Summary of CEO and Executive Officer Compensation Arrangements for Pride International, Effective July 1, 2007
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Summary
This document outlines the base salaries and target bonuses for Pride International's executive officers, effective July 1, 2007. It specifies the compensation for five named executives, including the CEO, and details the company's annual incentive plan. Bonuses are determined by performance metrics such as earnings per share, expense control, efficiency, working capital, safety, and personal goals. The maximum bonus is capped at twice the target amount. The agreement is between Pride International and its executive officers.
EX-10.1 2 h48060exv10w1.htm SUMMARY OF CEO COMPENSATION ARRANGEMENTS exv10w1
Exhibit 10.1
Summary of Certain Officer Compensation Arrangements
Effective July 1, 2007
The following table presents, effective July 1, 2007, the base salaries and target bonuses (as a percentage of base salary) for Pride’s named executive officers who are currently executive officers of the company.
| Name | Salary | Target Bonus | ||
Louis A. Raspino | $900,000 | 90% | ||
Rodney W. Eads | $535,000 | 75% | ||
Brian C. Voegele | $405,000 | 60% | ||
W. Gregory Looser | $382,000 | 55% | ||
Lonnie D. Bane | $335,000 | 55% |
Under Pride’s annual incentive compensation plan for 2007, bonuses for executive officers will be paid based on the achievement of metrics established by Pride’s Compensation Committee. The metrics under the plan for 2007 (with target weight) consist of earnings per share (30%), operating and general and administrative expense control (15%), operating efficiency (10%), working capital (10%), safety performance on a company-wide basis (10%) and personal performance goals (25%). The maximum bonus equals two times the target bonus.
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