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SEC Filings

10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 

2017 Bonus Paid

Robert Drummond
Performance Metric
Base Salary
 
Performance Metric Weighting
 
Original Target Bonus Opportunity
 
Revised Target Bonus Opportunity
 
Maximum Bonus Opportunity
 
Actual Bonus Paid(1)
 
 
 
 
 
First Performance Period (weighted 12.5%)
Adjusted EBITDA
$
750,000

 
80
%
 
$
187,500

 
$
93,750

 
$
118,125

 
$
89,063

Safety
$
750,000

 
10
%
 
$
23,438

 
$
11,719

 
$
11,719

 
$
5,566

Free Cash Flow
$
750,000

 
10
%
 
$
23,438

 
$
11,719

 
$
11,719

 
$

Total Bonus - First Performance Period
 
 
 
$
234,376

 
$
117,188

 
$
141,563

 
$
94,629

Second Performance Period (weighted 12.5%)
Adjusted EBITDA
$
750,000

 
80
%
 
$
187,500

 
$
93,750

 
$
118,125

 
$
54,916

Safety
$
750,000

 
10
%
 
$
23,438

 
$
11,719

 
$
11,719

 
$

Free Cash Flow
$
750,000

 
10
%
 
$
23,438

 
$
11,719

 
$
11,719

 
$

Total Bonus - Second Performance Period
 
 
 
$
234,376

 
$
117,188

 
$
141,563

 
$
54,916

Third Performance Period (weighted 25%)
Adjusted EBITDA
$
750,000

 
80
%
 
$
187,500

 
$
187,500

 
$
236,250

 
$
178,125

Safety
$
750,000

 
10
%
 
$
23,438

 
$
23,438

 
$
23,438

 
$

Free Cash Flow
$
750,000

 
10
%
 
$
23,438

 
$
23,438

 
$
23,438

 
$

Total Bonus - Third Performance Period
 
 
 
$
234,376

 
$
234,376

 
$
283,126

 
$
178,125

Fourth Performance Period (weighted 25%)
Adjusted EBITDA
$
750,000

 
80
%
 
$
187,500

 
$
187,500

 
$
236,250

 
$
178,125

Safety
$
750,000

 
10
%
 
$
23,438

 
$
23,438

 
$
23,438

 
$

Free Cash Flow
$
750,000

 
10
%
 
$
23,437

 
$
23,437

 
$
23,437

 
$

Total Bonus - Fourth Performance Period
 
 
 
$
234,375

 
$
234,375

 
$
283,125

 
$
178,125

Total Bonus
 
 
 
 
 
$
937,503

 
$
703,127

 
$
849,377

 
$
505,795

(1) Amounts reflect Mr. Drummond’s target bonus opportunity equal to 125% of base salary, actual performance as described above and the compensation committee’s exercise of negative discretion to cap Adjusted EBITDA earnings 100% and reduce Mr. Drummond’s actual bonus paid by 5%.

J. Marshall Dodson
Performance Metric
Base Salary
 
Performance Metric Weighting
 
Original Target Bonus Opportunity
 
Revised Target Bonus Opportunity
 
Maximum Bonus Opportunity
 
Actual Bonus Paid(1)
 
 
 
 
 
First Performance Period (weighted 12.5%)
Adjusted EBITDA
$
375,000

 
80
%
 
$
60,000

 
$
30,000

 
$
37,800

 
$
29,100

Safety
$
375,000

 
10
%
 
$
7,500

 
$
3,750

 
$
3,750

 
$
1,819

Free Cash Flow
$
375,000

 
10
%
 
$
7,500

 
$
3,750

 
$
3,750

 
$

Total Bonus - First Performance Period
 
 
 
$
75,000

 
$
37,500

 
$
45,300

 
$
30,919

Second Performance Period (weighted 12.5%)
Adjusted EBITDA
$
375,000

 
80
%
 
$
60,000

 
$
30,000

 
$
37,800

 
$
17,943

Safety
$
375,000

 
10
%
 
$
7,500

 
$
3,750

 
$
3,750

 
$

Free Cash Flow
$
375,000

 
10
%
 
$
7,500

 
$
3,750

 
$
3,750

 
$

Total Bonus - Second Performance Period
 
 
 
$
75,000

 
$
37,500

 
$
45,300

 
$
17,943

Third Performance Period (weighted 25%)
Adjusted EBITDA
$
375,000

 
80
%
 
$
60,000

 
$
60,000

 
$
75,600

 
$
58,200

Safety
$
375,000

 
10
%
 
$
7,500

 
$
7,500

 
$
7,500

 
$

Free Cash Flow
$
375,000

 
10
%
 
$
7,500

 
$
7,500

 
$
7,500

 
$

Total Bonus - Third Performance Period
 
 
 
$
75,000

 
$
75,000

 
$
90,600

 
$
58,200

Fourth Performance Period (weighted 25%)
Adjusted EBITDA
$
375,000

 
80
%
 
$
60,000

 
$
60,000

 
$
75,600

 
$
58,200

Safety
$
375,000

 
10
%
 
$
7,500

 
$
7,500

 
$
7,500

 
$

Free Cash Flow
$
375,000

 
10
%
 
$
7,500

 
$
7,500

 
$
7,500

 
$

Total Bonus - Fourth Performance Period
 
 
 
$
75,000

 
$
75,000

 
$
90,600

 
$
58,200

Total Bonus
 
 
 
 
 
$
300,000

 
$
225,000

 
$
271,800

 
$
165,262


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