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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 23, 2007
RPC, INC.
(Exact name of registrant as specified in its charter)
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Delaware 1-8726 58-1550825
(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
2170 Piedmont Road, NE, Atlanta, Georgia 30324
(Address of principal executive office) (zip code)
Registrant's telephone number, including area code: (404) 321-2140
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
Executive Officer Compensation
On January 23, 2007, the Compensation Committee of the Board of Directors
approved for its Named Executive Officers identified in the registrant's 2006
proxy statement the following base salary for 2007. A performance based cash
compensation for 2006 was awarded pursuant to the plan approved by the
shareholders in 2006 and disclosed in Form 8-K filed with the SEC on April 28,
2006. For 2006, the Company's results yielded a superior performance level which
qualified the officers to receive bonus awards up to 200 percent of the target
incentive award, limited in 2006 to 150 percent of base compensation.
2007
Name Title Base Salary
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Richard A. Hubbell President and Chief Executive Officer $600,000
R. Randall Rollins Chairman $500,000
Ben M. Palmer Vice President, Chief Financial Officer and $200,000
Treasurer
Linda H. Graham Vice President and Secretary $150,000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, RPC, Inc.
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
RPC, Inc.
Date: January 26, 2007 /s/ Ben M. Palmer
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Ben M. Palmer
Vice President,
Chief Financial Officer and
Treasurer
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