Executive Officer Salary and Compensation Schedule for Edge Petroleum Corporation (2007)
This document outlines the annual base salaries for three executive officers of Edge Petroleum Corporation as of March 1, 2007, and the increases effective April 1, 2007. It also describes additional compensation, including eligibility for incentive awards, participation in an annual cash bonus plan, 401(k) plan participation for certain officers, and company-paid life insurance for the CEO. Further details are available in related company filings and proxy statements.
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Exhibit 10.13
SALARIES AND CERTAIN OTHER COMPENSATION OF EXECUTIVE OFFICERS
Base Salaries
| Name and Principal Position | Base Salary as of March 1, 2007 (on an annualized basis) | Base Salary beginning April 1, 2007 (on an annualized basis) | ||||
|---|---|---|---|---|---|---|
| John W. Elias Chairman of the Board, President and Chief Executive Officer | $ | 350,000 | $ | 400,000 | ||
| Michael G. Long Executive Vice President and Chief Financial Officer | $ | 227,000 | (1) | $ | 238,000 | |
| John O. Tugwell Executive Vice President and Chief Operating Officer | $ | 235,000 | (1) | $ | 246,000 | |
- (1)
- Reflects increase in base salaries effective October 1, 2006.
Certain Other Compensation
Executive officers may receive awards, from time to time, under the Incentive Plan of Edge Petroleum Corporation, as amended and restated, and participate in an annual cash bonus plan, which is described in Exhibit 10.2 to the Company's current report on Form 8-K filed on March 12, 2007. Messrs. Long and Tugwell also participate in the Company's 401(k) plan, on the same basis as other employees, pursuant to which certain matching contributions are made by the Company. In the case of Mr. Elias, the Company pays the premiums on term life insurance. The Company's proxy statement for its annual meeting for 2007 contained, and its proxy statement for its annual meeting for 2008 will contain, additional information regarding compensation of executive officers.
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- Exhibit 10.13
