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TESO » Topics » Summary Compensation Table

This excerpt taken from the TESO DEF 14A filed Mar 31, 2009.

Summary Compensation Table

In 2008 the aggregate remuneration paid to our five highest-paid employees, including Julio Quintana, who is also a director, but receives no compensation in that capacity, was $4,360,994. The following table shows the compensation paid by Tesco for the fiscal years ended December 31, 2007 and 2008 to the Chief Executive Officer, the Chief Financial Officer, the former Chief Financial Officer, and the next three most highly compensated executive officers as of December 31, 2008 (collectively, the “named executive officers”).

 

Executive Name

   Year   Salary($)   Bonus($)   Stock
Awards
($)(1)		   Option
Awards
($)(1)		   Non-Equity
Incentive
Plan($)		   All Other
Compensation
($)(2)		   Total
Income($)

Julio M. Quintana

President and CEO

   2008
2007		   449,423
437,823		   —  

—  

   523,009
136,795		   645,694
469,020		   325,377
111,563		   19,424
17,948		   1,962,927
1,173,149

Robert L. Kayl

SVP and CFO

   2008
2007		   223,423
198,072		   —  

100,000

   112,005
19,032		   142,939
156,528		   144,500
46,550		   10,028
70,396		   632,895
590,578

Jeffrey L. Foster

SVP, Operations

   2008   242,723   50,000   97,925   165,683   55,112   10,901   622,344
  2007   224,646   —     40,444   159,266   31,500   8,795   464,651

Nigel M. Lakey

SVP, Marketing and Business Development

   2008
2007		   246,723

234,631

   —  

—  

   74,144

42,822

   124,029

134,876

   105,192

36,300

   17,464

5,202

   567,552

453,832

James A. Lank

General Counsel and
Corporate Secretary

   2008
2007		   238,731

192,859

   —  

—  

   71,290

29,738

   141,138

164,946

   117,072

45,325

   7,045

162

   575,276
433,030

Anthony Tripodo

Former EVP and CFO

   2008
2007		   145,038
255,457		   —  

—  

   12,366

—  

   163,855
493,905		   —  
74,200		   10,018
896		   331,277
824,458

 

(1) The amounts shown in these columns reflect the compensation cost recognized by Tesco during fiscal year 2008 under FAS 123(R) for grants made in 2008 and prior years, disregarding any assumed forfeiture rate. Other than Mr. Tripodo, whose unvested options expired when he left the Corporation, no named executive officer had options expire in 2008. See Footnote 7 to our 2008 financial statements filed in our 2008 Annual Report on Form 10-K for Fiscal Year 2008 for a description of the assumptions used in determining compensation cost of stock options.
(2) Amounts in the “All Other Compensation” column include life insurance premiums paid on behalf of the employee, employer contributions to the employee’s 401(k) and/or Employee Stock Savings Plan account, reimbursement for tax preparation services for Mr. Lakey, and payments for unused vacation for Mr. Tripodo.

 

23

This excerpt taken from the TESO DEF 14A filed Apr 17, 2007.

Summary Compensation Table

The following table shows the compensation paid by Tesco and its subsidiaries for the fiscal year ended December 31, 2006 to the Chief Executive Officer, the former Chief Financial Officer, the next three most highly compensated executive officers as of December 31, 2006 and one other person who was an executive officer during 2006 but who was not serving as an executive officer as of December 31, 2006 (collectively, the “named executive officers”).

 

Name and Principal Position

    Year    Salary (1)    Option
Awards (2)		    Non-Equity
Incentive Plan
Compensation (1)		    All Other
Compensation (3)		     Total

Julio Manuel Quintana
President & CEO

    2006    $ 350,000    $ 555,847    $ 323,750    $ 13,453 (4)   $ 1,243,050

Michael C. Kearney
Executive Vice President & CFO

    2006      225,000      298,624      83,250      9,368       616,242

Robert M. Tessari
Chief Technology Officer & Vice Chairman

    2006      325,000      223,449      222,463      13,343 (5)     784,255

Nigel Malcolm Lakey
SVP Marketing and Business Development

    2006      191,845      137,284      97,012      9,605       435,746

Keith Evert Beierbach
SVP Research & Development, Surface Products

    2006      198,232      175,411      89,849      463       463,955

Robert C. Van Walleghem
General Counsel & Corporate Secretary

    2006      133,013      87,625      45,114      192,693 (6)     458,445

 

(1)

Salaries, Non-Equity Compensation Plan Awards and other compensation earned by Messrs. Beierbach and Van Walleghem have been converted from Canadian dollars to U.S. dollars at the December 31, 2006 exchange rate of C$1.00 = US$1.1653.

(2)

The amounts reflected in this column is the compensation cost recognized by Tesco during fiscal 2006 under Statement of Financial Accounting Standard No. 123R (Share-Based Payment) for grants made in 2006 and prior years, which cost is calculated using an assumed forfeiture rate of 5% for executive officers and directors.

(3)

Amounts in the “All Other Compensation” column include life insurance premiums paid on behalf of the employee, employer contributions to the employee’s Employee Share Savings Plan account, employer contributions to the employee’s 401(k) account, severance payments upon termination and, in the case of Mr. Lakey, the value of tax preparation services provided to the employee.

(4)

Includes $11,308 in employer contributions to the employee’s Employee Stock Savings Plan account.

(5)

Includes $12,870 in employer contributions to the employee’s Employee Stock Savings Plan account

(6)

Includes $187,273 in severance payments upon Mr. Van Walleghem’s termination in November 2006.

 

21

Table of Contents

EXCERPTS ON THIS PAGE:

DEF 14A
Mar 31, 2009
DEF 14A
Apr 17, 2007

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