Goodrich Petroleum Corporation Non-Employee Director Compensation Summary
Goodrich Petroleum Corporation outlines the compensation for its non-employee directors. Each director receives a $10,000 annual cash retainer, $1,000 for each board meeting attended, and $500 for each committee meeting attended. Additionally, directors are granted common stock valued at $30,000 annually. The chairman of the Audit Committee receives an extra $15,000 cash retainer, while the chairman of the Compensation Committee receives an extra $5,000. This summary sets forth the payment structure and benefits for non-employee board members.
Exhibit 10.49
GOODRICH PETROLEUM CORPORATION
NON-EMPLOYEE DIRECTOR COMPENSATION SUMMARY
Each non-employee director receives the following compensation:
| • | an annual cash retainer fee of $10,000; |
| • | a meeting fee of $1,000 for each Board meeting attended and $500 for each committee meeting attended; |
| • | an annual grant of common stock equal to $30,000 (based on the average closing price of our common stock for 20 trading days preceding the annual meeting of stockholders); |
| • | an additional cash retainer of $15,000 for the chairman of the Audit Committee; and |
| • | an additional cash retainer of $5,000 for the chairman of the Compensation Committee. |
