AEP Industries Inc. Summary of Non-Employee Director Compensation
AEP Industries Inc. outlines the compensation for its non-employee directors serving on the Board. Directors receive an annual retainer of $50,000, with additional payments for committee roles and meeting attendance. Committee chairs and members receive extra retainers, and all non-employee directors are granted restricted stock valued at $55,000 annually, which vests one year after the grant date. The stock is typically issued at the annual stockholders meeting, usually held in April.
Exhibit 10.9
AEP Industries Inc.
Summary of Non-Employee Director Compensation
The non-employee directors of AEP Industries Inc. receive the following compensation for service on the Company’s Board of Directors:
| Annual retainer: | ||||
| Board | $ | 50,000 | ||
| Additional retainer: | ||||
| Audit Committee-Chair | 15,000 | |||
| Audit Committee-Member | 8,000 | |||
| Compensation Committee-Chair | 10,000 | |||
| Nominating and Corporate Governance-Chair | 7,500 | |||
| Committee attendance fees per meeting (in person) | 1,500 | |||
| Annual grant of restricted stock ($ value) | 55,000 |
The restricted stock will vest upon the first anniversary of the grant date. The restricted stock will be issued generally on the date of the annual stockholders meeting, which historically has occurred in April.
