Contango Oil & Gas Company Director Compensation Plan

Contract Categories: Human Resources - Compensation Agreements
EX-10.21 4 mcf-20201231ex10216b0f0.htm EX-10.21 GULFWEST ENERGY COMPANY, INC

Exhibit 10.21


Director Compensation Plan

(Effective 7/01/20)

Cash Compensation

Annual Retainer Fees (payable quarterly, in arrears, with adjustments for partial periods)
oBoard membership - $50,000 per year
oAudit Committee Chairman - $15,000 per year
oCompensation Committee Chairman - $10,000 per year
oNominating & Governance Committee Chairman - $9,500 per year

Meeting Fees (payable quarterly, in arrears)
oRegular Board
$1,000 per meeting attended in person or telephonically
No maximum per year
oCommittee Meetings
$1,000 per meeting attended in person or telephonically
No maximum per year
Payable in addition to regular board meetings, even if on same day

At the discretion of the Board of Directors, quarterly cash fees due may be paid in vested common stock, in lieu of cash, valued on a 5-day VWAP on the date of grant

Equity Compensation

Annual grants (with appropriate adjustments for partial periods)
o$110,000 in Restricted Stock, payable upon re-election to the Board at each annual shareholder’s meeting
oAnnual stock grants vest on the first anniversary of the date of grant assuming director is still a member of the Board
oPro-rated amount granted upon initial election for new members
oAll pro-rated grants based on portion of service year remaining between date of grant and the next May 31st


Each Director is required to maintain ownership of at least fifty percent (50%) of the equity granted within the last three years of service on the Board

Payment of reasonable travel expenses associated with Board and Committee Meeting attendance

No Director who is an employee of the Company will be compensated for service as a member of the Board of Directors or any committee of the Board of Directors