any other
matter, and to take such item into account in order to adjust the total amount of the
award pool or specific award for any Participant for such Plan Year.
	 
	5.2	 	The Company shall pay the Bonus to each Participant as soon as practicable after
its calculation and approval by the Committee which is intended to be by March
15th of
the Plan Year following the Plan Year in which it was earned, but in no event later than
the end of the Plan Year containing such March 15th date. The Bonus payment shall
be

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	 	 	paid in a cash lump sum by payroll check (with all applicable withholdings), except for
payments to or on behalf of Participants based on death or Disability.
	 
	5.3	 	If a Participant’s employment with the Company and its Affiliates terminates prior to
the end of a Plan Year, his eligibility to receive the Bonus shall be determined in
accordance with Section 3.2.
	 
	5.4	 	If a Participant is not living at the time his Bonus is payable to him in accordance
with the terms and conditions of the Plan, any Bonus which would have been payable
shall be paid to his Beneficiary as designated as described below in this Section
5.4.
	 
	 	 	The Participant shall file with the Company a designation of one or more Beneficiaries to
whom benefits otherwise payable to the Participant shall be made in the event of his death
prior to the complete distribution of his Bonus. A Beneficiary designation shall be on the
form prescribed by the Company and shall be effective when received and accepted by the
Company. The Participant may, from time to time, revoke or change his Beneficiary
designation by filing a new designation form with the Company. The last valid designation
that was received and accepted by the Company prior to the Participant’s death shall be
controlling; provided, however, that no Beneficiary designation, or change or revocation
thereof, shall be effective unless received prior to the Participant’s death, and shall not
be effective as of a date prior to its receipt and acceptance by the Company.
	 
	 	 	Notwithstanding any contrary provision of this Section 5.4, no Beneficiary
designation made by the Participant while he is married, other than one under which the
surviving lawful spouse of the Participant is designated as the sole 100% primary
Beneficiary, shall be valid and effective without the prior written consent of such spouse
to the designation of another primary Beneficiary on a form provided by the Company for
such purpose.
	 
	 	 	If no valid and effective Beneficiary designation exists at the time of the Participant’s
death, or if no designated Beneficiary survives the Participant, or if such designation
conflicts with applicable law, the distribution of the Participant’s Bonus shall be made to
the Participant’s surviving lawful spouse, if any. If there is no surviving spouse, then
payment of the Bonus shall be made to the Participant’s estate.

SECTION 6 — ADMINISTRATIVE PROVISIONS

	6.1	 	The Committee shall direct the administration of the Plan in all respects.
	 
	6.2	 	The Committee shall have full power to amend, modify, rescind, construe, construct and
interpret the Plan, including, without limitation, resolving any inconsistency, supplying
any omission and correcting any defect. Any action taken or decision made by
the Committee arising out of, or in connection with, the construction, administration,
interpretation or effect of the Plan or of any rules and regulations adopted
thereunder shall be conclusive and binding upon all Participants and all persons
claiming under or through a Participant.

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	6.3	 	The Committee may rely upon any information supplied to it by any officer of
the Company or an Affiliate, or by the Company’s independent registered public
accountants or legal counsel, and may rely on the advice of such accountants or legal
counsel in connection with the administration of the Plan, and shall be fully
protected in relying upon such information or advice.
	 
	6.4	 	No Employee or officer of the Company or an Affiliate, or any member of the Board or
Committee, shall have any liability for any decision or action under the Plan if made or
done in good faith. The Company shall fully indemnify and defend each
director, Employee and officer of the Company or Affiliate acting in good faith
pursuant to the terms of the Plan, from and against any and all losses, damages or
expenses arising therefrom. These indemnification rights shall be in addition to any other
indemnification protection provided by the Company or an Affiliate.
	 
	6.5	 	Nothing in this Plan shall be construed or interpreted as giving any Employee the
right to be retained by the Company or any Affiliate, or impair the right of the Company
or its Affiliate to control or discipline Employees or to terminate the services of any
Employee at any time. The Plan shall not create any rights of future participation herein.
	 
	6.6	 	The laws of the State of Texas, without regard to its conflicts of law provisions,
shall govern the validity and construction of this Plan in all respects. If any term or
condition herein conflicts with applicable law, the validity of the remaining provisions
shall not be affected thereby.
	 
	6.7	 	This Plan shall (a) be amended and restated effective as of January 1, 2009; (b)
replace and supersede any and all prior versions hereof or other incentive bonus plans of
the Company for Employees of the Company or an Affiliate; and (c) continue in effect
until terminated by the Board or Committee.
	 
	6.8	 	No person eligible to receive any payment hereunder shall have any rights to pledge,
assign or otherwise dispose of all or any portion of such payment, either directly or by
operation of law, including but not by way of limitation, execution, levy, garnishment,
attachment, pledge or bankruptcy.
	 
	6.9	 	The Company or Affiliate shall have the right to withhold and deduct from the
payment of a Bonus hereunder any federal, state or local taxes required by law to be
withheld with respect to such distribution, and any other required withholdings, as
determined by the Company or Affiliate.
	 
	 	 	Neither the establishment of the Plan or the granting of any Bonus hereunder shall be deemed
to create a trust or other designated fund of whatever nature. The Plan shall constitute an
unfunded and unsecured liability of the Company to make payments in accordance with the
provisions of the Plan, and no individual shall have any security or other interest in any
assets of the Company in connection with the Plan. The Plan is a bonus arrangement and not a
nonqualified deferred compensation plan subject to Code Section 409A, or any plan subject to
ERISA, and shall be construed and administered accordingly.

8

 

	6.10	 	This Plan is intended to comply with Code Section 409A and any ambiguous provision will
be construed in a manner that is compliant with or exempt from the application of Section
409A. For purposes of example and not limitation, to the extent required for compliance
with, or exemption under, Code Section 409A, an Employee’s employment with the Company and
its Affiliates hereunder shall be considered terminated only if the Employee has a
“separation from service” as such term is defined under Section 409A. It is intended that
the Plan will comply with the provisions of Section 409A and the regulations and other
authoritative guidance thereunder. If any provision of this Plan would cause a Participant
to incur any additional tax or interest under Section 409A, the Company shall reform such
provision to comply with Section 409A to the full extent permitted under Section 409A. In
the event any payment hereunder is made to a “specified employee” (as defined under Section
409A) upon “separation from service” (as defined under Section 409A), the payment will not
be made earlier than six (6) months from the date of separation from service, but only to
the extent required for compliance with, or exemption under, Section 409A.

          IN WITNESS WHEREOF, the Company has caused this amended and restated Plan to be approved and
executed by its duly authorized President, effective as of January 1, 2009.

	 	 	 	 	 	 	 

	 	 	PARKER DRILLING
COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David C. Mannon
 

David C. Mannon
	 	 
	 

	 	Title:
	 	President	 	 
	 

	 	Date:
	 	December 9, 2009	 	 

9

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