EXHIBIT 10dd
ROWAN COMPANIES, INC.
2004 PROFIT SHARING PLAN
Eligibility
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All previous corporate or drilling division option recipients, plus all other qualifying division office employees (approximately 330 total employees) |
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Measurement
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Drilling EBITDA, defined as GAAP-based EBITDA from Drilling segment operations | |
Criteria |
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| GAAP is Generally Accepted Accounting Principles. | ||
| EBITDA is Earnings Before Interest, Taxes, Depreciation and Amortization. | ||
Award
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Pool dollars allocated to participants in proportion to Base Pay, as defined below (all participants receive same % of Base Pay) |
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Cap
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2004 Pool capped at $5 million, subject to Committee/Board discretion | |
Base Pay
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W-2 earnings, less any bonus and value attributable to stock options |
[Information omitted regarding target levels with respect to specific quantitative or qualitative performance related-factors, or factors or criteria involving confidential commercial or business information, the disclosure of which would have an adverse effect on the registrant.]