Directors' Compensation Summary for Non-Employee Directors of Alon Energy General Partner
This summary outlines the compensation for directors of the general partner who are not officers, directors, or employees of Alon Energy or its subsidiaries. These directors will receive an annual retainer of $50,000, $25,000 in restricted equity interests vesting over three years, additional fees for audit committee chairmanship and meeting attendance, reimbursement for meeting expenses, and full indemnification under Delaware law.
Exhibit 10.22
DIRECTORS’ COMPENSATION SUMMARY
Our general partner anticipates that its directors who are not also officers, directors or employees of Alon Energy or its subsidiaries will receive compensation for service on its board of directors and committees. We currently expect to pay such directors an annual retainer of $50,000 and award such directors $25,000 annually in restricted equity interests which will vest in three equal installments on each of the first, second and third anniversaries of the grant date. We currently expect to pay the audit committee chairman an annual amount of $10,000. We currently expect to pay meeting fees to such directors in the amount of $1,500 for each in-person board or committee meeting and $900 for each telephonic board or committee meeting. In addition, each director will be reimbursed for out-of-pocket expenses in connection with attending meetings of the board and its committees. Each director will be fully indemnified by us for actions associated with being a director to the fullest extent permitted under Delaware law pursuant to our partnership agreement.
