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NON-EMPLOYEE DIRECTOR
COMPENSATION POLICY
Effective
May 20, 2009, each non-employee Director of Global Industries,
Ltd. (the “Company”) shall receive the following
compensation for each election cycle he or she is elected or
appointed to serve as a Director:
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1.
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Annual Cash Retainer
–
$60,000;
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2.
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Annual Equity Grant
– $100,000 in
Company common stock;
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3.
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Leadership Fee
– $20,000 for the
Lead Director and Audit Committee Chair and $10,000 for other
Committee Chairs;
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4.
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Annual Physical
– Reimbursement of
each non-employee Director and his or her spouse for the cost of an
annual physical at a medical facility to be selected or approved
from time to time by the Company, including any reasonable travel
expenses; and
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5.
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Expenses – Reimbursement of reasonable
out-of-pocket expenses incurred while fulfilling his or her duties
as a Director of the Company, including attending Company related
activities and attending any meeting or Committee meeting of the
Board of Directors.
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Compensation
will be paid to non-employee Directors as follows:
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1.
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Annual Cash Retainer
– The annual cash
retainer will be paid in two equal installments with the initial
payment made upon the Director’s election date and the second
payment on the six month anniversary of such date. In the event of
appointment during an election cycle, or if a Director serves less
than the full election cycle, the cash retainer will be pro-rated
based upon the months served during the cycle. Directors leaving
the Board who have received advance payment of the Cash Retainer
will be required to repay a pro-rata share
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