Summary of Officer Compensation Arrangements for Pride International Executive Officers (Effective July 1, 2008)
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
This document outlines the base salaries and target bonuses for Pride International's executive officers as of July 1, 2008. It specifies the compensation structure, including base salary amounts and target bonus percentages for each named officer. Bonuses are determined by the company's annual incentive plan, which bases payouts on achieving specific performance objectives set by the Compensation Committee. These objectives include financial, operational, safety, and personal performance goals. The maximum bonus an officer can receive is twice the target bonus amount.
EX-10.1 2 h58235exv10w1.htm SUMMARY OF CERTAIN OFFICER COMPENSATION ARRANGEMENTS exv10w1
Exhibit 10.1
Summary of Certain Officer Compensation Arrangements
Effective July 1, 2008
The following table presents, effective July 1, 2008, the base salary and 2008 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 | $ | 950,000 | 100 | % | ||||
Rodney W. Eads | $ | 560,000 | 75 | % | ||||
Brian C. Voegele | $ | 425,000 | 65 | % | ||||
W. Gregory Looser | $ | 402,000 | 60 | % | ||||
Lonnie D. Bane | $ | 352,000 | 60 | % | ||||
Under Pride’s annual incentive compensation plan for 2008, bonuses for executive officers will be paid based on the achievement of specific objectives established by Pride’s Compensation Committee. The objectives under the plan for 2008 (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.
