Annual Report 2011 - PGS
Annual Report 2011 - PGS
Annual Report 2011 - PGS
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Notes to the consolidated financial statements<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
Chief Executive Officer (CEO) and Other Executive Officers<br />
In <strong>2011</strong>, the Company paid compensation to its President and CEO and other executive officers as follows:<br />
Total compensation paid in <strong>2011</strong> (a)<br />
Name<br />
Position<br />
Fixed<br />
salary<br />
Bonus<br />
(b)<br />
Other<br />
benefits<br />
(c)<br />
Total paid<br />
salary and<br />
compensation<br />
(in dollars)<br />
Benefits<br />
paid to<br />
pension<br />
plan (d)<br />
Accrued target<br />
bonus<br />
at December<br />
31, <strong>2011</strong><br />
Jon Erik Reinhardsen President and Chief<br />
Executive Officer 899,553 2,041,528 38,535 2,979,616 59,802 448,138<br />
Gottfred Langseth Executive Vice President<br />
and<br />
Chief Financial Officer 591,409 319,091 41,417 951,917 67,210 194,503<br />
Guillaume Cambois Executive Vice President,<br />
Data Processing &<br />
Technology 541,172 218,992 191,194 951,358 43,222 177,540<br />
Magne Reiersgard Executive Vice President,<br />
Operations, 563,742 272,500 217,556 1,053,798 79,060 172,125<br />
Per Arild Reksnes Executive Vice President,<br />
Marine Contract 559,960 251,841 29,182 840,983 106,704 177,540<br />
Sverre Strandenes Executive Vice President,<br />
MultiClient 565,247 291,259 283,781 1,140,287 108,736 177,540<br />
(a) Amounts in NOK have been translated to US Dollars using average exchange rate for <strong>2011</strong> of NOK/USD 5.562.<br />
(b) Includes payments for the 2010 performance bonus plan (paid in April <strong>2011</strong>) and the CEO deferred compensation (see below).<br />
(c) Includes items such as car allowance, telephone, internet and other minor benefits. In addition taxable gain on exercised share options.<br />
(d) Contribution to defined benefit plans and defined contribution plans (Norway).<br />
Share options held by the CEO and executive officers at December 31, <strong>2011</strong> were as follows:<br />
Average<br />
exercise<br />
price on<br />
Average<br />
exercise<br />
price on Weighted<br />
Options<br />
average<br />
Options Options<br />
exercised<br />
outstanding<br />
at<br />
Options<br />
Options Options at<br />
remaining<br />
December granted forfeited exercised options expired December options contractual<br />
Name<br />
31, 2010 <strong>2011</strong> <strong>2011</strong> <strong>2011</strong> (NOK) <strong>2011</strong> 31, <strong>2011</strong> (NOK) term<br />
Jon Erik<br />
Reinhardsen 375,000 75,000 --- --- --- --- 450,000 83.70 2.60<br />
Gottfred Langseth 315,000 45,000 --- --- --- 90,000 270,000 83.70 2.60<br />
Guillaume<br />
Cambois 130,000 45,000 --- 20,000 (a) 40.29 --- 155,000 88.97 3.00<br />
Magne Reiersgard 204,999 45,000 --- 20,000(b) 40.29 39,999 190,000 87.33 2.80<br />
Per Arild Reksnes 184,999 45,000 --- --- --- 39,999 190,000 87.33 2.80<br />
Sverre Strandenes 275,001 45,000 --- 30,000(c) 40.29 50,001 240,000 89.12 2.60<br />
(a) $152,369 was reported as taxable income as a consequence of the exercise of share options<br />
(b) $161,050 was reported as taxable income as a consequence of the exercise of share options<br />
(c) $245,008 was reported as taxable income as a consequence of the exercise of share options<br />
<strong>PGS</strong> ANNUAL REPORT <strong>2011</strong> 44<br />
<strong>PGS</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> 115