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Williams Pipeline GP LLC
Director Compensation Policy
Adopted August 19, 2008
Compensation
of Directors
Members of the
Board of Directors (the “Board”) of Williams Pipeline
GP LLC (the “Company”) who are also officers or
employees of affiliates of the Company shall receive no additional
compensation for serving on the Board or Board
committees.
I. Annual
Compensation Package
Subject to
adjustment as provided in Section V below, for their service
on the Board for the period beginning on January 24 of each
year and ending on January 23 of the following year
(“Annual Compensation Period”), directors who are not
officers or employees of the Company or its affiliates (each a
“Non-Employee Director” and collectively
“Non-Employee Directors”) shall receive the following
annual compensation package (“Annual Compensation
Package”):
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1.
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$50,000 cash;
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2.
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$25,000 in Restricted Units valued
as of the grant date designated below; and
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3.
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$5,000 cash each for service on the
conflicts and audit committees of the Board.
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Subject to the
provisions of Section V below, annual cash compensation
amounts shall be paid as of January 24 of each year and annual
compensation in the form of Restricted Units shall be granted as of
January 24 of each year.
II.
Conflicts Committee Fees
In addition to
the Annual Compensation Package, effective beginning
August 19, 2008, each Non-Employee Director serving as a
member of the conflicts committee shall receive $1,250 cash for
each conflicts committee meeting where the member is present,
minutes have been recorded, and substantive business was conducted
at the meeting (“Conflicts Committee Fee”).
Conflicts
Committee Fees shall be paid on January 24 each year for
qualifying meetings held during the preceding twelve
(12) months (or the shorter period beginning August 19,
2008 with respect to the first payment only). To enable timely
payment of meeting fees, a schedule detailing the number of
qualifying meetings held during the prior twelve (12) months,
as well as the members present at each meeting, will be provided to
the Company’s corporate secretary no later than January 9 of
each year.
In addition,
each Non-Emplo
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