Legend Oil and Gas, Ltd. Summary of Non-Employee Director Compensation (Effective February 7, 2012)
Legend Oil and Gas, Ltd. provides non-employee directors with compensation for their service on the Board and its committees. Directors receive $1,000 for each Board or committee meeting attended, a $3,000 annual retainer for serving as a committee chair, and an annual grant of 20,000 stock options that vest immediately and have a ten-year term. Directors are also reimbursed for travel, meals, and accommodation expenses related to Board meetings.
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.
