Exhibit 10.17


    
      

    

    Exhibit
      10.17

     

    Summary
      of “At-Will” Compensation Arrangements with Executive
      Officers

    As
      of February 28, 2007

    


    


    The
      following summarizes the current compensation and benefits received by the
      Chief
      Executive Officer and Chief Financial Officer of Marine Products Corporation
      (“the Company”) and the Company’s other three most highly compensated executive
      officers (the “Named Executive Officers”) as of February 28, 2007. Compensation
      paid with respect to fiscal 2006 will be described in the Company’s 2006 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
      2007
      annual base salaries for the Company’s Named Executive Officers as of February
      28, 2007 are as follows:

    


    R.
      Randall Rollins, Chairman of the Board $300,000

    Richard
      A. Hubbell, President and Chief Executive Officer $350,000

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

    Linda
      H.
      Graham Vice President and Secretary $115,000

    Ben
      M.
      Palmer, Vice President, Chief Financial Officer and Treasurer $175,000

    


    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 2007 for the year ended December 31, 2006
      and
      totaled $436,000 for all of the executive officers. As previously reported,
      discretionary bonuses for 2006 were paid to each of the Named Executives (other
      than Mr. Lane) in the first quarter of 2007 as follows:

    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    R.
      Randall Rollins, Chairman of the Board $176,000

    Richard
      A. Hubbell, President and Chief Executive Officer $140,000

    Linda
      H.
      Graham Vice President and Secretary $
      32,000

    Ben
      M.
      Palmer, Vice President, Chief Financial Officer and Treasurer $
      88,000

    


    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

    


    All
      of
      the Named Executive Officers are eligible to participate in the Company’s
      Supplemental Retirement
      Plan (“Plan”).

    


    Salary
      and Bonus Deferrals

    


    The
      Plan
      allows participants to defer 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.

    


    Messrs.
      Rollins, Hubbell, and Palmer declined to participate in the Company’s Plan with
      respect to fiscal year 2006, 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 2006. Mr. Lane and Ms. Graham have elected to participate
      in
      the Company’s 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 Contribution, 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

    


    Mr.
      Lane
      participates in the regular benefit programs, including the 401(k) plan with
      Company match, group life insurance, group medical and dental coverage and
      other
      group benefit plans at Chaparral Boats, Inc. Mr. Lane is also eligible for
      the
      Retirement Income Plan that was frozen in March 2002. See
      Supplemental Retirement
      Plan above for further discussion. Messrs. Hubbell, Palmer and Ms. Graham
      participate in similar employee benefit programs at RPC.

    


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