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 2009.
For
service for the fiscal period from May 20, 2009, through approximately May 26,
2010, 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 attending 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