Eagle Rock Energy G&P, LLC 2011 Short Term Incentive Bonus Plan Amendments
This document outlines amendments to the 2011 Short Term Incentive Bonus Plan for Eagle Rock Energy G&P, LLC. It updates the enterprise goals and targets for the year, including financial metrics such as Adjusted EBITDA, Distributable Cash Flow (DCF) per unit, production volume targets, and operating and general administrative expenses. Some specific figures are redacted for confidentiality. The amendments set new performance targets that will determine bonus eligibility for employees under the plan.
Exhibit 10.3
Eagle Rock Energy G&P, LLC 2011 Short Term Incentive Bonus Plan
Amendments to 2011 Enterprise Goals
|
| Previous Target |
| New Target | ||
1. Adjusted EBITDA |
| $[*****] |
| $[*****] | ||
2. DCF |
| $[*****]/unit |
| $[*****]/unit | ||
3. Volumes Targets |
|
|
|
| ||
| . . . |
|
|
|
| |
| b. Upstream |
| 11.8 BCFE |
| 25.0 BCFE | |
4. OPEX (Excludes ad valorem and servance tax) / G&A |
|
|
|
| ||
| . . . |
|
|
|
| |
| b. Upstream |
| $23.0 MM |
| $28.3 MM | |
|
| i. $/MCFE target |
| $[*****] |
| $[*****] |
| c. G&A (excluding LTIPs) not to exceed |
| $40.0 MM |
| $49.0 MM | |
. . . |
|
|
|
| ||
[*****] indicates redacted terms for which confidential treatment has been requested from the Securities and Exchange Commission.