Exhibit 10.21

CONTANGO OIL & GAS COMPANY

Director Compensation Plan

(Effective 7/01/20)

Cash Compensation

● Annual Retainer Fees (payable quarterly, in arrears, with adjustments for partial periods)

o Board membership - $50,000 per year

o Audit Committee Chairman - $15,000 per year

o Compensation Committee Chairman - $10,000 per year

o Nominating & Governance Committee Chairman - $9,500 per year

● Meeting Fees (payable quarterly, in arrears)

o Regular Board

◾ $1,000 per meeting attended in person or telephonically

◾ No maximum per year

o Committee Meetings

◾ $1,000 per meeting attended in person or telephonically

◾ No maximum per year

◾ Payable in addition to regular board meetings, even if on same day

● At the discretion of the Board of Directors, quarterly cash fees due may be paid in vested common stock, in lieu of cash, valued on a 5-day VWAP on the date of grant

Equity Compensation

● Annual grants (with appropriate adjustments for partial periods)

o $110,000 in Restricted Stock, payable upon re-election to the Board at each annual shareholder’s meeting

o Annual stock grants vest on the first anniversary of the date of grant assuming director is still a member of the Board

o Pro-rated amount granted upon initial election for new members

o All pro-rated grants based on portion of service year remaining between date of grant and the next May 31^st

Other

● Each Director is required to maintain ownership of at least fifty percent (50%) of the equity granted within the last three years of service on the Board

● Payment of reasonable travel expenses associated with Board and Committee Meeting attendance

● No Director who is an employee of the Company will be compensated for service as a member of the Board of Directors or any committee of the Board of Directors