Document:

exv4w4

 

Exhibit 4.4

 

PARKER DRILLING COMPANY,

as the Issuer,

EACH OF THE GUARANTORS PARTY HERETO,

as Guarantors

and

THE BANK OF NEW YORK TRUST COMPANY, N.A. (successor in interest to

JPMorgan Chase Bank, National Association),

as Trustee

 

FIRST SUPPLEMENTAL INDENTURE

Dated
as of November 8, 2006

Supplementing the Indenture dated as of September 2, 2004

 

Senior Floating Rate Notes due 2010

 

 

 

FIRST SUPPLEMENTAL INDENTURE

     FIRST
SUPPLEMENTAL INDENTURE, dated as of November 8, 2006, among PARKER DRILLING COMPANY, a
Delaware corporation (the “Company”), the subsidiary guarantors party to the Indenture (as
defined herein) (the “Guarantors”), Parker Intex, LLC, a Delaware limited liability company
(“LLC 1”), Parker Drilltech, LLC, a Delaware limited liability company (“LLC 5”),
Parker Drillserv, LLC, a Delaware limited liability company (“LLC 6”), Parker Drillex, LLC,
a Delaware limited liability company (“LLC 7”), Parker Rigsource, LLC, a Delaware limited
liability company (“LLC 9”), Parker Drilling Eurasia, Inc., a Delaware corporation (“US
NewCo 1”), and Parker Drilling Pacific Rim, Inc., a Delaware corporation (“US NewCo 2”)
(LLC 1, LLC 5, LLC 6, LLC 7, LLC 9, US NewCo 1 and US NewCo 2 being collectively referred to as the
“New Guarantors”), and THE BANK OF NEW YORK TRUST COMPANY, N.A., (successor in interest to
JPMORGAN CHASE BANK NATIONAL ASSOCIATION), as trustee (the “Trustee”).

RECITALS OF THE COMPANY AND THE GUARANTORS

     WHEREAS, the Company, the Guarantors and the Trustee have executed and delivered an Indenture
dated as of September 2, 2004, among the Company, the Guarantors and the Trustee (the
“Indenture”), for the benefit of one another and for the equal and ratable benefit of the
Holders of the Company’s Senior Floating Rate Notes due 2010 (the “Notes”);

     WHEREAS, the Company has acquired or invested in the New Guarantors, and each of the New
Guarantors meets the definition of “Restricted Subsidiary” contained in the Indenture;

     WHEREAS, pursuant to Section 11.05 of the Indenture, each New Guarantor shall execute and
deliver a supplemental indenture pursuant to which such New Guarantor shall become a Guarantor and
guarantee the obligations of the Company under the Indenture and the Notes;

     WHEREAS, Section 9.01(g) of the Indenture provides that the Company, the Guarantors and the
Trustee may supplement the Indenture, without the consent of any Holder of a Note, to add any
Restricted Subsidiary as an additional Guarantor as set forth in Section 11.05 of the Indenture;

     WHEREAS, the execution and delivery of this First Supplemental Indenture has been duly
authorized by resolution of the board of directors of the Company and the Guarantors, and the
boards of directors of each of the New Guarantors has authorized this First Supplemental Indenture
and the guarantee of the obligations of the Company under the Indenture and the Notes; and

     WHEREAS, all conditions and requirements necessary to make this First Supplemental Indenture
valid and binding upon the Company, the Guarantors and the New Guarantors and enforceable against
the New Guarantors in accordance with its terms, have been performed and fulfilled;

 

 

     NOW, THEREFORE, in consideration of the above premises, each of the parties hereto agrees, for
the benefit of one another and for the equal and ratable benefit of the Holders of the Notes, as
follows:

     Section 1. Certain Terms Defined in the Indenture. All capitalized terms used and not
otherwise defined herein shall have the meanings ascribed to them in the Indenture.

     Section 2. Additional Guarantors; Guarantee. Each New Guarantor, by execution and
delivery of this First Supplemental Indenture, hereby agrees to be bound by the terms of the
Indenture as a Guarantor.

     Section 3. Effectiveness. This First Supplemental Indenture shall become effective
upon:

          (a) the execution and delivery of this First Supplemental Indenture by the Company, the
Guarantors, the New Guarantors and the Trustee; and

          (b) the delivery by the Company to the Trustee of the Opinion of Counsel and Officers’
Certificate pursuant to Section 11.05 of the Indenture.

     Section 4. Supplemental Indenture Part of Indenture. Except as expressly
supplemented hereby, all of the terms, conditions and provisions of the Indenture shall remain in
full force and effect. This First Supplemental Indenture shall form a part of the Indenture for
all purposes and every Holder of Notes heretofore or hereafter authenticated and delivered shall be
bound hereby.

     Section 5. Trustee Makes No Representation.

     (a) The recitals of the Company and the Guarantors contained herein shall be taken as
the statements of the Company and the Guarantors, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representation as to the validity or
sufficiency of this First Supplemental Indenture.

     (b) The Trustee accepts the trusts hereunder and agrees to perform the same, but only
upon the terms and conditions set forth in the Indenture.

     Section 6. Counterpart Originals. The parties may sign any number of copies of this
First Supplemental Indenture. Each signed copy shall be an original, but all of them together
shall represent the same agreement.

     Section 7. Headings. The headings of the Sections of this First Supplemental
Indenture, which have been inserted for convenience of reference only, are not to be considered a
part of this First Supplemental Indenture and shall in no way modify or restrict any of the terms
or provisions hereof.

     Section 8. Governing Law. The validity and interpretation of this First Supplemental
Indenture shall be governed by and construed in accordance with the laws of the state of New York,
but without giving effect to applicable principles of conflicts of law to the extent that the
application of the law of another jurisdiction would be required thereby.

-2-

 

     Section 9. Binding Effect. All covenants and agreements in this First Supplemental
Indenture by the Company or by any of the Subsidiary Guarantors shall bind their successors and
assigns, whether so expressed or not.

-3-

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
executed as of the day and year first above written.

	 	 	 	 	 
	 	PARKER DRILLING COMPANY

 	 
	 	By:  	 	/s/ Ronald C. Potter
 	 
	 	 	Name:  	Ronald C. Potter 	 
	 	 	Title:  	Vice President, General Counsel &
Corporate Secretary 	 
	 

Signature Page — First Supplemental Indenture to 2004 Indenture

 

 

	 	 	 	 	 
	 	GUARANTORS:	 
	 
	 	
Anachoreta, Inc.

Canadian Rig Leasing, Inc.

Choctaw International Rig Corp.

Creek International Rig Corp.

DGH, Inc.

Indocorp of Oklahoma, Inc.

Pardril, Inc.

Parker Aviation, Inc.

Parker Drilling (Kazakstan), LLC

Parker Drilling Company Eastern Hemisphere, Ltd.

Parker Drilling Company International, LLC

Parker Drilling Company International Limited

Parker Drilling Company Limited LLC

Parker Drilling Company North America, Inc.

Parker Drilling Company of Argentina, Inc.

Parker Drilling Company of Bolivia, Inc.

Parker Drilling Company of New Guinea, LLC

Parker Drilling Company of Niger

Parker Drilling Company of Oklahoma, Incorporated

Parker Drilling Company of Singapore, LLC

Parker Drilling Company of South America, Inc.

Parker Drilling Offshore Corporation

Parker Drilling Offshore International, Inc.

Parker North America Operations, Inc.

Parker Technology, Inc.

Parker Technology, LLC

Parker USA Drilling Company

Parker-VSE, Inc.

Quail USA, LLC

Selective Drilling Corporation

Universal Rig Service LLC

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	David W. Tucker 	 
	 	 	Vice President 	 
	 

Signature Page — First Supplemental Indenture to 2004 Indenture

 

 

	 	 	 	 	 
	 	Parker Drilling Company of Mexico, LLC

Parker Drilling Offshore USA, LLC

 	 
	 	By:  	/s/ Bruce J. Korver
 	 
	 	 	Bruce J. Korver 	 
	 	 	Vice President 	 
	 

	 	 	 	 	 
	 	Parker Drilling Management Services, Inc.

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	David W. Tucker 	 
	 	 	President 	 
	 

	 	 	 	 	 
	 	Parker Offshore Resources, L.P.

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	David W. Tucker 	 
	 	 	President, Parker Drilling Management
Services, Inc., General Partner 	 
	 

	 	 	 	 	 
	 	Parker Tools, LLC

 	 
	 	By:  	/s/ Daryl McBride
 	 
	 	 	Daryl McBride 	 
	 	 	President 	 
	 

	 	 	 	 	 
	 	Parker USA Resources, LLC

 	 
	 	By:  	/s/ Daryl McBride
 	 
	 	 	Daryl McBride 	 
	 	 	President 	 
	 

Signature Page — First Supplemental Indenture to 2004 Indenture

 

 

	 	 	 	 	 
	 	PD Management Resources, L.P.

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	David W. Tucker 	 
	 	 	President, Parker Drilling Management
Services, Inc., General Partner 	 
	 

	 	 	 	 	 
	 	Quail Tools, LP

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	David W. Tucker 	 
	 	 	Vice President, Quail USA, LLC,
General Partner 	 
	 

	 	 	 	 	 
	 	NEW GUARANTORS:

Parker Intex, LLC

Parker Drilltech, LLC

 	 
	 	By:  	/s/ Ronald L. Taylor
 	 
	 	 	Ronald L. Taylor 	 
	 	 	Vice President 	 
	 

	 	 	 	 	 
	 	Parker Drillserv, LLC

Parker Rigsource, LLC

 	 
	 	By:  	     /s/ Steven L. Carmichael
 	 
	 	 	Steven L. Carmichael 	 
	 	 	Vice President 	 
	 

Signature Page — First Supplemental Indenture to 2004 Indenture

 

 

	 	 	 	 	 
	 	Parker Drillex, LLC

Parker Drilling Eurasia, Inc.

Parker Drilling Pacific Rim, Inc.

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	David W. Tucker 	 
	 	 	Vice President 	 
	 

Signature Page — First Supplemental Indenture to 2004 Indenture

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

(successor in interest to JPMORGAN CHASE BANK

NATIONAL ASSOCIATION)

as Trustee

 	 
	 	By:  	
/s/ Mauri J. Cowen 	 
	 	 	Name:  	Mauri J. Cowen 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page — First Supplemental Indenture to 2004 Indentureexv10w2

 

EXHIBIT 10.2

STOCK AWARD AGREEMENT

     This Stock Award Agreement (the “Agreement”) is made as of March 22, 2006, between Newpark
Resources, Inc., a Delaware corporation (the “Company”), and Paul L. Howes (the “Executive”), with
reference to the following facts:

     A. On March 22, 2006, the Executive and the Company entered into an employment agreement (the
“Employment Agreement”), under which Executive was elected and accepted employment as the Chief
Executive Officer of the Company. Terms used in this Agreement that are defined in the Employment
Agreement and not otherwise defined herein shall have the meanings attributed to them in the
Employment Agreement.

     B. As an inducement for Executive to accept employment with the Company, the Company agreed in
the Employment Agreement, among other things, to grant to Executive, without further payment, an
aggregate of 200,000 shares of its common stock, subject to vesting over a five-year period. This
Agreement and the Employment Agreement set forth the agreement between the Company and the
Executive with respect to the issuance, vesting and potential forfeiture of the Award Shares.

     NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Executive agree as follows:

     1. Award. The Company hereby grants to the Executive an award (the “Award”) of
200,000 restricted shares (the “Award Shares”) of the Company’s Common Stock (“Stock”), on the
terms and conditions set forth in this Agreement. One-fifth (1/5) of the total number of Award
Shares shall vest (and become “Vested Shares”) on March 22, 2007, and on March 22 of each
succeeding year until all of the Award Shares are vested. Award Shares that are not Vested Shares
are referred to herein as “Non-vested Shares.”

     2. Restriction Period. The Non-vested Shares shall be subject to the transfer and
forfeiture restrictions set forth in Paragraphs 3 and 4 of this Agreement for a period (the
“Restriction Period”) commencing on the date hereof and expiring at the close of business on March
22, 2011, except as otherwise provided in subparagraph 4.2.

     3. Transfer Restrictions. None of the Non-vested Shares and no interest therein may
be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of during the
Restriction Period applicable to such Non-vested Shares. Any purported disposition of Non-vested
Shares in violation of this Paragraph shall be null and void.

     4. Vesting and Forfeiture Conditions.

          4.1 Except as provided in subparagraph 4.2, if the Executive’s employment with the Company or
a subsidiary of the Company terminates or is terminated prior to the expiration of the Restriction
Period, the Executive shall retain all of the Vested Shares, and all of the Non-vested Shares shall
be immediately forfeited by the Executive and reacquired by the Company without any payment or
other consideration to the Executive, and the Executive shall have no further rights with respect
to the Award.

          4.2 Notwithstanding subparagraph 4.1, the Restriction Period shall be deemed to have lapsed as
to all of the Non-vested Shares (and they shall become Vested Shares) as of the date Executive’s
employment with the Company terminates if such termination results from

 

 

action by the Company or its successor without Cause or action by the Executive for Good
Reason, in either case occurring during the Employment Term or within twenty-four (24) months after
a Change in Control, if the Executive is in the employ of the Company or a subsidiary when the
Change in Control occurs.

     5. Share Certificates. A share certificate representing the Award Shares shall be
issued in the name of the Executive as soon as practicable after the date hereof and the receipt by
the Company of a stock power for such Award Shares duly endorsed in blank by the Executive. Any
stock certificate representing Award Shares shall, during the Restriction Period, bear such legend
as the Company’s counsel may deem appropriate to reflect the terms and conditions of this
Agreement.

     6. Rights as a Shareholder. Subject only to the terms and conditions of this
Agreement, the Executive shall be the holder of record of the Award Shares commencing on the
issuance thereof and shall have all of the rights of a stockholder with respect to such Stock,
including the right to vote such Stock and the right to receive dividends and other distributions
payable with respect to such Stock, except that, until the Restriction Period has expired for all
Award Shares, all property or stock issued with respect to Non-vested Shares by reason of any stock
dividend or recapitalization, split-up or consolidation of shares of the Stock, merger or
consolidation of the Company, sale of the Company or other event shall be subject to the same
restrictions as are applicable to such Non-vested Shares.

     7. Miscellaneous.

          7.1 The Company shall have the right, at the time of the Executive’s taxation with respect to
Award Shares, to make adequate provision for any federal, state, local and foreign taxes which it
believes are or may be required by law to be withheld with respect to Award Shares.

          7.2 Nothing in this Agreement shall confer upon the Executive any right to continue in the
employ of the Company or interfere in any way with the right of the Company to terminate the
Executive’s employment at any time. Executive’s right to continued employment is covered in the
Employment Agreement.

          7.3 This Agreement shall be construed in accordance with and governed by the laws of the State
of Delaware.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	NEWPARK RESOURCES, INC.	 	EXECUTIVE
	 
	 	 	 	 
	By:

	 	/s/ David Hunt
	 	/s/ Paul L. Howes
	 

	 	 
	 	 
	Name: David Hunt	 	Paul L. Howes
	Title: Board Chairman

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