Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - TETRA TECHNOLOGIES INC | tti10k-20100301.htm |
| EX-21 - EXHIBIT 21 - TETRA TECHNOLOGIES INC | ex21.htm |
| EX-23.2 - EXHIBIT 23.2 - TETRA TECHNOLOGIES INC | ex23_2.htm |
| EX-32.1 - EXHIBIT 32.1 - TETRA TECHNOLOGIES INC | ex32_1.htm |
| EX-23.1 - EXHIBIT 23.1 - TETRA TECHNOLOGIES INC | ex23_1.htm |
| EX-31.2 - EXHIBIT 31.2 - TETRA TECHNOLOGIES INC | ex31_2.htm |
| EX-32.2 - EXHIBIT 32.2 - TETRA TECHNOLOGIES INC | ex32_2.htm |
| EX-23.3 - EXHIBIT 23.3 - TETRA TECHNOLOGIES INC | ex23_3.htm |
| EX-99.2 - EXHIBIT 99.2 - TETRA TECHNOLOGIES INC | ex99_2.htm |
| EX-99.1 - EXHIBIT 99.1 - TETRA TECHNOLOGIES INC | ex99_1.htm |
| EX-31.1 - EXHIBIT 31.1 - TETRA TECHNOLOGIES INC | ex31_1.htm |
| EX-10.13 - EXHIBIT 10.13 - TETRA TECHNOLOGIES INC | ex10_13.htm |
Exhibit 10.12
Summary
Description of the Compensation of
Non-Employee
Directors of TETRA Technologies, Inc.
On
December 17, 2009, the Board of Directors approved an increase of the monthly
cash retainers and meeting fees paid to directors who are not officers or
employees of TETRA Technologies, Inc. (Non-Employee Directors) as of January 1,
2010. Directors who are also officers or employees of TETRA Technologies, Inc.
(the Company) do not receive any compensation for duties performed as
Directors.
Effective January
1, 2010, each Non-Employee Director other than our Chairman of the Board, Ralph
S. Cunningham, receives the following cash compensation:
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·
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Monthly cash
retainer of $3,333.33.
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Meeting fees
of $1,500 for each Board meeting attended. In addition, members of the
Audit Committee, Management and Compensation Committee, Nominating and
Corporate Governance Committee, and Reserves Committee receive meeting
fees of $1,500 for each committee meeting attended. All meeting fees are
payable on the date of the meeting.
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Effective January
1, 2010, Dr. Cunningham receives a monthly cash retainer of $9,583.33. Dr.
Cunningham receives no additional compensation for attending meetings of the
committees or the Board, or for serving as our Chairman of the Board. Additional
annual cash retainers of $10,000 are paid to the chairmen of the Management and
Compensation Committee, the Nominating and Corporate Governance Committee, and
the Reserves Committee. An additional annual cash retainer of $15,000 is paid to
the chairman of the Audit Committee. All additional cash retainer amounts are
payable in quarterly installments.
Equity Compensation.
On May 20, 2009, each Non-Employee Director, including Dr. Cunningham, received
an award of 12,579 shares of restricted stock with an aggregate grant date fair
market value of $100,003. Twenty-five percent of the shares of restricted stock
so awarded vested on the date of grant, and additional 25% portions of the award
vested on August 20 and November 20, 2009, and February 20, 2010. It is
anticipated that future compensation arrangements approved by the Board will
include awards of grants of approximately $100,000 in value of restricted stock
to each Non-Employee Director on an annual basis, to be awarded on or about May
20 of each year.
Reimbursement of
Expenses. All Non-Employee Directors are reimbursed for out-of-pocket
travel expenses incurred in attending meetings of the Board and committees
(including travel expenses of spouses if they are invited by the Company).
Additionally, Non-Employee Directors traveling from out of state to Board or
committee meetings receive a $750 travel stipend.