Exhibit 10.14




Exhibit
10.14




Summary
of Compensation Arrangements with Executive Officers

As
of February 28, 2005







The
following summarizes the current compensation and benefits received by the Chief
Executive Officer of Marine Products Corporation (“the Company”) and the
Company’s other four most highly compensated executive officers (the “Named
Executive Officers”) as of February 28, 2005. Compensation paid with respect to
fiscal 2004 will be described in the Company’s 2005 Proxy
Statement.




This
document is intended to be a summary of existing oral, at will arrangements, and
in no way is intended to provide any additional rights to any of the Named
Executive Officers.




Base
Salaries




The 2005
annual base salaries for the Company’s Named Executive Officers as of February
28, 2005 are as follows:





	
      R.
      Randall Rollins, Chairman of the Board
	
      $295,000

	
      Richard
      A. Hubbell, President and Chief Executive Officer 
	
      $345,000
      

	
      James
      A. Lane, Jr., Executive Vice President and President of Chaparral Boats,
      Inc.
	
      $67,841

	
      Linda
      H. Graham, Vice President and Secretary
	
      $100,000
      

	
      Ben
      M. Palmer, Vice President, Chief Financial Officer and Treasurer
      
	
      $150,000
      







Discretionary
Bonuses




All of
the Named Executive Officers with the exception of Mr. Lane are eligible for
annual cash bonuses which are awarded on an entirely discretionary basis,
following a review by the Company’s Compensation Committee of the performance of
the Company and the executives for the relevant year. The Compensation
Committee’s decisions are based upon broad performance objectives. The bonus
program focuses on the achievement of short-term objectives. Bonus decisions are
made based on a review of net income, budget objectives, and other
individual-specific performance objectives. The performance objectives
considered by the Committee relate to each executive officer improving the
contribution of his or her functional area of responsibility to further
enhance the earnings of the Company.




Discretionary
bonuses are not made subject to any plan or program, written or unwritten. No
specific performance criteria are established in advance, and no specific ranges
for bonuses are established in advance. Bonuses for a particular fiscal year are
generally determined during the first quarter of the following fiscal year and
paid at the discretion of the Compensation Committee. 




Bonuses
were paid in the first quarter of 2005 for the year ended December 31, 2004 and
totaled $485,000 for all of the executive officers, based on improved financial
performance of the Company in 2004 compared to 2003. As previously reported,
discretionary bonuses for 2004 were paid to each of the Named Executives (other
than Mr. Lane) in the first quarter of 2005 as follows:





	
      R.
      Randall Rollins, Chairman of the Board
	
      $200,000

	
      Richard
      A. Hubbell, President and Chief Executive Officer 
	
      $150,000
      

	
      Linda
      H. Graham, Vice President and Secretary
	
      $35,000
      

	
      Ben
      M. Palmer, Vice President, Chief Financial Officer and Treasurer
      
	
      $100,000
      































The
Compensation Committee’s current policy is not to award discretionary bonuses to
Mr. Lane. However, Mr. Lane is party to a Compensation Agreement with the
Company, a copy of which is filed as an exhibit to this Form 10-K, pursuant to
which he is entitled to certain payments based on Company
performance.




Stock
Options and Other Equity Awards




The Named
Executive Officers are eligible to receive options and restricted stock under
the Company’s stock incentive plan, in such amounts and with such terms and
conditions as determined by the Committee at the time of grant. The Company’s
stock incentive plans and standard forms of option and restricted stock grant
agreements are filed as exhibits to this Form 10-K.




Supplemental
Retirement Plan




Salary
and Bonus Deferrals

All of
the Named Executive Officers are eligible to participate in the Company’s
Supplemental Retirement Plan (“Plan”). Messrs. Rollins, Hubbell, and Palmer
declined to participate in the Company’s Plan with respect to fiscal year 2005,
although Mr. Palmer  and Ms. Graham participate in the Supplemental
Retirement Plan of RPC, Inc. (“RPC”), which is described in an exhibit to the
Form 10-K of RPC for fiscal year 2004. Mr. Lane and Ms. Graham have elected to
participate in the Company’s Plan.




The Plan
allows participants to defer up to 25% of base salary and up to 50% of annual
bonus and commissions, subject to an overall maximum of $500,000 in any given
year, and other terms and conditions set forth in the Plan. 




Company
Contributions

  
 The 
Company  makes  certain  "Enhanced  Benefit
Contributions"  under the Plan on behalf of certain Participants of long
service to the Company who were 40 - 65  years of age or older on
December  31,  2002.  The Company  makes  the 
"Enhanced  Benefit  Contributions"  (as  disclosed 
in  the Company's  last filed  annual  proxy 
statement)  in lieu of the  benefits  that previously 
accrued under the RPC, Inc.  Retirement Income Plan, which
existed prior to the Company's spin-off from RPC.  Additional benefits
ceased to accrue under the RPC, Inc.  Retirement Income Plan effective
March 31, 2002.  Enhanced Benefit Contributions
are made annually, for a maximum of seven years, subject to the
Participant's continued employment with the Company. 




    
 Mr. Lane
is the only Named Executive Officer who receives an
Enhanced Benefit Contribution under the Company's Plan, although the Company
makes a contribution on behalf of Mr. Hubbell under the RPC, Inc. Supplemental
Retirement Plan. Mr. Lane's Enhanced Benefit is $21,350.50 per year. The Company
has retained absolute discretion to reduce the amount of
Enhanced Benefit Contributions at any time for any reason, and
may elect not to make any such contributions at all. The Company currently
expects that Mr. Lane's last Enhanced Benefit Contribution will be made with
respect to fiscal year 2008.




    
 In
addition to the Enhanced Benefit Contributions, the Company may make
discretionary contributions on behalf of a Participant under the
Plan in any amount and at any  time.  The  Company  has
no  obligation  to  make  any  such discretionary
contribution,  has no current plans to make such a contribution on behalf
of any Named Executive Officer,  and has never made any such contribution
under the
Supplemental Retirement Plan since its creation in August of 2002.




A copy of
the Plan is filed as an exhibit to this Form 10-K. The material terms and
conditions of the Plan are more particularly described in the Company’s Form 8-K
filed with the U.S. Securities and Exchange Commission on December 23,
2004.




Automobile
Usage




Mr. Lane
is entitled to the use of a Company owned automobile. The automobile is
self-insured and maintained by the Company. The Company also pays all fuel
expenses. Mr. Lane’s personal use of the automobile is treated as taxable income
for federal and state income tax purposes. His personal use of the
automobile is valued at approximately $320 per month.

























Airplane
Usage




Mr. Lane
is entitled to use the Company’s plane for personal use, subject to
reimbursement to the Company at a rate of $300 per hour.




Other
Benefits




The Named
Executive Officers are eligible to participate in the Company’s regular employee
benefit programs, including the 401(k) plan with Company match, group life
insurance, group medical and dental coverage and other group benefit plans. Mr.
Lane is also eligible for the Retirement Income Plan that was frozen in March
2002. See Supplemental Retirement Plan above for further discussion.





All of
the Named Executive Officers except Mr. Lane are also executive officers of RPC,
Inc. and receive compensation from that company. Disclosure regarding such
compensation can be found in RPC, Inc.’s filings with the Securities and
Exchange Commission.