when we use the terms Quest Energy, QELP, the Partnership, Successor, our, we, us and similar terms in a historical context prior to November 15, 2007, we are referring to Predecessor, and when we use such terms in a historical context on or after November 15, 2007, in the present tense or prospectively, we are referring to Quest Energy Partners, L.P. and its subsidiaries

EX-10.20 3 d66951exv10w20.htm EX-10.20 exv10w20

Exhibit 10.20

For the fiscal year ended 2008, the non-employee directors of Quest Energy GP, LLC (“Quest Energy GP”), the general partner of Quest Energy Partners, L.P. received the following compensation:

•

from January 1, 2008 to August 22, 2008:

		– a pro rated annual director fee of $32,000 per year;

		– a pro rated annual fee of $7,500 per year for the Audit Committee Chairperson;

		– a pro rated annual fee of $2,500 per year for any other committee chairperson;

•

from August 23, 2008 to December 31, 2008:

		– a pro rated annual director fee of $42,000 per year;

		– a pro rated annual fee of $30,000 per year for the Chairman of the Board;

		– a pro rated annual fee of $7,500 per year for the Audit Committee Chairperson; and

		– a pro rated annual fee of $2,500 per year for any other committee chairperson.

Additionally, the Chairman of the Board, a non-employee director, received a $30,000 pro rated fee based on length of service.

In March 2009, Quest Energy GP’s board of directors approved a change to the structure of the non-employee directors’ compensation, effective January 1, 2009, based on the recommendation of the Compensation Committee as follows:

	•		annual director fee of $125,000 per year;

	•		annual fee of $10,000 per year for the Audit Committee chairperson; and

	•		annual fee of $5,000 per year for any other committee chairperson.

Additionally, the Chairman of the Board, a non-employee director, will receive an annual fee of $30,000 per year. No equity awards will be paid to the non-employee directors for 2009.