Continental Resources, Inc. Summary of Non-Employee Director Compensation (Effective October 1, 2020)

Contract Categories: Human Resources › Compensation Agreements
Summary

Continental Resources, Inc. outlines compensation for its non-employee directors, effective October 1, 2020. Non-employee directors receive an annual cash retainer of $97,000, with the Lead Director receiving an additional $12,000. Directors who are also employees do not receive these retainers. Non-employee directors are also granted restricted stock valued at $240,000 annually, with a one-year vesting period, under the company's 2013 Long-Term Incentive Plan. Directors are required to own company stock equal to at least five times the base retainer and must retain all granted shares until this requirement is met.

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EX-10.1 2 ex101-3q2020.htm EX-10.1 Document
Exhibit 10.1
Continental Resources, Inc.
Summary of Non-Employee Director Compensation
Approved July 30, 2020
Effective as of October 1, 2020


Retainers

Non-employee directors of Continental Resources, Inc. (the “Company”) receive the following compensation as of the date indicated above:
•An annual cash retainer of $97,000 per year;
•The Lead Director is paid an additional annual retainer of $12,000;

•There are no cash retainers or fees paid in connection with any non-employee director’s service on any of the Board committees, whether as a committee chairman or regular committee member.


Harold Hamm, Bill Berry and Shelly Lambertz who are directors and employees will not receive any of the retainers described above.

Equity-Based Compensation

After October 1, 2020, non-employee directors are expected to receive grants of restricted stock with a vesting period of one year pursuant to the terms of the Continental Resources, Inc. 2013 Long-Term Incentive Plan (the “2013 Plan”). The number of shares granted is at the discretion of the Board of Directors. The targeted grant value for annual non-employee director restricted stock grants remains unchanged at $240,000. The Company’s Board of Directors has adopted a common stock ownership requirement for non-employee directors. Each non-employee director is expected to own shares of the Company’s common stock with a market value equal to at least five times the base annual retainer. Until the common stock ownership guideline is achieved, each non-employee director is expected to retain 100% of the shares received as a result of restricted shares granted under the 2013 Plan and/or the Continental Resources, Inc. 2005 Long-Term Incentive Plan (the predecessor to the 2013 Plan). Shares owned directly by, or held in trust for, the non-employee director or his or her immediate family members residing in the same household and unvested restricted shares are included in the calculation of market value.