Hanover Compressor Company Schedule of Compensation for Non-Employee Directors (Effective July 21, 2006)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation plan for non-employee directors of Hanover Compressor Company, effective July 21, 2006. It specifies annual retainers for board and committee chairs, meeting attendance fees, and the grant of time-vested restricted stock. Directors receive reimbursement for all travel and business expenses. Restricted stock vests over three years but vests immediately if there is a change in control. Directors must hold the stock while serving, except for tax purposes.

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EX-10.8 8 h38091exv10w8.htm SCHEDULE OF COMPENSATION FOR NON-EMPLOYEE DIRECTORS exv10w8  

EXHIBIT 10.8
HANOVER COMPRESSOR COMPANY
Schedule of Compensation for Non-Employee Directors
(Effective July 21, 2006)
     
 
Annual Retainer
  $30,000
 
Committee Chairman Annual Retainer
    
 
      Audit Committee
  $15,000
 
      Compensation Committee
  $15,000
 
      Finance Committee
  $10,000
 
      Governance Committee
  $10,000
 
Board Chairman Annual Retainer
  $120,000
 
Attendance Fee
  $1,500 paid for all in-person and telephonic board and committee meetings.
 
Restricted Stock
  Time-vested restricted stock valued at approximately $105,000 on the date of grant and subject to the terms of 2006 Stock Incentive Plan. The shares vest one-third per year over a three-year period, subject however, to immediate vesting in the event of a change in control.
 
    
 
  Directors are required to hold the shares until they cease to serve as a director (except to the extent necessary to meet the associated tax obligation).
 
Reimbursement of Travel Expenses
  100% of travel and other expenses while on company business.