Orion Marine Group, Inc. Non-Employee Director Compensation Program Summary (2008)
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Summary
Orion Marine Group, Inc. has established a compensation program for its non-employee directors, effective in 2008. The program provides annual cash retainers, additional fees for committee chairs and members, and meeting fees for regular board and committee meetings. Directors may also choose to receive annual equity grants in the form of restricted stock or stock options. The program includes reimbursement for travel and business expenses. This summary outlines the compensation structure and payment amounts for board and committee service.
EX-10.1 2 exhibit101.htm SUMMARY OF DIRECTOR COMPENSATION exhibit101.htm
Exhibit 10.1
Orion Marine Group, Inc.
Non-employees Director Compensation
On May 22, 2008, the Orion Marine Group, Inc. (“Company”) Board of Directors adopted the annual non-employee director compensation program (effective beginning in and for 2008) summarized below:
A. | Board of Directors |
1. | Cash Compensation |
a. | Annual Retainer: $35,000 (increase of $5000). |
b. | Additional Chairman Retainer: $25,000 (increase of $10,000). |
c. | Meeting Fee: $1,000 per regular meeting; no separate compensation for special meetings (unchanged). |
d. | Reimbursement of travel and related business expenses (unchanged). |
2. | Equity Compensation |
a. | At the particular director’s option, annual grants to each director of Company restricted stock or stock options with an economic value of $35,000 at the time of grant to each director. |
b. | Previously, there was not a program of periodic equity grants to directors. |
c. | Grants for 2008 will occur in early September 2008. |
B. | Audit Committee |
1. | Chair Annual Retainer: $12,500 (increase of $2,500). |
2. | Member Annual Retainer: $ 7,000 (unchanged). |
3. | Meeting Fee: $1,000 per regular meeting; no separate compensation for special meetings (unchanged). |
C. | Compensation Committee |
1. | Chair Annual Retainer: $7,000 (previously, no separate retainer). |
2. | Member Annual Retainer: $5,000 (unchanged). |
3. | Meeting Fee: $1,000 per regular meeting; no separate compensation for special meetings (unchanged). |
D. | Nominating & Governance Committee |
1. | Chair Annual Retainer: $7,000 (previously, no separate retainer). |
2. | Member Annual Retainer: $5,000 (previously, no retainer). |
3. | Meeting Fee: $1,000 per regular meeting; no separate compensation for special meetings (previously, no payment). |