Rowan Companies, Inc. 2004 Profit Sharing Plan
This agreement outlines Rowan Companies, Inc.'s 2004 Profit Sharing Plan for approximately 330 eligible employees, including previous option recipients and qualifying division office staff. The plan distributes a pool of up to $5 million, based on the company's Drilling EBITDA, among participants in proportion to their base pay. The plan defines base pay as W-2 earnings minus bonuses and stock option values. Final award amounts and pool size are subject to the discretion of the company's Committee or Board.
EXHIBIT 10dd
ROWAN COMPANIES, INC.
2004 PROFIT SHARING PLAN
Eligibility | All previous corporate or drilling division option recipients, plus all other qualifying division office employees (approximately 330 total employees) | |
Measurement | Drilling EBITDA, defined as GAAP-based EBITDA from Drilling segment operations | |
Criteria | ||
| GAAP is Generally Accepted Accounting Principles. | ||
| EBITDA is Earnings Before Interest, Taxes, Depreciation and Amortization. | ||
Award | Pool dollars allocated to participants in proportion to Base Pay, as defined below (all participants receive same % of Base Pay) | |
Cap | 2004 Pool capped at $5 million, subject to Committee/Board discretion | |
Base Pay | W-2 earnings, less any bonus and value attributable to stock options |
[Information omitted regarding target levels with respect to specific quantitative or qualitative performance related-factors, or factors or criteria involving confidential commercial or business information, the disclosure of which would have an adverse effect on the registrant.]
