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EOG » Topics » 2008 Salary Adjustments

This excerpt taken from the EOG DEF 14A filed Mar 25, 2009.
2008 Salary Adjustments
 
                         
          Base Salary
 		       
          Effective
 		       
    Previous
 		    September 1,
 		    Percent
 		 
    Base Salary
 		    2008
 		    Increase
 		 
Name
  ($)     ($)     (%)  
 
Mark G. Papa(a)
  $ 940,000     $ 940,000       0 %
Loren M. Leiker(b)
  $ 543,000     $ 575,000       5.9 %
Gary L. Thomas(b)
  $ 543,000     $ 575,000       5.9 %
Robert K. Garrison(c)
  $ 325,000     $ 345,000       6.2 %
Timothy K. Driggers(d)
  $ 310,000     $ 330,000       6.5 %
 
 
(a) At Mr. Papa’s request, Mr. Papa’s base salary has not been increased since 2004 in order to prevent his base salary from becoming further disproportionate in comparison to the rest of our employees. Instead, the Committee has adjusted Mr. Papa’s compensation by allocating a significant portion of his compensation to restricted stock units that vest over time.
 
(b) The Committee determined that Messrs. Leiker and Thomas were doing an excellent job of running the day-to-day operations of EOG. The identified base salary increases were granted to reward Messrs. Leiker and Thomas for their outstanding performance.
 
(c) The Committee determined that Mr. Garrison was contributing to the efforts of Messrs. Leiker and Thomas and was performing well in his position of Executive Vice President, Exploration.
 
(d) The Committee determined that Mr. Driggers was doing an excellent job overseeing our accounting and finance functions.


16

Table of Contents

 
Bonus — Cash (Non-Equity Incentive)
 
  •  Purpose:  Annual bonuses are paid to reward each individual’s contribution to the achievement of our pre-determined financial and operational goals. Subject to the Committee’s discretion, for annual bonuses equal to or greater than $5,000, eighty percent (80%) of each annual bonus award is typically paid in cash and the remaining twenty percent (20%) is typically delivered in restricted stock or, if the employee is 62 years old or older or will reach age 62 (our normal retirement age) prior to the vesting of the restricted stock, restricted stock units. The bonus award is allocated in this manner to provide an incentive to all employees, including the Named Officers, to remain at EOG, to place additional emphasis on our long-term strategy and to increase our focus on improving stockholder value.
 
  •  How amount is determined:
 
  •  A bonus target, which is payable in a combination of cash and equity, is set for each Named Officer either in such executive officer’s employment agreement or by the Committee, as applicable, and ranges from 60% to 100% of base salary, as detailed in the table below. The Committee may award bonuses above target levels to reward above-average company performance, to maintain a competitive position among our peer companies from a recruiting and retention viewpoint and to reward individual performance and contributions. Alternatively, if company or individual performance is poor, the Committee may, in its discretion, award bonuses below target levels or not award bonuses at all. Achievement by EOG above or below target levels generally affects all employees’ bonuses.
 
  •  For 2008, the Committee determined the aggregate bonus pool to be 155% of target, based on overall company performance. Individual bonuses and award levels were then determined and delivered out of the pool, as described under “Compensation Committee Process” above. Please note that the bonus targets identified in the table below reflect amounts delivered in a combination of cash and equity. The Committee awarded annual bonuses totaling $5,212,103 to our Named Officers for 2008, which included a premium applied to the equity component of the bonuses as further detailed in the table below.
 
This excerpt taken from the EOG DEF 14A filed Apr 4, 2008.
2007 Salary Adjustments
 
                         
        Base Salary
 		   
        Effective
 		   
    Previous
 		  September 1,
 		  Percent
    Base Salary
 		  2007
 		  Increase
Name
  ($)   ($)   (%)
 
Mark G. Papa(a)
  $ 940,000     $ 940,000       0 %
Loren M. Leiker(b)
  $ 510,000     $ 543,000       6.5 %
Gary L. Thomas(b)
  $ 510,000     $ 543,000       6.5 %
Robert K. Garrison(c)
  $ 305,000     $ 325,000       6.6 %
Timothy K. Driggers(d)
  $ 310,000     $ 310,000       0 %
 
 
(a) Mr. Papa’s base salary has not been increased since 2004.
 
(b) The Committee determined that Mr. Leiker and Mr. Thomas were doing an excellent job of running the day-to-day operations of EOG. The identified salary increases were granted to reward Mr. Leiker and Mr. Thomas for their outstanding performance.
 
(c) The Committee determined that Mr. Garrison was contributing to the efforts of Mr. Thomas and Mr. Leiker and was performing well in his new position of Executive Vice President, Exploration.
 
(d) Mr. Driggers received a 31.9% increase in base salary in July 2007 in connection with his promotion to Vice President and Chief Financial Officer.
 
Bonus — Cash (Non-Equity Incentive)
 
  •  Purpose:   Annual bonuses are paid to reward each individual’s contribution to the achievement of our financial and operational goals. Subject to the Committee’s discretion, eighty percent (80%) of each annual bonus award that is equal to or greater than $5,000 is typically paid in cash and the remaining twenty percent (20%) is typically paid in restricted stock or, if the employee will reach age 62 (our normal retirement age) prior to the vesting of the restricted stock, restricted stock units. The bonus payout is allocated in this manner


15

 

  to provide an incentive to all employees, including the Named Officers, to remain at EOG, to place additional emphasis on our long-term strategy and to increase our focus on improving stockholder value.
 
  •  How amount is determined:
 
  •  A bonus target, which is payable in a combination of cash and equity and ranges from 60% to 100% of base salary, is set for each Named Officer, either in such executive officer’s employment agreement or by the Committee, as applicable, as detailed in the table below. The Committee may award bonuses above target levels to reward above-average company performance, to maintain a competitive position among our peer companies from a recruiting and retention viewpoint and to reward individual performance and contributions. Alternatively, if company or individual performance is poor, the Committee may, in its discretion, award bonuses below target levels or not award bonuses at all. Achievement by EOG above or below target levels generally affects all employees’ bonuses.
 
  •  For 2007, the overall bonus pool, out of which all employee bonus awards are made, was 150% of target, based on overall company performance. Individual bonuses and payout levels are then determined and paid out of the pool, as described under “Compensation Committee Process” above. Please note that the bonus targets identified in the table below reflect amounts payable in a combination of cash and equity. The Committee awarded annual bonuses totaling $5,138,107 to our currently employed Named Officers (other than Mr. Segner, who is transitioning into retirement) for 2007, which includes a premium applied to the equity component of the bonuses as further detailed in the table below.
 

EXCERPTS ON THIS PAGE:

DEF 14A
Mar 25, 2009
DEF 14A
Apr 4, 2008

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