ex10-20.htm


     

      
        

      

    

    
      Exhibit
10.20

       

    

    Summary
of Compensation Arrangements with Executive Officers

    As
of February 28, 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 February 28, 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 February
28, 2009 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

              	 
      


      

    

     

    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.

     

    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 up to 50% of base salary and up to 100% of
annual bonus, subject to 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 discretionary and may be made
annually, for a maximum of seven years, subject to the Participant’s continued
employment with the Company.

     

    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.