SEC Contract Filing

Filing Date: 2025-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>3
<FILENAME>mpx-20241231xex10d10.htm
<DESCRIPTION>EX-10.10
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 10.6.128.0--><!--Created on: 2/28/2025 06:32:50 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Exhibit 10.10</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Summary of Compensation Arrangements with Executive Officers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The following summarizes the current compensation and benefits received by the Chief Executive Officer and Chief Financial Officer of Marine Products Corporation (&#8220;the Company&#8221; or &#8220;MPC&#8221;) and the Company&#8217;s other most highly compensated executive officers (the &#8220;Named Executive Officers&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">All of the Named Executive Officers are also executive officers of RPC, Inc. (&#8220;RPC&#8221;) and receive compensation from that company. Disclosure regarding such compensation can be found in RPC&#8217;s filings with the Securities and Exchange Commission.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Base Salaries</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The annual base salaries for the Company&#8217;s Named Executive Officers are reviewed and may be adjusted from time to time at the discretion of the Company&#8217;s Human Capital Management and Compensation Committee (the &#8220;Committee&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Annual Incentive Compensation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">All of the Named Executive Officers are eligible for annual cash bonuses as described below: On an annual basis, the Committee establishes performance goals after the commencement of the performance period to which such goals relate. Performance goals for each participant may be based on corporate, business unit/function or individual performance, or a combination of one or more such measures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Long-term Incentive Compensation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Named Executive Officers are eligible to receive options, restricted stock awards and performance stock units under the Company&#8217;s stock incentive plan, in such amounts and with such terms and conditions as determined by the Committee at the time of grant.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Other Compensation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Health and Retirement Plans</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Named Executive Officers are not eligible to participate in the Company&#8217;s regular employee benefit programs or the 401(k) Plan because they participate in the corresponding program/plan at RPC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Perquisites and Other Personal Benefits</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Chief Executive Officer and Executive Chairman of the Board are eligible to use the Company&#8217;s aircraft for personal travel.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Chief Executive Officer and Executive Chairman of the Board have been provided the use of a boat at no charge but are responsible for paying maintenance, fuel and other fees, costs and charges related to the operation of the boats.</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border-width:0;"></body></html>
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