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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 24, 2006
MARINE PRODUCTS CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware 1-16263 58-2572419
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
2170 Piedmont Road, NE, Atlanta, Georgia 30324
(Address of principal executive office) (zip code)
Registrant's telephone number, including area code: (404) 321-7910
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry Into A Material Definitive Agreement.
Executive Officer Compensation
On January 24, 2006, the Compensation Committee of the Board of Directors
approved for its Named Executive Officers identified in the registrant's 2005
proxy statement, with the exception of Mr. James A. Lane, Jr., the following
base salary for 2006 and discretionary annual bonuses for 2005.
2006 2005
Name Title Base Salary Cash Bonus
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Richard A. Hubbell President and Chief Executive Officer $350,000 $175,000
R. Randall Rollins Chairman $300,000 $220,000
Ben M. Palmer Vice President, Chief Financial Officer
and Treasurer $175,000 $110,000
Linda H. Graham Vice President and Secretary $115,000 $40,000
The executive officers named herein are also executive officers of RPC, Inc.
("RES") and receive salary and bonuses from RES.
Material Relationships
None of the Company's Named Executive Officers has any material relationship
with the Company or any of its affiliates apart from their respective
relationships as directors and/ or employees of the Company and its affiliates,
ownership of Company and affiliate securities, and as otherwise previously
disclosed in the Company's last filed annual proxy statement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Marine
Products Corporation has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Marine Products Corporation.
Date: January 30, 2006 /s/ BEN M. PALMER
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Ben M. Palmer
Vice President,
Chief Financial Officer and
Treasurer
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