ex10-1.htm


    
      

    

    Exhibit
10.1


    
      
        

      



    


    Summary
of Compensation Arrangements with Executive Officers

    As
of April 1, 2009

    


    


    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 April 1, 2009.

    


    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
annual base salaries for the Company’s Named Executive Officers as of April 1,
2009 are as follows:

    


    
      
        	
                R.
      Randall Rollins, Chairman of the Board

              	
                $150,000

              
	
                Richard
      A. Hubbell, President and Chief Executive Officer

              	
                $175,000

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

              	
                $  67,841

              
	
                Linda
      H. Graham Vice President and Secretary

              	
                $  70,000

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

              	
                $100,000

              


      

    

    
 

    These
salaries may be adjusted from time to time in the discretion of the Company’s
Compensation Committee.

    


    Discretionary
Bonuses

    


    All of
the Named Executive Officers 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.  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.

    


    The
Compensation Committee’s current policy is not to award discretionary bonuses to
Mr. Lane, although the Committee could award such a bonus in the
future.  Mr. Lane is party to a Compensation Agreement with the
Company 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 50% of base salary and up to 100% of annual
bonus, subject to other terms and conditions set forth in the Plan.

    


    Automobile
Usage

    


    Mr. Lane
is entitled to the use of a Company owned automobile and related vehicle
benefits.

    


    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 $450 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.

    


    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.

     

     

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