LEGEND OIL AND GAS, LTD. SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION
Exhibit 10.1
LEGEND OIL AND GAS, LTD.
SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION
Effective February 7, 2012, non-employee directors receive the following compensation for their service on the Board of Directors and any committees of the Board of Directors:
Cash Compensation
| Position | Amount | |||
| Non-employee Director Board Meeting Attendance (in person or telephonic) | $ | 1,000 | ||
| Non-employee Committee Meeting Attendance (in person or telephonic) | $ | 1,000 | ||
| Chair of Board Committee Annual Retainer | $ | 3,000 | ||
Stock Options
Each non-employee director receives an annual stock option grant of 20,000 shares of common stock, with an exercise price equal to the fair market value of the common stock on the date of grant and a term of ten years. The stock options vest in full on the date of grant.
Expense reimbursement
Non-employee directors are reimbursed for travel, meals and accommodation expenses incurred for attending any Board meetings.
