Cash Compensation Arrangements with Executive Officers for Fiscal Year 2011

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the 2011 base salaries and target bonus percentages for the executive officers of Gran Tierra Energy, including the President and CEO, COO, CFO, and regional presidents. Each executive's base salary is specified in their local currency and converted to U.S. dollars, with target bonuses set as a percentage of their base salary. The agreement is effective as of January 1, 2011, and details the compensation structure for the named executives for the fiscal year.

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EX-10.1 3 v219607_ex10-1.htm CASH COMPENSATION ARRANGEMENTS WITH NAMED EXECUTIVE OFFICERS
Exhibit 10.1

Cash Compensation Arrangements with Executive Officers

Fiscal Year 2011 Compensation Arrangements

The 2011 base salaries and target bonuses for the Executive Officers of the Company, effective as of January 1, 2011, are as follows:
 
Name
  
Base Salary
  
Target Bonus(3)
Dana Coffield
President and Chief Executive Officer
  
$355,000*
($356,927 USD)
  
80%
Shane O’Leary
Chief Operating Officer
  
$306,000*
($307,661 USD)
  
70%
Martin Eden
Chief Financial Officer
  
$272,000*
($273,477 USD)
  
70%
Rafael Orunesu
President, Gran Tierra Energy Argentina
  
$289,338 USD
 
  
60%
Júlio César Moreira
President, Gran Tierra Energy Brazil
  
R$543,311(1)
($326,078 USD)
  
60%
David Hardy
General Counsel, Vice-President Legal, and Secretary
  
$253,000*
($254,373 USD)
  
60%
Julian Garcia
President, Gran Tierra
Energy Columbia
  
COL$725,138,121(2)
($393,750 USD)
  
60%
* Denotes amount in Canadian dollars.  Amount in parentheses denotes U.S. dollars at an exchange rate of $1.01 as of December 31, 2010.

(1) Denotes amount in Brazilian Real (the home country currency for the executive officer).  Amount in parenthesis denotes U.S. dollars of R$543,311 at an exchange rate of $0.60 as of December 31, 2010.

(2) Denotes amount in Colombian Pesos (the home country currency for the executive officer).  Amount in parenthesis denotes U.S. dollars of COL$725,138,121 at an exchange rate of $0.0005 as of December 31, 2010.

(3) Target bonus amounts are expressed as a percentage of the corresponding 2011 base salary. 

 
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