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): September 1, 2005
Unit Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
1-9260 |
73-1283193 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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7130 South Lewis, Suite 1000, Tulsa, Oklahoma |
74136 |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (918) 493-7700
Not Applicable
(Former name or former address, if changed since last report)
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
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(17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
(17 CFR 240.13e-4(c))
Section 1 – Registrant's Business and Operations.
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Item 1.01 |
Entry into a Material Definitive Agreement. |
On September 1, 2005 the Compensation Committee of the Board of Directors of Unit Corporation approved an amendment to the Company's non-employee director compensation arrangements that will take effect immediately. The amendment increases the annual retainer fee for Board membership from $24,000 per year to $30,000 per year.
For the current year, the increase will be paid on a prorated basis.
As a result of this amendment, the various components of the cash compensation paid to the Company's Directors is as follows:
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Annual retainer payable quarterly |
$30,000 |
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Annual retainer for each committee a Board member serves on payable quarterly |
$2,000 |
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Each Board meeting attended |
$1,000 |
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Each committee meeting attended |
$1,000 |
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Additional compensation for service as Chairman of the Audit Committee |
$5,000 |
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Additional compensation for service as Chairman for each of the Compensation Committee and Nominating & Governance Committee |
$2,000 |
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Reimbursement for travel expenses incurred attending stockholder, Board and committee meetings |
Yes |
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Range of total compensation earned by directors (for the year) |
$31,000 - $49,000 |
SIGNATURES
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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Unit Corporation | |
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Date: September 6, 2005 |
By: |
By: /s/ Mark E. Schell |
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Name: Mark E. Schell |