EXHIBIT 10.13
Pursuant to separate employment agreements between W-H Energy Services, Inc.
(the "Company") and each of the named executive officers set forth below, the
Board of Directors (the "Board") of the Company has the discretion, at the
beginning of each year, to increase, but not decrease, each such officer's
annual base salary above the annual base salary level provided in such
agreement. In addition, each such agreement provides for each such officer to
receive an incentive compensation bonus of up to 100% (or, in Xx. Xxxxx'x case,
200%) of such officer's annual base salary, the amount of such bonus, if any, to
be established in the sole discretion of the Board.
On January 17, 2006, the Compensation Committee of the Board recommended, and
the Board approved, 2006 annual base salaries, effective January 1, 2006, and
2005 cash bonus payments for such executive officers. In connection with
establishing base salaries and bonuses, the Compensation Committee conducted its
annual review of Xx. Xxxxx'x performance and, with Xx. Xxxxx'x assistance, the
performance of each such other officer. The Compensation Committee also received
a report from an independent compensation consulting firm that included a
comparison of the compensation paid to executive officers in the Company's peer
group. Based on such evaluation as well as the Company's operational and
financial performance, the Compensation Committee recommended, and the Board
approved, the 2006 base salaries and 2005 bonus payments set forth below:
-------
Executive Officer 2006 Annual Salary 2005 Cash Bonus
------------------ ---------------
Xxxxxxx X. Xxxxx, Xx.
Chairman, President and Chief Executive Officer $475,000 $900,000
Xxxxxxx X. Xxxxxx XXX
Vice President $360,000 $340,000
Xxxx X. Xxxxxx
Vice President $360,000 $340,000
Xxxxxxx X. Xxxxxx
Vice President and Chief Financial Officer $300,000 $260,000
Xxxxxx X. Xxxx
Vice President and Intellectual Property Counsel $250,000 $230,000
