Mitcham Industries, Inc. Summary of Non-Employee Director Compensation (as of July 31, 2015)
This document outlines the compensation structure for non-employee directors of Mitcham Industries, Inc. as of July 31, 2015. Non-employee directors receive an annual cash retainer, with additional fees for serving as the Non-Executive Chairman or as members or chairpersons of the Audit and Compensation Committees. Directors also receive a fee for each board meeting attended. Additionally, the Board may grant stock options or restricted stock at its discretion under the company's equity compensation plans.
Exhibit 10.13
MITCHAM INDUSTRIES, INC.
SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION
(AS OF JULY 31, 2015)
Retainer/Fees
Each non-employee director is entitled to receive the following compensation:
| • | an annual cash retainer fee of $28,000 per year, plus an additional $48,000 for the Non-Executive Chairman of the Board of Directors; |
| • | an additional cash retainer of $7,500 per year for each member of the Audit Committee, plus an additional $5,000 per year for the chairperson of the Audit Committee; |
| • | an additional cash retainer of $4,000 per year for each member of the Compensation Committee, plus an additional $4,000 per year for the chairperson of the Compensation Committee; |
| • | an additional fee of $2,000 for each Board of Directors meeting attended, including telephonic meetings. |
Equity-Based Compensation
In addition to cash compensation, non-employee directors are eligible, at the discretion of the full Board of Directors, to receive discretionary grants of stock options or restricted stock or any combination thereof under Mitcham Industries, Inc.’s equity compensation plans.
