Rowan Companies, Inc. 2004 Bonus Plan for Executives and Key Employees
Rowan Companies, Inc. established a 2004 Bonus Plan for approximately 75 executives, officers, managers, and key employees, organized into six tiers based on salary and responsibility. Bonus amounts are determined by the company's Drilling EBITDA performance compared to budget, with target bonuses set as a percentage of base pay for each tier. Any bonus awarded is reduced by any profit sharing award, ensuring the combined payout does not exceed the target. The plan is designed to incentivize performance and align employee rewards with company financial results.
EXHIBIT 10ee
ROWAN COMPANIES, INC.
2004 BONUS PLAN
Eligibility | Executive and other officers, managers and certain key employees (approximately 75 employees), arranged in 6 Tiers generally by salary and/or responsibility level | |
Measurement Criteria | Drilling EBITDA, defined as GAAP-based EBITDA from Drilling segment operations, relative to Budget | |
Bonus Target | Bonus Target varies for each of 6 Tiers, with equal percentage for each member of a Tier: |
| Tier I — 75% of Base Pay Tier II — 55% Tier III — 40% | Tier IV — 25% Tier V — 15% Tier VI — 10% |
Offset | Any Bonus Award is offset by Profit Sharing Award (thus, Bonus Target is maximum total award under both plans) |
[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.]
