FTS International, Inc. 2018 Short-Term Incentive Plan Description

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

FTS International, Inc. established a 2018 Short-Term Incentive Plan (STIP) to motivate and retain employees, including named executive officers. The plan offers annual cash bonuses based on company financial performance, safety results, and individual contributions. Bonus targets are set as a percentage of each executive's base salary, with payouts determined 55% by financial results, 20% by safety, and 25% by individual performance. Payments are only made if minimum financial targets are met, and there is no guarantee of payment.

Read More Arrow
EX-10.37 2 a18-12309_1ex10d37.htm EX-10.37

Exhibit 10.37

 

FTS International, Inc.

 

Description of 2018 Short-Term Incentive Plan

 

On April 25, 2018, the board of directors and the compensation committee approved a 2018 short-term incentive plan, or STIP, to motivate employees to drive outstanding company performance, provide flexibility given the uncertain business environment and improve employee retention. The named executive officers are eligible to participate.

 

The STIP provides for annual cash incentives based on performance for the following:

 

·                  Financial targets for Adjusted EBITDA;

 

·                  Safety performance targets as measured by our total recordable incident rate; and

 

·                  Individual contributions towards company performance.

 

Each named executive officer has an annual bonus target award calculated as a percentage of his or her base salary, depending on his or her position, as set forth in the following table:

 

Name

 

Target Award
as a
Percentage of
Base Salary

 

Michael J. Doss
Chief Executive Officer

 

100

%

 

 

 

 

Lance Turner
Chief Financial Officer and Treasurer

 

80

%

 

 

 

 

Buddy Petersen
Chief Operating Officer

 

80

%

 

 

 

 

Perry A. Harris
Senior Vice President, Commercial

 

60

%

 

 

 

 

Karen Thornton
Chief Administrative Officer

 

60

%

 

The payouts for the named executive officers under the STIP are based 55% on the financial target, 20% on the safety target and 25% on individual contributions towards company performance. The board and the compensation committee have set the applicable STIP targets for 2018. All incentive payments are contingent upon the minimum financial targets being achieved. No named executive officer is guaranteed a payment under the STIP.