Document:

Exhibit 10.14

     

    Exhibit
      10.14

    
      
        

      

    

    

    Summary
      of Compensation Arrangements with Executive Officers

    As
      of February 28, 2006

    

    

    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, 2006. Compensation paid with respect to
      fiscal 2005 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
      2006
      annual base salaries for the Company’s Named Executive Officers as of February
      28, 2006 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 2006 for the year ended December 31, 2005
      and
      totaled $545,000 for all of the executive officers, based on improved financial
      performance of the Company in 2005 compared to 2004. As previously reported,
      discretionary bonuses for 2005 were paid to each of the Named Executives (other
      than Mr. Lane) in the first quarter of 2006 as follows:

    

    
      	
              R.
                Randall Rollins, Chairman of the Board

            	
              $220,000

            	
               

            
	
              Richard
                A. Hubbell, President and Chief Executive Officer 

            	
              $175,000

            	
               

            
	
              Linda
                H. Graham, Vice President and Secretary

            	
              $40,000
                

            	
               

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

            	
              $110,000
                

            	
               

            

    

     

    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 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. 

       

    

    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 2005. 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 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

    

    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.Exhibit 10.9

     

    Exhibit
      10.9 

    
      

    

    

    Summary
      of Compensation Arrangements with Executive Officers 

    As
      of February 28, 2006

    

    The
      following summarizes the current compensation and benefits received by the
      Chief
      Executive Officer of RPC, Inc. (“the Company”) and the Company’s other most
      highly compensated executive officers (the “Named Executive Officers”) as of
      February 28, 2006. Compensation paid with respect to fiscal 2005 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
      2006
      annual base salaries for the Company’s Named Executive Officers as of February
      28, 2006 are as follows:

    

    
      	
              R.
                Randall Rollins, Chairman of the Board

            	
              $400,000

            	
               

            
	
              Richard
                A. Hubbell, President and Chief Executive Officer 

            	
              $500,000

            	
               

            
	
              Linda
                H. Graham, Vice President and Secretary

            	
              $135,000

            	
               

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

            	
              $175,000

            	
               

            

    

    

    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. 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 their 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 2006 for the year ended December 31, 2005
      and
      totaled $1,252,500 for all of the executive officers, based on improved
      financial performance of the Company in 2005 compared to 2004. As previously
      reported, discretionary bonuses for 2005 were paid to each of the Named
      Executives in the first quarter of 2006 as follows:

    

    
      	
              R.
                Randall Rollins, Chairman of the Board

            	
              $500,000

            	
               

            
	
              Richard
                A. Hubbell, President and Chief Executive Officer 

            	
              $492,500

            	
               

            
	
              Linda
                H. Graham, Vice President and Secretary

            	
              $60,000

            	
               

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

            	
              $200,000

            	
               

            

    

     

    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 and Hubbell, declined to
      participate in the Company’s Plan with respect to fiscal year 2006. Mr. Palmer
      and Ms. Graham have elected to participate in the Company’s Plan. Ms. Graham
      also participates in the Supplemental Retirement Plan of Marine Products
      Corporation (“MPC”), which is described in an exhibit to the Form 10-K of MPC
      for fiscal year 2005.

    

    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.  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.
      Hubbell is the only
      Named Executive Officer who receives an Enhanced
      Benefit Contribution under the Company's Plan, which totals $26,262.31 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. Hubbell'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.
      Hubbell 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. Hubbell’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 $690 per month. Mr. Palmer receives an
      automobile allowance of $700 per month in addition to reimbursement of fuel
      expenses.

    

    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.
      All
      of the Named Executives are 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 are also
      executive officers of MPC and receive compensation from that company. Disclosure
      regarding such compensation can be found in MPC’s filings with the Securities
      and Exchange Commission.

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