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exv10w46

 

EXHIBIT 10.46

NEWPARK RESOURCES, INC.

COMPENSATION COMMITTEE CHARTER

ORGANIZATION

     This charter governs the operations of the Compensation Committee (the “Committee”) of the
Board of Directors (the “Board”) of Newpark Resources, Inc. (“Newpark” or the “Company”). The
Committee shall consist of not less than three independent directors. The number of directors
constituting the Committee, and those serving on the Committee (its “Members”), shall be determined
annually by the Board. Members shall serve during their respective terms as directors, subject to
earlier removal by the Board. Company management, independent auditors and corporate counsel and
other consultants and advisors may attend each meeting or portions thereof as requested by the
Committee. The Committee shall hold two meetings each year and may call special meetings when
necessary.

INDEPENDENCE

     Each Member of the Committee must be:

	 	•	 	an “independent director,” as defined under the rules of the New York Stock
Exchange, as amended from time to time (the “Rules”), except as may be otherwise
permitted under the Rules;
	 
	 	•	 	a “non-employee director,” as defined in Rule 16b-3 promulgated under
	 
	 	 	 	Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and
	 
	 	•	 	an “outside director,” as defined under Section 1.162-27 promulgated under Section
162(m) of the Internal Revenue Code of 1986, as amended.

PURPOSE AND AUTHORITY

     The Committee shall discharge the Board’s responsibilities with respect to all forms of
compensation of the Company’s executive officers, administer the Company’s equity incentive plans,
and produce an annual report on executive compensation for inclusion in the Company’s proxy
statement. This charter sets forth the authority and responsibility of the Committee for approving
and evaluating executive officer compensation arrangements, plans, policies and programs of the
Company, and for administering the Company’s equity incentive plans for employees whether adopted
prior to or after the date of adoption of this charter (the “Stock Plans”).

RESPONSIBILITIES

     The following functions shall be the principal responsibilities of the Compensation Committee,
provided, however, that the Committee may supplement these functions as it deems

 

 

     appropriate and may establish policies and procedures from time to time that it deems
necessary or advisable in fulfilling its responsibilities.

	 	1.	 	The Committee will have the authority to determine the form and amount of
compensation to be paid or awarded to each executive officer of the Company.
	 
	 	2.	 	The Committee shall recommend to the Board the compensation and benefits of the
non-employee directors, based on criteria set forth in the Company’s Corporate
Governance Policy and such other considerations as the Committee deems appropriate. In
addition, the Committee, in its sole discretion, may award additional compensation and
benefits to its chairperson and to the chairpersons of other committees of the Board, in
view of the additional time and effort the chairpersons are required to expend in
performing their additional duties as chairpersons.
	 
	 	3.	 	The Committee will have the sole authority and right to retain and terminate
compensation consultants, legal counsel and other advisors of its choosing to assist the
Committee in connection with its functions. The Committee shall have the sole authority
to approve the fees and other retention terms of such advisors at the expense of the
Company and not at the expense of the members of the Committee.
	 
	 	4.	 	The Committee will annually review and approve the corporate goals and objectives
relevant to the compensation of the Chief Executive Officer (“CEO”) and evaluate the CEO
performance in light of these goals and objectives. Based on this evaluation, the
Committee will make and annually review decisions respecting (a) salary paid to the CEO,
(b) all cash-based bonuses and equity compensation paid to the CEO, (c) entering into,
amending or extending any employment contract or similar arrangement with the CEO, (d)
any CEO severance or change in control arrangement, and (e) any other CEO compensation
matters as from time to time directed by the Committee or the Board. In determining the
long-term incentive component of the CEO’s compensation, the Committee will consider the
Company’s performance and relative shareholder return, the value of similar incentive
awards to chief executive officers at companies that the Committee determines comparable
based on factors it selects, and the incentive awards given to the Company’s CEO in
prior years.
	 
	 	5.	 	The Committee will annually review and approve the corporate goals and objectives
relevant to the compensation of other executive officers. In light of these goals and
objectives, the Committee will make and annually review decisions respecting (a) salary
paid to the executive officers, (b) all cash-based bonuses and equity compensation paid
to the executive officers, (c) entering into, amending or extending any employment
contract or similar arrangement with one or more executive officers, (d) executive
officers’ severance or change in control arrangements, and (e) any other executive
officer compensation matters as from time to time directed by the Committee or the
Board. In determining the long-term incentive component of the executive officers’
compensation, the Committee will consider the Company’s performance and relative
shareholder return, the value of similar incentive awards to executive officers at
companies that the Committee

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	 	 	 	determines comparable based on factors it selects, and the incentive awards given to
the Company’s executive officers in prior years.

	 	6.	 	The Committee will annually review and recommend to the Board a budget, in such
detail as the Committee or the Board shall determine in its sole discretion, for the
aggregate salaries of all employees of the Company and its subsidiaries other than the
executive officers.
	 
	 	7.	 	The Committee will annually review and make recommendations to the Board with
respect to adoption and approval of, or amendments to, all cash-based and equity-based
incentive compensation plans and arrangements and the shares and amounts reserved
thereunder, after taking into consideration the Company’s strategy of long-term and
equity-based compensation.
	 
	 	8.	 	The Committee will: (a) approve grants of stock, stock options or stock purchase
rights to individuals eligible for such grants (including grants in compliance with Rule
16b-3 promulgated under the Exchange Act to individuals who are subject to Section 16 of
the Exchange Act); (b) interpret the Stock Plans and agreements thereunder; and (c)
determine acceptable forms of consideration for stock issued pursuant to the Stock
Plans.
	 
	 	9.	 	The Committee will meet with the CEO at least once in each fiscal year to discuss
the incentive compensation programs to be in effect for the Company’s executive officers
for such fiscal year and the corporate goals and objectives relevant to those programs.
	 
	 	10.	 	The Committee will report regularly to the Board of Directors.
	 
	 	11.	 	The Committee will prepare an annual Report to the stockholders, for inclusion in
the Company’s annual proxy statement, in accordance with the rules and regulations of
the Securities and Exchange Commission.
	 
	 	12.	 	The Committee will at least annually review and assess its performance and submit
a report on its performance to the Board.
	 
	 	13.	 	The Committee will review this charter annually and recommend to the Board any
changes it deems appropriate.

FUNDING

     The Company shall issue payments as directed by the Committee of compensation to the outside
legal, accounting and other advisors retained by the Committee in its discretion pursuant to this
charter.

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MEETINGS AND QUORUM

     Meetings may be conducted on reasonable notice to the Committee members, at a mutually agreed
location or by telephone conference call, as deemed appropriate by the Committee Chairman.
Attendance by three members shall constitute a quorum for the transaction of business at any
meeting. The Committee shall maintain written minutes of its meetings; the Committee also may act
by unanimous written consent.

Adopted by the Board of Directors – June 11, 2003

Amended – December 7, 2005

4exv10w47

 

EXHIBIT 10.47

NEWPARK RESOURCES, INC.

NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER

ORGANIZATION

     This charter governs the operations of the Nominating and Corporate Governance Committee (the
“Committee”) of the Board of Directors (the “Board”) of Newpark Resources, Inc. (“Newpark” or the
“Company”). The Committee shall consist of not less than three “Independent Directors” (as defined
in the Company’s Corporate Governance Policy). The number of directors constituting the Committee,
and those serving on the Committee (“Members”), shall be determined annually by the Board. Members
shall serve during their respective terms as directors, subject to earlier removal by the Board.
Newpark’s management, independent auditors and corporate counsel and other consultants and advisors
may attend each meeting or portions thereof as requested by the Committee. The Committee shall hold
at least two meetings each year and may call special meetings when necessary.

INDEPENDENCE

     Each Member of the Committee must be an “Independent Director,” as defined in the Company’s
Corporate Governance Policy.

PRIMARY OBJECTIVES

     The primary objectives of the Committee shall be (1) to assist and advise the Board with
respect to the size, composition and functions of the Board, (2) to identify individuals qualified
to become members of the Board and to recommend that the Board select a group of qualified nominees
for each annual meeting of the Company’s stockholders, and (3) to develop and recommend to the
Board a set of corporate governance principles applicable to the Company.

RESPONSIBILITIES AND AUTHORITY

     The following functions shall be the principal responsibilities of the Committee, provided,
however, that the Board and the Committee may supplement these functions as they deem appropriate
and may establish policies and procedures from time to time that they deem necessary or advisable
in fulfilling the responsibilities of the Committee.

	 	1.	 	The Committee shall periodically evaluate and make recommendations to the Board
with respect to the size and composition of the Board, including the proportion of the
members of the Board who are Independent Directors.
	 
	 	2.	 	The Committee shall diligently seek to identify prospective directors who will
strengthen the Board and shall select and evaluate prospective directors (including
incumbent directors) in accordance with the criteria set forth in the Company’s
Corporate Governance Policy and such other criteria as may be set by the Board or the
Committee.

 

 

	 	3.	 	The Committee shall submit to the Board the candidates for director to be
recommended by the Board for election at each annual meeting of stockholders and to be
added to the Board at any other times. The candidates shall include a sufficient number
of persons who upon election would be Independent Directors having the skills,
experience and other characteristics necessary to provide qualified persons to fill all
Board committee positions required to be filled by independent directors having such
qualifications.
	 
	 	4.	 	The Committee shall schedule in advance and convene at least two meetings during
each calendar year for the non-employee directors, without management present. The
Committee may require the presence at such meetings or portions thereof of such
management employees, if any, including senior management and subordinate management, as
the members of the Committee shall determine. The non-employee directors may meet
without management present at such other times as they shall determine. Such meetings
(in addition to regularly scheduled meetings) may be called by any two non-employee
directors or by the Chairman of the Nominating and Corporate Governance Committee.
	 
	 	5.	 	The Committee shall assist the Company in developing and maintaining an
orientation program for new directors and a continuing education program for all
directors.
	 
	 	6.	 	The Committee shall assess the performance of the Board as a whole and at least
annually report to and discuss with the Board its assessment and recommendations, if
any.
	 
	 	7.	 	The Committee shall at least annually assess, report to and discuss with the
Board (a) the qualifications of the members of each committee of the Board and (b) the
Committee’s recommendations, if any, as to (i) committee member appointments and
renewals, (ii) committee structure and operations (including authority to delegate to
subcommittees) and (iii) committee reporting to the Board.
	 
	 	8.	 	The Committee shall (a) develop and recommend to the Board a Corporate Governance
Policy comprising a set of corporate governance principles applicable to the Company;
(b) review and assess the adequacy of the Corporate Governance Policy at least annually
and recommend to the Board any changes deemed appropriate; and (c) advise the Board on
corporate governance matters.
	 
	 	9.	 	The Committee shall develop and recommend to the Board a Code of Ethics for the
Company.
	 
	 	10.	 	The Committee shall have the sole authority and right to retain and terminate
search firms, consultants, legal counsel and other advisors of its choosing to assist
the Committee in connection with its functions. The Committee shall have the sole
authority to approve the fees and other retention terms of these advisors at the expense
of the Company and not at the expense of the members of the Committee.
	 
	 	11.	 	The Committee shall report regularly to the Board of Directors.

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	 	12.	 	The Committee shall at least annually review and assess its performance and
submit a report on its performance to the Board.
	 
	 	13.	 	The Committee shall review this charter at least annually and recommend to the
Board any changes it deems appropriate.

FUNDING

     The Company shall issue payments as directed by the Committee, of compensation to the outside
search firms, legal, accounting and other advisors retained by the Committee in its discretion
pursuant to this charter.

MEETINGS AND QUORUM

     Meetings may be conducted on reasonable notice to the Committee members, at a mutually agreed
location or by telephone conference call, as deemed appropriate by the Committee Chairman.
Attendance by three members shall constitute a quorum for the transaction of business at any
meeting. The Committee shall maintain written minutes of its meetings; the Committee also may act
by unanimous written consent.

Adopted by the Board of Directors — June 11, 2003

Amended – December 7, 2005

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