2006 Stock-Settled Stock Appreciation Rights Grants to Executive Officers
This agreement documents the grant of stock-settled stock appreciation rights (SARs) to certain executive officers of the company, effective January 3, 2006. The listed executives, including the President, Chief Executive Officer, and other senior officers, are each awarded a specified number of SARs. These rights allow the recipients to benefit from increases in the company's stock price, settled in company stock rather than cash. The agreement outlines the allocation of SARs to each executive but does not specify additional terms or conditions in this excerpt.
EXHIBIT 10.3
2006 STOCK-SETTLED STOCK APPRECIATION RIGHTS GRANTS
TO CERTAIN EXECUTIVE OFFICERS
| Executive Officer | 2006 Stock-Settled Stock Appreciation Rights Grants* | |
| Jon A. Marshall President and Chief Executive Officer | 120,400 | |
| W. Matt Ralls Executive Vice President and Chief Operating Officer | 60,800 | |
| James L. McCulloch Senior Vice President and General Counsel | 45,500 | |
| Marion M. Woolie Senior Vice President, Operations | 44,200 | |
| Roger B. Hunt Senior Vice President, Marketing | 44,200 | |
| Michael R. Dawson Senior Vice President and Chief Financial Officer | 41,600 | |
| Cheryl D. Richard Senior Vice President, Human Resources | 28,800 | |
| R. Blake Simmons President, Applied Drilling Technology Inc. | 28,800 | |
| Robert L. Herrin | 3,700 | |
| Vice President | ||
| and Controller | ||
| * | The grant of the Stock-Settled Stock Appreciation Rights is effective January 3, 2006. |
