Contango Oil & Gas Company Director Compensation Plan (Effective July 1, 2020)
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Summary
This agreement outlines the compensation plan for directors of Contango Oil & Gas Company, effective July 1, 2020. Directors receive annual cash retainers, additional fees for chairing committees, and meeting attendance fees, with the option for payment in vested stock. Directors also receive annual restricted stock grants that vest after one year, provided they remain on the board. Directors must retain at least 50% of equity granted in the past three years. Reasonable travel expenses are reimbursed. Employees serving as directors are not eligible for this compensation.
EX-10.21 4 mcf-20201231ex10216b0f0.htm EX-10.21 GULFWEST ENERGY COMPANY, INC
Exhibit 10.21
CONTANGO OIL & GAS COMPANY
Director Compensation Plan
(Effective 7/01/20)
Cash Compensation
| ● | Annual Retainer Fees (payable quarterly, in arrears, with adjustments for partial periods) |
| o | Board membership - $50,000 per year |
| o | Audit Committee Chairman - $15,000 per year |
| o | Compensation Committee Chairman - $10,000 per year |
| o | Nominating & Governance Committee Chairman - $9,500 per year |
| ● | Meeting Fees (payable quarterly, in arrears) |
| o | Regular Board |
| ◾ | $1,000 per meeting attended in person or telephonically |
| ◾ | No maximum per year |
| o | Committee 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 |
| o | Annual stock grants vest on the first anniversary of the date of grant assuming director is still a member of the Board |
| o | Pro-rated amount granted upon initial election for new members |
| o | All pro-rated grants based on portion of service year remaining between date of grant and the next May 31st |
Other
| ● | 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 |
