Trico Marine Services, Inc. Schedule of Director Compensation Arrangements
This document outlines the compensation structure for directors of Trico Marine Services, Inc. Directors receive annual fees, paid quarterly, with additional compensation for the Chairman of the Board and committee chairpersons. Directors are also paid per meeting attended, including telephonic meetings, and receive restricted share grants upon appointment and potentially annual equity awards. International travel for board and committee meetings is compensated as a single additional meeting. The arrangement specifies payment timing and the types of compensation directors can expect for their service.
Exhibit 10.10
TRICO MARINE SERVICES, INC.
Board and Committee Compensation
| All Directors Except | Chairman of the Board | Chairman of Audit | Chairman of | Chairman of | ||||||
| Fees: | $25,000 per year payable quarterly in advance (4 installments of $6,250 each) | $20,000 per month payable monthly in advance | $20,000 per year payable quarterly in advance (4 installments of $5,000 each) | $5,000 per year payable quarterly in advance (4 installments of $1,250 each) | $5,000 per year payable quarterly in advance (4 installments of $1,250 each) |
Meeting fees: $1,500 per meeting, including committee meetings and telephonic attendance
Initial Share Grant: 5,000 restricted shares for initial grant on Effective Date of bankruptcy exit
Annual Share/Option Grant: to be determined from time to time by the Board of Directors for award, concurrent with the annual shareholder’s meeting, for the Chairman of the Board and the other non-management directors
International Travel: international travel to and from board and committee meetings (for committee members) occurring on or about the same dates will be compensated as a single additional meeting
