EXHIBIT
10.30
SUMMARY
OF COMPENSATION ARRANGEMENTS FOR
NON-EMPLOYEE
DIRECTORS
The
following is a summary of the standard compensation arrangements for the
non-employee members of the Board of Directors of St. Mary Land &
Exploration Company (the “Company”) for 2008.
For
service for the fiscal period from May 22, 2008, through approximately May 20,
2009, the total annual target base compensation for each non-employee
director is $160,000. The non-executive Chairman of the
Board receives an additional $60,000 retainer for his service as Chairman,
making his total annual compensation $220,000. This base compensation
is in the form of restricted stock. The market price on the date of
grant determines the number of shares that are issued to the
director. The grants vest over the one-year Board service period and
carry a one-year holding period restriction following the expiration of the
vesting period as imposed by the Company. In addition to the base
compensation, the Board members are paid meeting attendance fees and committee
chairpersons are paid an additional cash retainer.
The
meeting attendance fees paid to the non-employee directors is as
follows:
1. Payment
of $750 for each Board meeting attended.
2. Directors serving
on a committee are paid $600 for each committee meeting attended and $375 for
each telephonic committee meeting.
3. Directors are
reimbursed for expenses incurred in attanding Board and committee
meetings.
The
committee chairs will receive the following cash payments in recognition of the
additional workload of their respective committee assignments. These
amounts are to be paid at the beginning of the annual service
period.
1. Audit
Committee - $15,000
2. Compensation
Committee - $10,000
3. Nominating
and Corporate Governance Committee - $5,000