AEP Industries Inc. Summary of Non-Employee Director Compensation
AEP Industries Inc. provides compensation to its non-employee directors for serving on its Board of Directors. Directors receive annual retainers, meeting fees, and additional compensation for committee roles, with payments made monthly. Directors may defer their compensation, which accrues interest at 8% per year. Additionally, each non-employee director is granted 2,000 stock options annually, which vest over five years as long as the director remains on the board.
Exhibit 10.2
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:
Participation Fees
| Annual retainer—Audit committee members. |
| $ | 43,000 |
|
| Annual retainer—Other |
| 35,000 |
| |
| Board meeting fee |
| 1,500 |
| |
| Audit, compensation, and nominating and corporate governance committee meetings |
| 1,200 |
| |
In addition to the annual retainer referred to above, the Chairman of the Compensation Committee receives an additional $5,000 annual retainer.
Retainer fees are paid in 12 equal monthly installments.
Each director has the option to defer payment of the foregoing compensation. Interest will accrue on the deferred compensation at a rate of 8% per annum until paid.
Stock Option Grants
The Company’s non-employee directors each receive an annual grant of 2,000 non-qualified stock options on the date of the annual meeting of stockholders. The stock options will vest in five equal installments on the first through fifth anniversaries of the grant date, provided such person continues to serve as a director of the Company on such respective dates.
