Exhibit 10.24
2014 Management Annual Incentive Plan
Overview
This document describes the Seventy Seven Energy Inc. ("SSE") 2014 Management Annual Incentive Program (the "Management AIP").
Administration
The Management AIP will be administered by the Compensation Committee (the "Committee") in accordance with the terms of the SSE 2014 Incentive Plan. The Compensation Committee has full authority and discretion with respect to awards made under this Management AIP, including (i) selecting participants, (ii) establishing the terms of each award and (iii) establishing restrictions and conditions to which the payment of awards may be subject.
Participation
Each officer and key employee who is selected and approved by the Committee to participate is eligible to be granted awards pursuant to the Management AIP.
Performance Objectives
For Participants to be eligible for a cash payment from an award granted under the Management AIP, certain minimum performance objectives established by the Committee must be achieved. Each performance award will establish the applicable Participant’s incentive target opportunity. Following the end of the performance period, the Committee will determine the payment amount for each award based on the Committee’s evaluation of the achievement level of the pre-established performance objectives combined with any discretionary individual performance measures. Such payment amount will range from 0% to 200% of each Participant’s incentive target opportunity.
Payments
All awards will be payable in cash no later than March 15th of the year immediately following the performance period.
