Contango Oil & Gas Company Director Compensation Plan

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

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Annual Retainer Fees (payable quarterly, in arrears, with adjustments for partial periods)

Board membership - $50,000 per year

Audit Committee Chairman - $15,000 per year

Compensation Committee Chairman - $10,000 per year

Nominating & Governance Committee Chairman - $9,500 per year

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Meeting Fees (payable quarterly, in arrears)

Regular Board

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$1,000 per meeting attended in person or telephonically

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No maximum per year

Committee Meetings

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$1,000 per meeting attended in person or telephonically

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No maximum per year

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Payable in addition to regular board meetings, even if on same day

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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

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Annual grants (with appropriate adjustments for partial periods)

$110,000 in Restricted Stock, payable upon re-election to the Board at each annual shareholder’s meeting

Annual stock grants vest on the first anniversary of the date of grant assuming director is still a member of the Board

Pro-rated amount granted upon initial election for new members

All pro-rated grants based on portion of service year remaining between date of grant and the next May 31^st

Other

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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

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

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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