Document:

exv10w4

 

Exhibit 10.4

RANGE RESOURCES CORPORATION

Code of Business

Conduct and
Ethics

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Page
	I.	 	INTRODUCTION	 	 	1	 
	 
	II.	 	COMPLIANCE WITH THE LAW	 	 	1	 
	 
	III.	 	“CONFLICT OF INTEREST” AND HOW TO AVOID IT	 	 	1	 
	 
	 	 	A.	 	General Guidance	 	 	1	 
	 	 	B.	 	Outside Employment	 	 	1	 
	 	 	C.	 	Board Memberships	 	 	2	 
	 	 	D.	 	Family Members and Close Personal Relationships	 	 	2	 
	 	 	E.	 	Investments	 	 	2	 
	 	 	F.	 	Gifts	 	 	2	 
	 	 	 	 	1.           Gifts to Employees	 	 	2	 
	 	 	 	 	2.           Gifts Given by the Company	 	 	2	 
	 	 	G.	 	Entertainment	 	 	3	 
	 	 	 	 	1.           Entertainment of Employees	 	 	3	 
	 	 	 	 	2.           Entertainment by the Company	 	 	3	 
	 	 	H.	 	Travel	 	 	3	 
	 	 	 	 	1.           Acceptance of Travel Expenses	 	 	3	 
	

	 	 	 	2.           Providing Travel
	 	 	3	 
	 
	IV.	 	TAKING COMPANY BUSINESS OPPORTUNITIES	 	 	3	 
	 
	V.	 	PROTECTION OF COMPANY PROPERTY AND ASSETS	 	 	3	 
	 
	VI.	 	PROPRIETARY INFORMATION	 	 	4	 
	 
	VII.	 	INSIDE INFORMATION AND SECURITIES TRADING	 	 	4	 
	 
	VIII.	 	FAIR COMPETITION	 	 	4	 
	 
	IX.	 	RESPONSIBILITY TO THE COMPANY’S EMPLOYEES	 	 	5	 
	 
	X.	 	ACCURACY AND RETENTION OF BUSINESS RECORDS	 	 	5	 
	 
	 	 	A.	 	General	 	 	5	 
	 	 	B.	 	Records Retention	 	 	5	 
	 	 	C.	 	Additional Requirements for Senior Financial Officers	 	 	6	 
	 
	XI.	 	ENFORCEMENT	 	 	6	 
	 
	 	 	A.	 	Where to Go With a Question, Concern or to Report a Violation	 	 	6	 
	 	 	B.	 	Receipt and Acknowledgement	 	 	7	 
	 	 	C.	 	Waivers of the Code	 	 	7	 
	 	 	D.	 	Violations of the Code	 	 	7	 

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CODE OF BUSINESS CONDUCT AND ETHICS

I. INTRODUCTION

This Code of Business Conduct and Ethics (the “Code”) applies to Range Resources Corporation and
its subsidiaries (collectively, the “Company”) and the Company’s directors, officers and employees.
All Company personnel must comply with the Code. Because any illegal or unethical action, or the
appearance of misconduct or impropriety by anyone acting on the Company’s behalf, is unacceptable,
the Code should also be followed, where appropriate, by the Company’s agents and representatives,
including consultants where specifically required. When the word “you” is used below it includes
all employees, directors and consultants.

The Code, however, is not intended to be a comprehensive manual that covers every situation you
might encounter. In many cases, more specific requirements are contained in the various corporate
policies, procedures and guidelines, which you can obtain from your supervisor or through the Human
Resources Department.

II. COMPLIANCE WITH THE LAW

It is the policy of the Company that its business will be conducted in accordance with all
applicable federal, state and local laws and regulations, as well as applicable laws and
regulations of foreign jurisdictions, and in a manner that will always reflect a high standard of
ethics. The laws and regulations applicable to the Company are far reaching and complex.
Compliance with the law does not comprise our entire ethical responsibility; rather, it is a
minimum, essential condition for performance of our duties. Perceived pressure from supervisors or
demands due to business conditions are not excuses for violating the law. Any questions or
concerns about the legality of an action should be addressed with Rodney Waller, the Chief
Governance Officer in charge of compliance (“Compliance Officer”) as specifically designated by the
Board of Directors of the Company (the “Board”).

Pursuant to Chapter 8 – Part B, Section 2 covering Effective Compliance and Ethics Program of the
Federal Sentencing Guideline Manual as updated as of November 1, 2004, the Company has adopted the
guidelines for all its compliance programs for various federal, state and local laws and
regulations. In summary, to those guidelines the Company has:

	 	1.  	Established standards and procedures reasonably capable of preventing and
detecting violation of various laws and regulations which could give rise to criminal
conduct;
	 
	 	2.  	The Board is knowledgeable about the content and operation of our compliance
and ethics programs and exercises reasonable oversight to the implementation and
effectiveness of the compliance and ethics program;
	 
	 	3.  	Specific corporate level personnel have been assigned overall responsibility
for the compliance and ethics programs with specific individuals within the
organization delegated day to day operational responsibility for the compliance and
ethics program;

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	 	4.  	The Company uses reasonable efforts to exclude any individuals who have engaged
in illegal activities or other conduct inconsistent with our compliance and ethics
programs;
	 
	 	5.  	The Company has instituted planned periodic steps to communicate the standards
and procedures of its compliance and ethics programs to all employees, agents and
directors of the Company;
	 
	 	6.  	The Company will take reasonable steps to ensure that our compliance and ethics
programs are followed and are effective by periodic monitoring and auditing procedures;
and
	 
	 	7.  	The Company shall enforce consistently throughout the organization our
compliance and ethics programs and if criminal conduct is detected will respond
appropriately to prevent similar conduct.

III. “CONFLICT OF INTEREST” AND HOW TO AVOID IT

     A. General Guidance

Business decisions and actions must be based on the best interests of the Company, and must not be
motivated by personal considerations or relationships. Relationships with prospective or existing
suppliers, contractors, customers, competitors, regulators or other employees must not affect your
independent and sound judgment on behalf of the Company. General guidelines to help you better
understand several of the most common examples of situations that may cause a conflict of interest
are listed below. However, you are required to disclose to the Compliance Officer any situation
that may be, or appear to be, a conflict of interest. When in doubt, it is best to disclose.

     B. Outside Employment

Employees may not work for or receive payments for services from any competitor, customer,
distributor or supplier of the Company without the explicit approval of the Compliance Officer.
Any such approval must be documented. Any outside activity must be strictly separated from the
Company employment and should not harm your job performance at the Company.

     C. Board Memberships

Employees accepting a seat on the board of directors of an outside company requires the advance
written approval of the Compliance Officer and the Chief Executive Officer. Helping the community
by serving on boards of charitable, governmental, non-profit, community or other similar
organizations is encouraged, and does not require prior approval. Employees must, however, notify
in writing the Compliance Officer if the employee currently serves or accepts a seat on such
boards. Directors accepting a seat on the board of directors of an outside company (whether a
for-profit or not-for-profit company) may do so at their discretion, but must notify the Compliance
Officer in writing.

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     D. Family Members and Close Personal Relationships

You may not use personal influence to direct Company business to a company in which you, any family
member or any personal friend has an interest. If you are aware that the Company is engaged in or
may be contemplating any business with such a company, you must provide written notice of your
relationship to the Compliance Officer.

     E. Investments

You may not allow your personal investments to influence, or appear to influence, your independent
judgment on behalf of the Company. If there is any doubt about how an investment might be
perceived, or if your investment exceeds 5% of the equity interest of any entity in the oil and gas
industry or related industries, it should be disclosed in writing to the Compliance Officer.
Consultants may have more restrictive provisions as evidenced by their written agreements.

     F. Gifts

     1. Gifts to Employees

You may not accept kickbacks, lavish gifts or gratuities. You may accept items of nominal value,
however, you may not accept anything that might make it appear that your judgment for the Company
would be compromised.

In some rare situations, it would be impractical or harmful to refuse or return a gift. When this
happens, discuss the situation with the Compliance Officer.

     2. Gifts Given by the Company

Some business situations call for giving gifts. The Company’s gifts must be legal and reasonable.
Any individual gift costing over $200 must be and approved in writing by the Compliance Officer.

You may not provide any gift if it is prohibited by law or, to your knowledge, the policy of the
recipient’s organization. For example, the employees of many governmental entities around the
world are prohibited from accepting gifts. If in doubt, check with the Compliance Officer first.

     G. Entertainment

     1. Entertainment of Employees

You may accept entertainment that is reasonable in the context of the business and that advances
the Company’s interests. For example, accompanying a business associate to a local cultural or
sporting event, or to a business meal, would in most cases be acceptable.

Entertainment that is lavish or frequent may appear to influence your independent judgment on
behalf of the Company. Accepting entertainment that may appear inappropriate should be approved in
writing in advance by the Compliance Officer.

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     2. Entertainment by the Company

You may provide entertainment that is reasonable in the context of the Company’s business. You
must, however, obtain advance approval in writing from the Compliance Officer if such entertainment
involves activities outside customary business meals, local cultural or sporting events.

     H. Travel

     1. Acceptance of Travel Expenses

You may accept transportation and lodging provided by a Company supplier or other third party, if
the trip is for business. Any such travel and lodging in excess of $500 must be approved in
writing in advance by the Compliance Officer.

     2. Providing Travel

     Unless prohibited by law or, to your knowledge, the policy of the recipient’s organization, the
Company may pay the transportation and lodging expenses incurred by customers, agents or suppliers
in connection with a visit to a Company facility or other Company business. The visit must be for
a business purpose and must be approved in writing in advance by the Compliance Officer if such
expenses will exceed $500 per person, unless such expenses have been specifically approved by the
Board of Directors.

IV. TAKING COMPANY BUSINESS OPPORTUNITIES

You may not take for yourself opportunities that rightfully belong to the Company. These
opportunities rightfully belong to the Company when, for example, the Company has pursued the
opportunity, when it has been offered to the Company, when it is the kind of business the Company
competes in, when the Company has funded it, when the Company has devoted facilities or personnel
to develop it, or when it is in the same line of business as the Company’s business.

V. PROTECTION OF COMPANY PROPERTY AND ASSETS

You have a responsibility to protect the Company’s assets from loss, damage, misuse or theft. The
Company’s assets, such as funds, products or computers, may only be used for business purposes and
other purposes approved by an officer of the Company. The Company’s assets may never be used for
illegal purposes. The Company’s property should not be taken out of Company facilities for use
outside of the normal course of Company business unless necessary and authorized by your supervisor
or an officer of the Company in connection with Company work.

VI. PROPRIETARY INFORMATION

All confidential or proprietary information of the Company must be protected. Confidential
information includes, for example, pricing, inventions, financial data, trade secrets and know-how,
acquisition and divestiture opportunities, marketing and sales programs, research and

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development information and customer and supplier information. Confidential information also
includes information that suppliers and customers have entrusted to us.

You must not disclose the Company’s confidential or proprietary information to anyone within or
outside of the Company unless the recipient will generally need this information to carry out his
or her assigned responsibilities as an employee of the Company, or as an outsider who has been
properly authorized by an officer of the Company to receive such information. Inquiries from the
press, media, investors or the public regarding the Company should only be answered by the officers
or employees designated to respond to such inquiries. The obligation not to disclose the Company’s
confidential or proprietary information continues for three years after employment with the Company
terminates unless otherwise specifically provided in writing.

VII. INSIDE INFORMATION AND SECURITIES TRADING

In the course of business activities, you may become aware of nonpublic information regarding the
business, operations or securities of the Company. The United States securities laws prohibit the
trading of securities on the basis of such nonpublic information (often called “inside
information”) if it is material. Information is deemed to be material if an investor would
consider it important in deciding whether to buy, sell, or hold securities. Information is
considered to be nonpublic unless it has been adequately disclosed to the public and there has been
sufficient time and opportunity for the market as a whole to assimilate the information.
Generally, this means that the information has been available to the public for at least one full
business day following the day it is released.

VIII. FAIR COMPETITION

You should never use any illegal or unethical method to gather competitive information. Stealing
or possessing proprietary information or trade secret information that was obtained without consent
or inducing such disclosures by past or present employees of other companies is prohibited.
Additionally, the Company and its employees are required to comply with state and federal antitrust
and unfair competition laws, as well as applicable antitrust and unfair competition laws of other
countries in which the Company does business. Anyone who questions whether a contemplated action
may violate fair competition laws should speak to the Compliance Officer.

IX. RESPONSIBILITY TO THE COMPANY’S EMPLOYEES

The Company is committed to treating all employees and consultants with honesty, fairness and
respect, and providing a safe and healthy work environment. Abusive, harassing or offensive
conduct is unacceptable, whether verbal or physical. Examples include derogatory comments based on
racial or ethnic characteristics and unwelcome sexual advances. The Company will not tolerate
discrimination or harassment on the basis of race, religion, national origin, sex, age, physical or
mental disability, marital status, sexual orientation or any other protected class in dealing with
employees, customers, suppliers or any other business contacts. The Company will not tolerate,
condone or allow sexual harassment whether engaged in by co-workers, supervisors, customers, or
other non-employees who conduct business with the Company. Employees and

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consultants are directed to report harassment when it occurs to Human Resources or a Company
officer.

Additionally, the Company is committed to providing all employees and others who are on Company
property with a safe and secure environment. Accordingly, all personnel will comply with all
health and safety laws and regulations as well as Company policies governing health and safety.
All personnel are responsible for immediately reporting accidents, injuries and unsafe equipment,
practices or conditions to a supervisor, Human Resources or Company officer.

X. ACCURACY AND RETENTION OF BUSINESS RECORDS

     A. General

Accounting standards and applicable United States laws require that transactions and events
relating to the Company’s operations and assets must be properly recorded in the books and accounts
of the Company and accurately reported in the applicable reports required by and filed with the
Securities and Exchange Commission (the “SEC”) and other United States regulatory agencies. As a
result, all officers of the Company and all financial personnel shall make and retain books,
records and accounts that, in reasonable detail, accurately, completely and objectively reflect
transactions and events, and conform both to required accounting principles and to the Company’s
systems of internal controls. No false or artificial entries may be made. No entry may be made or
recorded in the Company’s books and records or reported in any disclosure document that
misrepresents, omits, hides or disguises the true nature of the event or transaction, and all
material entries and reports must be made in a timely manner. All personnel are responsible for
immediately reporting any concerns about the Company’s financial records and its accounting,
internal accounting controls and auditing procedures to a Company Officer.

     B. Records Retention

Certain documents and other records of the Company must be retained for various periods of time
under legal and regulatory requirements. All records of the Company should be maintained in
accordance with the Company’s record retention guidelines. In any event, you must not destroy,
shred or alter records that are in any way related to a threatened, imminent or pending legal or
administrative proceeding, litigation, audit or investigation. Employees who become aware of such
a proceeding, litigation, audit or investigation must immediately contact the Compliance Officer.
Employees should consult their supervisor or a Company officer for questions related to the
Company’s record retention guidelines or the propriety of disposing of a Company document or
record.

     C. Additional Requirements for Financial Reporting

In addition to the requirements specified elsewhere in this Code, the Company’s officers including
but not limited to, its principal executive officer, principal financial officer, controller or
principal accounting officer, or persons performing similar functions, shall be responsible for the
following:

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	 	•  	conducting themselves in an honest and ethical manner, including the ethical
handling of actual or apparent conflicts of interest between personal and professional
relationships;
	 
	 	•  	compiling full, fair, accurate, timely and understandable disclosure in the periodic
reports of the Company filed with or submitted to the SEC and in other public
communications made by the Company;
	 
	 	•  	complying with applicable governmental laws, rules and regulations; and
	 
	 	•  	promptly reporting any violations of this Code.

XI. ENFORCEMENT

The Company’s management is charged by the Board of Directors with ensuring that this Code and the
Company’s corporate policies will govern, without exception, all business activities of the
Company.

     A. Where to Go With a Question, Concern or to Report a Violation

If you need an explanation or you want to know if a provision of the Code applies to a particular
situation, the best place to start is with your supervisor or the Human Resources Department.

If you believe a fellow employee, consultant or director is violating the Code or otherwise acting
in an illegal or unethical manner, you must report it. Doing so will not be considered an act of
disloyalty, but an action which shows your sense of responsibility and fairness to the Company’s
customers, shareholders and fellow employees. You also help safeguard the reputation and the
assets of the Company.

Reporting violations of the Code is also necessary because in some cases failure to report an
illegal act by another person is itself a criminal act for which you could be prosecuted.
Violations of the Code may cause an employee, officer or director to be subject to appropriate
action, up to and including disciplinary action or immediate termination.

Violations may be reported to your supervisor, the Human Resources Department or an officer of the
Company. If you do not believe that the violation has been adequately addressed, report the
violation to the Compliance Officer. Your report will be investigated with confidentiality and you
will be protected from retaliation. If you are concerned about confidentiality, you can
anonymously make a report by following the Company’s Anonymous Hotline. It is unacceptable to file
a report if you know it is false, and doing so will subject you to discipline.

     B. Receipt and Acknowledgement

The attached Receipt and Acknowledgement is required to be completed by all Company employees,
consultants and directors personnel acknowledging understanding of and compliance with the Code.
Please return the certificate to the Human Resources Department.

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     C. Waivers of the Code

In certain extraordinary situations, a waiver of a provision of the Code may be granted. Contact
the Compliance Officer if you believe special circumstances warrant a waiver of any of the Code’s
provisions. Any waiver of the Code for executive officers or directors may be made only by the
Company’s Board of Directors or the Audit Committee of the Board of Directors. Waivers will be
promptly disclosed as required by applicable laws and regulations.

     D. Violations of the Code

Violations of the Code will not be tolerated by the Company. Reported violations or apparent
violations will be reviewed by Company management and appropriate disciplinary action will be
taken, up to and including termination of employment or service with the Company.

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Receipt and Acknowledgement

I acknowledge that I have received my personal copy of Range Resources Corporation’s Code of
Business Conduct and Ethics (the “Code”). I understand that each Company employee, officer,
director, agent, consultant or representative is responsible for knowing and adhering to the letter
and spirit of the Code. I also acknowledge that it is my responsibility to report promptly to an
officer of Range any violation of the Code of which I have knowledge.

Signature:

Print Name:

Date:

Page 11 of 11exv10w1

 

EXHIBIT 10.1

2005 Key Executive

Incentive Compensation Plan

	 	 	 	 	 	 
	 	Name:
	 	 	 	 
	 	Title:
	 	 	 	 
	 	Effective Date:

	 	 	January 1, 2005	 
	 

Plan Description

	 	 	 	 	 	 
	 	Plan Objectives

	 	 	To provide key executive team members
with incentives and rewards for
achieving and exceeding 2005 LTF
business goals.	 
	 	Performance Measures

	 	 	[Earnings Before Taxes (EBT)][Earning
Before Interest, Taxes, Depreciation and Amortization (EBITDA)]

Capital Expenditure (CapEx)	 
	 

Cash -Annual

	•  	Target Pay: $                    
	 
	•  	Guaranteed Pay: $                    

Incentive Details

	•  	Performance is based on LTF 2005 Fiscal Year, 1/1/05 — 12/31/05
	 
	•  	Monthly payout opportunity
	 
	•  	Based on Year-To-Date [EBT/EBITDA] Actual vs. Plan as of Month-End
	 
	•  	Year-end opportunity if CapEx is below budget

Incentive Repayment

If, during the year, performance drops to a level such that incentive payments made exceed the
amount earned, Life Time Fitness, Inc. reserves the right to reclaim the amount of the overpayment
by reducing future semi-monthly guaranteed pay amounts.

	 	 	 
	Life Time Fitness, Inc.

	 	Page 1
	2005 Incentive Compensation Plan
	 	 

 

 

2005 Key Executive

Incentive Formulas

Monthly Incentive

(Actual YTD [EBT/EBITDA] / Plan YTD [EBT/EBITDA] times YTD Target Pay) minus YTD Guaranteed Pay = Incentive Payout

Year-End Incentive

[(Actual CapEx / Plan CapEx) minus 1] times Annual Target Pay

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	 	 	 
	Life Time Fitness, Inc.

	 	Page 2
	2005 Incentive Compensation Plan
	 	 

 

 

Administration

CapEx /[EBT/EBITDA] Performance

	•  	If CapEx Actual vs. Plan is unfavorable during the year,
the company may withhold payout on the [EBT/EBITDA] component to
offset the future negative variance.
	 
	•  	Any unfavorable CapEx performance will be deducted from the
[EBT/EBITDA] component for December, and if necessary from
guaranteed pay amounts if the negative variance exceeds the
amount owed on the [EBT/EBITDA] component.
	 
	•  	If it is anticipated that [EBT/EBITDA] or CapEx performance will be
unfavorable during the year, the company may withhold
payout on the [EBT/EBITDA] component to offset the future negative
variance.

Payout Timing

	•  	All payouts for the monthly incentive will be made via the
payroll run which follows the month-end close
(24th of the following month). The incentive
amount reflects the previous month’s YTD performance.
	 
	•  	Any year-end CapEx incentive will be made via the payroll
run which follows the December month-end close, typically
January 24th of the following year.

Plan Eligibility

	•  	To be eligible for plan payout on the [EBT/EBITDA] component, the
executive must be employed in a key executive role at
month-end and be on the payroll at least one-half of the
month.

	•  	If the executive moves to a new position during the period,
which has a different target pay opportunity, any incentive
payments will be prorated for weeks in the respective
positions.

	•  	A pro-rated payment of the earned monthly bonus will be
made if employee dies or becomes disabled during the
eligibility period.

	•  	Eligibility for a payout is cancelled when a participant
voluntarily or involuntarily terminates employment before
the end of the period of plan eligibility.

IMPORTANT NOTE:

The plan, and any terms contained in the plan (e.g. “guaranteed pay”), does not represent an
employment agreement and does not assure or give evidence of continued employment or claim to
continued employment of any participant for any time or period or position at any specified pay
level.

This plan may be amended or terminated at any time by the Compensation Committee of Life Time
Fitness, Inc. The plan, as described above, supersedes any and all plans, or earlier descriptions
of plans.

 

 

 

 

 

	 	 	 
	Life Time Fitness, Inc.

	 	Page 3
	2005 Incentive Compensation Plan

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