Modification to Performance-Based Compensation Agreement for Mr. Lane with Marine Products Corporation
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
Marine Products Corporation has modified its performance-based compensation agreement with Mr. Lane, effective August 1, 2009. Mr. Lane's base salary is increased to $250,000 per year, but any future bonuses he may receive under the agreement will be reduced by the total amount of this salary increase. These changes were approved by the company's Compensation Committee and are intended to adjust the balance between base salary and potential bonus payments.
EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm
EXHIBIT 10.1
Modifications to incentive compensation of Mr. Lane
Effective August 1, 2009, the Compensation Committee of the Board of Directors of Marine Products Corporation (the “Company”) approved modifications of the previously disclosed Performance-Based Agreement resulting in (1) an increase in Mr. Lane’s base salary to $250,000 per year, and (2) corresponding reductions in potential future bonus payments. Under these modifications, the Company will reduce any future bonuses under the Agreement which may otherwise be payable to Mr. Lane by the cumulative amount of increase in the base salary paid to Mr. Lane.
