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EOG » Topics » Components of Our Compensation Program

This excerpt taken from the EOG DEF 14A filed Mar 25, 2009.
Components of Our Compensation Program
 
The following discussion describes the components of our compensation program and explains why we choose to pay each component and how we determine the amount to be paid or delivered. Except as described above with respect to grants of stock options/SARs and restricted stock/restricted stock units, decisions regarding an increase or other adjustment of a particular component will not affect decisions regarding the other components. The Committee views each component of our compensation program as independent, since each component was selected for a specific purpose.


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Table of Contents

Base Salary
 
  •  Purpose:  Base salary is used to attract talented individuals and to reward individual performance.
 
  •  How amount is determined:
 
  •  Each Named Officer, other than Messrs. Garrison and Driggers, has entered into an employment agreement with EOG that provides for a minimum annual base salary during the term of the agreement. The terms of each Named Officer’s employment agreement are described under “Employment Agreements” below.
 
  •  The amount of base salary that is paid above the specified minimum is determined by the Committee based upon a review of the salaries of similarly situated executive officers of our peer companies (adjusted for market capitalization).
 
  •  Moreover, the base salaries of the Named Officers are adjusted from time to time to account for fluctuations in the average base salaries (adjusted for market capitalization) of similarly situated executive officers of our peer companies, to help ensure retention and to reward individual performance and contributions. As noted above and under “Employment Agreements” below, Messrs. Papa, Leiker and Thomas each have an employment agreement with us providing for a minimum annual base salary during the term of the agreement.
 
The following table presents the adjustments to the base salary of each of our Named Officers granted by the Committee at its third quarter 2008 meeting.
 
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