Gulf Island Fabrication, Inc. 2007 Executive Officer and Director Compensation Schedule
This document outlines the 2007 compensation for named executive officers and directors of Gulf Island Fabrication, Inc. It specifies the annual salaries and performance-based bonus percentages for key executives, with bonuses tied to company or subsidiary pre-tax income. It also details the annual fees and meeting attendance compensation for non-employee directors, including higher fees for the Chairman of the Audit Committee and the Financial Expert. The agreement sets clear terms for how compensation is calculated and paid for the year ending December 31, 2007.
Exhibit 10.20
GULF ISLAND FABRICATION, INC.
NAMED EXECUTIVE OFFICER and DIRECTOR COMPENSATION
For the year ended December 31, 2007
Named Executive Officer Compensation
The following table lists the salary and bonus to be paid to each of the following executive officers for the year ended December 31, 2007.
| Annual Compensation | ||||||||
| Name and Principal Position | Year | Salary | Bonus Percentage | |||||
| Kerry J. Chauvin | 2007 | $ | 450,000 | 1.00% | (a) | |||
| Chairman of the Board, President and Chief Executive Officer | ||||||||
| Kirk J. Meche | 2007 | $ | 240,000 | 0.45% | (a) | |||
| Executive Vice-President-Operations | ||||||||
| Murphy A. Bourke | 2007 | $ | 210,000 | 0.40% | (a) | |||
| Executive Vice-President-Marketing | ||||||||
| Joseph P. Gallagher, III | 2007 | $ | 190,000 | 0.40% | (a) | |||
| Vice-President-Finance, Chief Financial Officer and Treasurer | ||||||||
| William G. Blanchard | 2007 | $ | 155,000 | 0.10% | (a) | |||
| President and Chief Executive Officer of Gulf Island, L.L.C. (fabrication subsidiary) | 0.12% | (b) | ||||||
| (a) | Each executive officer’s bonus will be equal to the specified percentage of the Company’s consolidated income before tax and before deduction of the executive bonuses. |
| (b) | Mr. Blanchard will receive an additional bonus equal to the specified percentage of Gulf Island, L.L.C.’s separate income before tax and before deduction of this bonus. |
Director Compensation
In 2007, each non-employee director, except the Chairman of the Audit Committee and the Financial Expert, will receive an annual fee of $20,000 for his services as a director, a fee of $1,500 for each Board or committee meeting attended in person, and a fee of $1,000 for each board or committee meeting in which the director participates via telephone conference call. The Chairman of the Audit Committee and the Financial Expert will receive an annual fee of $22,000 with the same attendance fees as the other non-employee directors.
