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Williams Pipeline GP LLC
Director Compensation Policy
Adopted August 19, 2008
Revised January 23, 2009
Revised May 26, 2009
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. Bi-Annual
Compensation Package
Subject to
adjustment as provided in Section IV below, for two periods
beginning on January 24 th of
each year and ending on July 23 rd of
the year as well as beginning on July 24
th and ending on January 23
rd of the following year (each “Bi-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
bi-annual compensation package (“Bi-Annual Compensation
Package”):
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1.
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$37,500 cash, subject to the
provisions of Section IV below, such cash compensation to be
paid on January 24 th and July 24
th
for an annual sum of
$75,000; and
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2.
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$2,500 cash each for service on the
conflicts and audit committees of the Board, subject to the
provisions of Section IV below, such cash compensation to be
paid on January 24th and July 24 th for an annual sum of
$5,000.
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II.
Conflicts Committee Fees
In addition to
the Bi-Annual Compensation Package, 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”).
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