Summary of Employment Terms for Mark D. Whitley as Senior Vice President of Range Resources Corporation

Summary

This agreement outlines the employment terms for Mark D. Whitley as Senior Vice President of Range Resources Corporation. Mr. Whitley will receive a $250,000 annual salary, be eligible for an annual bonus based on company performance, and receive grants of stock appreciation rights and restricted stock with a vesting schedule over four years. He will also participate in the company's Executive Change in Control Plan, 401(k), and deferred compensation plans. The agreement specifies key compensation and benefit details for his role.

EX-10.1 2 d31737exv10w1.htm SUMMARY OF EMPLOYMENT TERMS FOR MARK D. WHITLEY exv10w1

Exhibit 10.1

Mark D. Whitley

Summary of Employment Terms


Title:		Senior Vice President — Permian Business Unit and Engineering Technology of Range Resources Corporation (the “Company”)

Salary:		$250,000 per annum

Bonus:		An annual bonus to be awarded in February or March in respect of the prior year’s results at the discretion of the Compensation Committee of the Board (the “Compensation Committee”) with a target range of 25% - 50% of base salary ($62,500 - $125,000). Mr. Whitley will become eligible to participate in the bonus program beginning in 2007, based upon 2006 performance.

Initial SARs Grant:		An initial grant of 60,000 stock appreciation rights was made upon hire, with participation in normal annual grants beginning in 2007.

Restricted Stock Grant:		A stock grant of 100,000 shares of restricted common stock was made to Mr. Whitley’s deferred compensation account, which will vest 25% after one year, 50% after two years, 75% after three years and be 100% vested after four years.

Change in Control Plan:		Mr. Whitley will participate in the Company’s Executive Change in Control Plan.

Other Plans:		Mr. Whitley will be eligible to participate in the Company’s 401(k) and deferred compensation plans.