Document:

exv10wl

 

Exhibit 10(l)

RESTRICTED STOCK AWARD AGREEMENT

[date]

«First_Name» «Middle»«Last_Name»

«Address_Line_1»

«City», «State» «ZIP_Code»

«Nickname»:

     1. Restricted Stock Award. Parker Drilling Company, a Delaware corporation (the “Company”),
hereby grants to you an aggregate of «Stock_Grant» shares of Common Stock, par value $0.16 2/3 per
share, of the Company (the “Restricted Shares”). This award is subject to your acceptance of and
agreement to all of the applicable terms, conditions, and restrictions described in the Company’s
1991 Stock Grant Plan, as amended (the “Plan”), a copy of which is on file with, and may be
obtained from, the Corporate Secretary of the Company, and to your acceptance of and agreement to
the further terms, conditions, and restrictions described in this Restricted Stock Award Agreement
(this “Award Agreement”). To the extent that any provision of this Award Agreement conflicts with
the expressly applicable terms of the Plan, it is hereby acknowledged and agreed that those terms
of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement
shall be hereby deemed amended so as to carry out the purpose and intent of the Plan.

     2. Possession of Certificates. The Company shall issue a certificate or certificates for the
Restricted Shares in your name and shall retain the certificate(s) for the period during which the
restrictions described in Section 4(b) are in effect. You shall execute and deliver to the Company
a stock power or stock powers in blank for the Restricted Shares. You hereby agree that the
Company shall hold the certificate(s) for the Restricted Shares and the related stock power(s)
pursuant to the terms of this Award Agreement until such time as the restrictions described in
Section 4(b) lapse as described in Section 5 or the Restricted Shares are canceled pursuant to the
terms of Section 4(b).

     3. Ownership of Restricted Shares. You shall be entitled to all the rights of absolute
ownership of the Restricted Shares, including the right to vote such shares and to receive
dividends from such shares if, as, and when declared by the Company’s Board of Directors, subject,
however, to the terms, conditions, and restrictions described in the Plan and in this Award
Agreement.

     4. Restrictions.

     (a) Your ownership of the Restricted Shares shall be subject to the restrictions set forth in
subsection (b) of this Section until such restrictions lapse pursuant to the terms of Section 5, at
which time the Restricted Shares shall no longer be subject to the applicable restrictions.

 

 

     (b) The restrictions referred to in subsection (a) of this Section are as follows:

     (1) At the time of your “Termination of Employment” (as defined in Section
10(b)), other than a Termination of Employment that occurs as a result of an event
described in Section 5(b)(1), you shall forfeit the Restricted Shares to the Company
and all of your rights thereto shall terminate without any payment of consideration
by the Company. If you forfeit any Restricted Shares and your interest therein
terminates pursuant to this paragraph, such Restricted Shares shall be canceled.

     (2) You may not sell, assign, transfer, pledge, hypothecate, or otherwise
dispose of the Restricted Shares.

     5. Lapse of Restrictions.

     (a) The restrictions described in Section 4(b) shall lapse:

     [insert vesting period]

Following the lapse of such restrictions as described above with respect to any Restricted
Shares, such Restricted Shares shall no longer be subject to the restrictions described in Section
4(b).

     (b) Notwithstanding the provisions of subsection (a) of this Section, the restrictions
described in Section 4(b) shall lapse with respect to the Restricted Shares at the time of the
occurrence of any of the following events:

     (1) Your death or “Disability” (as defined in Section 10(c)); or

     (2) A “Change of Control” (as defined in the Plan) of the Company.

Notwithstanding anything in this Award Agreement to the contrary, the Compensation Committee of the
Company reserves the right to waive restrictions with respect to all the Restricted Shares upon a
termination of employment other than a “Termination for Cause” as defined in Section 10(a).

     6. Agreement With Respect to Taxes. You agree that (a) you will pay to the Company or a
Subsidiary, as the case may be, or make arrangements satisfactory to the Company or such Subsidiary
regarding the payment of any foreign, federal, state, or local taxes of any kind required by law
to be withheld by the Company or any of its Subsidiaries with respect to the Restricted Shares
(which withholding obligations may be satisfied by the Company’s withholding of stock that is
subject to this Award Agreement upon your specific authorization or by your transfer of other
shares of stock to the Company) and (b) the Company or any of its Subsidiaries shall, to the extent
permitted by law, have the right to deduct from any payments of any kind otherwise due to you any
foreign, federal, state, or local taxes of any kind required by law to be withheld with respect to
the Restricted Shares.

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     7. Adjustment of Shares. The number of Restricted Shares subject to this Award Agreement
shall be adjusted as provided in Section 11 of the Plan. Any shares or other securities received
by you as a stock dividend on, or as a result of stock splits, combinations, exchanges of shares,
reorganizations, mergers, consolidations or otherwise with respect to the Restricted Shares shall
have the same terms, conditions and restrictions and bear the same legend as the Restricted Shares.

     8. Agreement With Respect to Securities Matters. You agree that you will not sell or
otherwise transfer any Restricted Shares except pursuant to an effective registration statement
under the U.S. Securities Act of 1933, as amended, or pursuant to an applicable exemption from such
registration.

     9. Restrictive Legend. You hereby acknowledge that the certificate(s) for the Restricted
Shares will bear a conspicuous legend referring to the terms, conditions, and restrictions
described in the Plan and this Award Agreement. Any attempt to dispose of any Restricted Shares in
contravention of the terms, conditions, and restrictions described in the Plan or this Award
Agreement shall be ineffective.

     10. Certain Definitions. As used in this Award Agreement, the following terms shall have the
respective meanings indicated:

               (a) “Termination for Cause” shall mean a Termination of Employment as a result of (1) your
willful and continued failure substantially to perform your duties (other than any such failure
resulting from your incapacity due to physical or mental illness), (2) your conviction for a
felony, proven or admitted fraud, misappropriation, theft or embezzlement by you, your inebriation
or use of illegal drugs in the course of, related to or connected with the business of the Company
or any of its Subsidiaries, or your willful engaging in misconduct that is materially injurious to
the Company or any of its Subsidiaries, monetarily or otherwise, or (3) if you have entered into an
employment agreement or contract with the Company or any of its Subsidiaries, any other action or
omission that is identified in such agreement or contract as giving rise to “Cause” for the
termination of your employment with the Company or any of its Subsidiaries. For this purpose, no
act, or failure to act, on your part shall be considered “willful” unless done, or omitted, by you
not in good faith and without reasonable belief that your action or omission was in the best
interest of Company or any of its Subsidiaries.

               (b) “Termination of Employment” shall mean the termination of your full-time employment with
the Company or any of its Subsidiaries for any reason other than your death or Disability.

               (c) “Disability” shall mean a physical or mental impairment of sufficient severity such
that, in the opinion of a physician selected by the Company, you are unable to continue to serve as
an employee of the Company or any of its Subsidiaries.

Capitalized terms used in this Award Agreement and not otherwise defined herein shall have the
respective meanings provided in the Plan.

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     If you accept this Restricted Stock Award and agree to the foregoing terms and conditions,
please so confirm by signing and returning the duplicate copy of this Award Agreement enclosed for
that purpose.

	 	 	 	 	 
	 	PARKER DRILLING COMPANY

 	 
	 	 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

     The foregoing Restricted Stock Award is accepted by me as of                                         , and I
hereby agree to the terms, conditions, and restrictions set forth above and in the Plan.

	 	 	 	 	 
	 

	 	 	 	                                                                                
	

	 	 	 	«First_Name» «Middle» «Last_Name»

4exv10wm

 

STOCK OPTION AWARD AGREEMENT

Exhibit 10(m)

Under the Parker Drilling Company

Third Amended and Restated 1997 Stock Plan

     THIS STOCK OPTION AWARD AGREEMENT (this “Agreement”) is made and entered into as of [date] by
and between Parker Drilling Company, a Delaware corporation (“Parker”), and the below named
individual (“Participant”).

R E C I T A L S

     WHEREAS, as an inducement to Participant to accept a position with the Company and to remain
in a position to contribute to the growth, management and success of the business of the Company
and its subsidiaries, it is agreed between the Company and Participant as follows:

     1. Defined Terms. As used herein, the following terms shall have the following
meanings:

	 	(a)  	“Compensation Committee” shall mean the Compensation
Committee of the Board which shall be composed of at least two non-employee
directors as determined by the Board.
	 
	 	(b)  	“Plan” shall mean the Parker Drilling Company 1997 Stock
Plan, including any amendments thereto.
	 
	 	(c)  	“Participant” shall mean [name].
	 
	 	(d)  	“Prospectus” shall mean the prospectus describing the terms
and conditions of the Plan, as amended.
	 
	 	(e)  	“Option Shares” shall mean [no.] shares of the Common Stock
of the Company, par value 16-2/3 cents per share.
	 
	 	(f)  	“Expiration Date” shall mean [date].
	 
	 	(g)  	“Board” shall mean the Board of Directors of Parker.

     Any other capitalized terms used herein shall be defined in accordance with the definitions in
the Plan.

     2. Option Grant. The Company hereby grants to Participant, subject to the terms
hereof and the terms of the Plan, the right and option to purchase all or any part of the Option
Shares on or before the Expiration Date (the “Option”); provided, however, that the Option
shall vest and become exerciseable in the following manner: [insert

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vesting date or dates]. No exercise as to a portion of the Option Shares shall preclude a later
exercise or exercises as to additional portions. The exercise of the option is subject to listing
of the underlying shares on the New York Stock Exchange. Further, the Option shall be exercisable
upon vesting only (a) as provided in paragraph 3(b) hereof, (b) during such time as Participant
remains an employee of the Company, and for 90 days after termination of employment, except as
provided in (c) and (d) below, (c) in the event of disability (for purposes of this Agreement,
Participant shall be considered disabled if he/she is unable to engage in substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or which has lasted or can be expected to last for a continuous period
of not less than 12 months) during employment, until the earlier of the Expiration Date or one year
after commencement of Participant’s disability, (d) in the event of death during employment, until
the earlier of the Expiration Date or one year after Participant’s death, or (e) as otherwise
provided in the Plan.

     3. Terms and Conditions of the Option. The Option shall be subject to the following
terms and conditions:

     (a) Option Price. The price to be paid for each of the Option Shares with respect
to which the Option is exercised, shall be [$] (the “Option Price”).

     (b) Exercise of Option. The option to purchase the Option Shares shall be
exercisable as specified herein and in the Plan. Payment of the Option Price for the number of
 shares as to which the option is being exercised may be paid (i) in cash, (ii) in shares of
Common Stock held by the Participant having an aggregate Fair Market Value, as determined as of
the close of business on the day on which such Option is exercised, equal to the Option Price,
(iii) by delivery of irrevocable instructions to a broker to promptly deliver to the Company
the amount of sale proceeds necessary to pay for all Common Stock acquired through such
exercise and any tax withholding obligations resulting from such exercise, (iv) if permitted by
the Board or Compensation Committee, by the withholding by the Company, pursuant to a written
election delivered by the Participant to the Administrator of the Plan on or prior to the date
of exercise, from the shares of Common Stock issuable upon any exercise of the Option that
number of shares having a Fair Market Value as of the close of business on the day prior to the
day on which such Option is exercised equal to such Option Price, (v) if permitted by the Board
or Compensation Committee, by constructive delivery of shares of Common Stock held by the
Participant having an aggregate Fair Market Value, as determined as of the close of business on
the day of exercise, equal to the Option Price effected through providing the Company with a
notarized statement on or before the day of exercise attesting to the number of shares owned by
the Participant that will serve as the Option Price payment shares, or (vi) by a combination
of such methods. The option shall not be exercisable with respect to fractions of a share.
Notwithstanding the foregoing, the Option shall not be exerciseable to the extent and in any
manner that the Company determines would violate applicable state or Federal securities laws or
the rules and regulations of the

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New York Stock Exchange. In making any determination hereunder, the Company may rely upon the
opinion of counsel for the Company.

     (c) Notice of Exercise. Each exercise of the Option shall be by written notice to
the Company. Each such notice shall state the number of Option Shares with respect to which
the Option is being exercised and shall specify a date, not less than five nor more than ten
days after the date of such notice, as the date on which the shares will be delivered and
payment made therefor at the principal offices of the Company. If any law or regulation
requires the Company to take any action with respect to the shares specified in such notice,
then the date for delivery of such shares against payment therefor shall be extended for the
period necessary to take such action. In the event of any failure to pay for the number of
 shares specified in such notice on the date set forth therein, subject to such date being
extended as provided above, the Option shall terminate with respect to such number of shares,
but shall continue with respect to the remaining shares covered by this Agreement and not yet
acquired by exercise of the Option or any portion thereof.

     (d) Investment Representation. If shares of stock issued pursuant to exercise of
the Option have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), Participant agrees to represent and warrant in writing at the time of any
exercise of the Option or any portion thereof that the Option Shares are being purchased only
for investment and without any present intention to sell or distribute such shares, and further
agrees that shares so acquired may be appropriately legended and will be sold or transferred
only in accordance with the rules and regulations of the Securities and Exchange Commission
(the “SEC”) or any applicable law, regulation, or rule of any governmental agency.

     (e) Taxes. Participant shall pay all original issue or transfer taxes and all
other fees and expenses incident to the issue, transfer, or delivery of Option Shares.

     (f) Nonassignability. Except as specifically authorized by the Board or the
Compensation Committee, the Option shall be exercisable during Participant’s lifetime only by
Participant, and shall not be assigned, transferred, pledged, hypothecated, sold or otherwise
disposed of, in whole or in part, voluntarily or involuntarily, any such assignment, transfer,
pledge, hypothecation, sale or other disposition being void and of no effect; provided,
however, that the Option shall be transferable by will or the laws of descent and distribution
and pursuant to a domestic relations order.

     (g) No Rights Until Issue. No right to vote or receive dividends or any other
rights as a stockholder of the Company shall exist with respect to the Option Shares,
notwithstanding the exercise of the Option, until the underlying shares have been duly listed
on the New York Stock Exchange and the issuance to the Participant of a stock certificate or
certificates representing such shares.

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     (h) Anti-dilution. In the event of a merger, consolidation, reorganization,
recapitalization, stock dividend, stock split or other change in the corporate structure or
capitalization of the Company, the number of Option Shares and the Option Price shall be
subject to appropriate adjustments as described in the Plan.

     4. Cancellation or Reduction. The Board may elect to cancel the Option or reduce the
number of Option Shares at any time prior to the exercise of the Option, as described in the Plan.

     5. The Plan. Participant acknowledges receipt of a copy of the Prospectus and the
Plan and represents that he is familiar with the terms and provisions thereof and hereby accepts
the Option subject to all the terms and provisions of the Plan. The Option is also subject to, and,
by accepting and executing this Agreement, Participant agrees to be bound by, all of the terms,
provisions, limitations and conditions of the Plan.

     6. Relationship. Nothing in the Plan or in this Agreement shall confer upon
Participant any right to continued relationship as an employee of the Company or interfere in any
way with the right of the Company to terminate Participant’s relationship at any time.

     7. Binding Agreement. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, executors, administrators, trustees,
successors and assigns.

EXECUTED as of the day and year first above written.

	 	 	 
	Parker Drilling Company

	 	Participant

	 	 	 
	By:                                                                                 

	 	                                                                                
	Name:

	 	[name]
	Title:
	 	 

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