Chesapeake Energy Named Executive Officer Compensation Determination (July 2006)
Chesapeake Energy's Compensation Committee set new annual base salaries and awarded cash bonuses to its named executive officers and chief operating officer, effective July 1, 2006. The agreement specifies the compensation amounts for each executive, including both salary and bonus figures. This action formalizes the company's executive pay structure for the specified period.
Exhibit 10.5
Named Executive Officer Compensation
On June 9, 2006, the Compensation Committee of the Board of Directors set the annual base salaries of, and awarded cash bonuses to, Chesapeake’s named executive officers and its chief operating officer, effective July 1, 2006. The new base salaries and the cash bonuses, respectively, are as follows: Aubrey K. McClendon $975,000 and $750,000; Steven C. Dixon $725,000 and $500,000; Marcus C. Rowland $725,000 and $500,000; Martha A. Burger $550,000 and $325,000; and Michael A. Johnson $400,000 and $175,000.
