Mariner Energy, Inc. Non-Employee Director Compensation Policy (August 2007)

Contract Categories: Human Resources › Compensation Agreements
Summary

Mariner Energy, Inc. has established a compensation policy for its non-employee directors, effective May 9, 2007. Non-employee directors receive annual cash fees, additional fees for serving as committee chairpersons, and per-meeting attendance fees. They are also granted annual restricted stock awards valued at $150,000, which vest over three years, and a one-time performance/retention stock grant valued at $50,000, vesting in 2010. This policy outlines the structure and timing of both cash and equity compensation for non-employee board members.

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EX-10.3 2 h48871exv10w3.htm COMPENSATION OF NON-EMPLOYEE DIRECTORS exv10w3  

Exhibit 10.3
MARINER ENERGY, INC.
COMPENSATION OF
NON-EMPLOYEE DIRECTORS
On August 8, 2007, the Board of Directors (the “Board”) of Mariner Energy, Inc. (the “Company”) approved the following compensation of non-employee members of the Board:
1. Effective May 9, 2007, cash compensation of non-employee members of the Board is as follows:
                 
    Fee per    
    Service   Period
Fee Description   ($)   Covered
Non-employee director
     60,000     Annual
Chairman of audit committee
     20,000     Annual
Chairman of compensation committee
     15,000     Annual
Chairman of committee other than audit and compensation committees
     10,000     Annual
Board meeting (attendance in person or by phone)
     2,000     Per meeting
Committee meeting (attendance in person or by phone)
     1,500     Per meeting
2. The following equity compensation for each non-employee member of the Board to be made under the Company’s Second Amended and Restated Stock Incentive Plan:
An annual grant of restricted shares of the Company’s common stock (“Common Stock”) having a market value, determined by the last reported sales price for a share of Common Stock on the New York Stock Exchange on the last trading date prior to the date of grant, of $150,000, with one-third of the shares under each such grant to vest on each of the next three regularly-scheduled annual meetings of the Company’s stockholders following the date of grant, with such grants to be made as of August 9, 2007, and annually thereafter on the date of the regularly-scheduled annual meeting of the Company’s stockholders.
A special one-time performance/retention grant of shares of restricted Common Stock having a market value, determined by the last reported sales price for a share of Common Stock on the New York Stock Exchange on the last trading date prior to the date of grant, of $50,000, with all shares under such grants to vest on the date of the 2010 regularly-scheduled annual meeting of the Company’s stockholders, with such grants to be made as of August 9, 2007.