Contango Oil & Gas Company Director Compensation Plan (Effective October 1, 2013)

Contract Categories: Human Resources › Compensation Agreements
Summary

This plan outlines how Contango Oil & Gas Company compensates its non-employee directors. Directors receive annual cash retainers and meeting fees, with additional payments for committee chair roles. They also receive annual grants of restricted stock, which vest after one year. Directors must keep at least half of the stock granted in the past three years. The company reimburses reasonable travel expenses for board duties. Directors who are also company employees do not receive compensation for board service.

Read More Arrow
EX-10.66 2 exh1066boardofdirectorscom.htm CONTANGO OIL & GAS COMPANY DIRECTOR COMPENSATION PLAN Exh1066BoardofDirectorsCompensationPolicy10-1-2013


CONTANGO OIL & GAS COMPANY

Director Compensation Plan

(Effective 10/1/13)

Cash Compensation
•
Annual Retainer Fees (all payable quarterly, in arrears, with appropriate adjustments for partial periods)
◦
Board membership - $50,000 per year
◦
Non-Executive Board Chairman - $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
◦
No separate retainer fee for Investment Committee Chairman

•
Meeting Fees (all payable quarterly, in arrears)
o
Regular Board
▪
$1,000 per meeting attended in person (no fee for telephonic)
▪
No maximum per year
o
Committee Meetings
§
$1,000 per meeting attended in person (no fee for telephonic)
§
No maximum per year
§
Payable in addition to regular board meetings, even if on same day

Equity Compensation
•
Annual grants (with appropriate adjustments for partial periods)
o
$110,000 in Restricted Stock, vesting on the first anniversary of the date of grant
o
Pro-rated amount granted upon re-election at fall / winter 2013 annual stockholders meeting
o
Full amount granted upon re-election at annual stockholders meetings beginning spring 2014
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 Directors is required to maintain ownership of at least fifty percent (50%) of the equity granted within the last three calendar years for 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