Newfield Exploration Company Non-Employee Director Compensation Schedule (Effective May 7, 2010)

Summary

This document outlines the compensation structure for non-employee directors of Newfield Exploration Company, effective for annual periods beginning on or after May 7, 2010. Directors receive an annual cash retainer, additional fees for committee chair roles, and an annual stock award in restricted stock that vests before the next annual meeting. The compensation also includes a lead director fee. The document compares these terms to those from the prior year and references the company's proxy statement for further details on the restricted stock plan.

EX-10.23 5 h69746exv10w23.htm EX-10.23 exv10w23

Exhibit 10.23

Newfield Exploration Company
Non-Employee Director Compensation


	For Annual Periods beginning		For the Annual Period beginning
	on or after May 7, 2010		May 7, 2009
Annual Cash Retainer	$	50,000	$	50,000

Meeting Attendance Fees	None		• $1,500 for Board and Committee meetings if not on same day as Board meeting ($750 if telephonic) • $1,000 if on same day as Board but substantial time required

Committee Chair Fee	• Audit: $15,000 • Compensation & Management Development: $15,000		• Audit: $15,000 • Compensation & Management Development: $15,000
	• Nominating & Corporate Governance: $7,500		• Nominating & Corporate Governance: $6,000

Annual Stock Award¹	• $150,000 of value in restricted stock • Vests day before next annual meeting		• $100,000 of value in restricted stock • Vests day before next annual meeting

Annual Lead Director Fee	$	30,000	$	15,000


¹		For a description of the Non-Employee Director Restricted Stock Plan, see the “Non-Employee Director Compensation” and “Approval of the Newfield Exploration Company 2009 Non-Employee Director Restricted Stock Plan” sections of Newfield Exploration Company’s Proxy Statement for its May 7, 2009 Annual Meeting of Stockholders, which was filed with the Securities and Exchange Commission on March 16, 2009.