UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 1, 2005
PIONEER DRILLING COMPANY
(Exact name of registrant as specified in its charter)
|
Texas (State or other jurisdiction of incorporation) |
1-8182 (Commission File Number)
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74-2088619 (I.R.S. Employer Identification No.) |
1250 N.E. Loop 410, Suite 1000 San Antonio, Texas (Address of principal executive offices) |
78209 (Zip Code) |
Registrant's telephone number, including area code: (210) 828-7689
_________________________________________
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:
(17 CFR 240.14d-2(b))
(17 CFR 240.13e-4(c))
_________________________________________
Item 1.01. Entry into a Material Definitive Agreement
On November 1, 2005, the Board of Directors of Pioneer Drilling Company adopted a new fee schedule effective October 1, 2005 for compensation of directors for retainers, board meeting fees, committee retainers and committee meeting fees and annual common stock grants as follows:
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Quarterly |
Annually |
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Board Member Fees: |
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Chairman's quarterly retainer |
$ 11,250 |
$ 45,000 |
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Member's quarterly retainer |
$ 7,500 |
$ 30,000 |
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Meeting fee |
$ 1,500 |
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Subcommittee meeting |
$ 1,500 |
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Telephonic meeting fees |
$ 1,000 |
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Audit Committee Fees: |
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Chairman's quarterly retainer |
$ 2,500 |
$ 10,000 |
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Member's quarterly retainer |
$ 1,250 |
$ 5,000 |
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Meeting fee |
$ 1,250 |
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Subcommittee meeting |
$ 1,250 |
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Telephonic meeting fees |
$ 1,000 |
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Compensation Committee Fees: |
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Chairman's quarterly retainer |
$ 1,250 |
$ 5,000 |
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Member's quarterly retainer |
$ 437 |
$ 1,748 |
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Meeting fee |
$ 1,250 |
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Telephonic meeting fees |
$ 1,000 |
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Nominating and Corporate Governance Committee Fees: |
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Chairman's quarterly retainer |
$ 1,250 |
$ 5,000 |
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Member's quarterly retainer |
$ 437 |
$ 1,748 |
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Each meeting attended |
$ 1,250 |
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Telephonic meeting fees |
$ 1,000 |
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The annual grant of non-qualified stock options was increased to 10,000 shares, subject to shareholder approval.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PIONEER DRILLING COMPANY |
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By: /s/ William D. Hibbetts |
Date: November 7, 2005