A. O. Smith Corporation Non-Employee Directors’ Compensation Summary (Effective July 9, 2018)
A. O. Smith Corporation outlines the compensation for its non-employee directors, effective July 9, 2018. Non-employee directors receive an annual cash retainer, with additional payments for committee memberships and chairperson roles, all paid quarterly. Directors also receive an annual award of company common stock valued at $125,000. The compensation structure varies based on committee assignments and leadership positions within the board.
Exhibit 10.1
SUMMARY OF DIRECTORS’ COMPENSATION
Effective July 9, 2018, compensation paid to non-employee directors of A. O. Smith Corporation is as follows: Directors will receive an annual cash retainer of $70,000, paid quarterly and the lead director will receive an annual cash retainer of $95,000, paid quarterly. Each Investment Policy Committee and Personnel and Compensation Committee member will receive an annual retainer of $13,000, paid quarterly. Each Nominating and Governance Committee member will receive an annual retainer of $10,500, paid quarterly. The Chairperson of these Committees receives an additional annual retainer of $12,000, paid quarterly. Each Audit Committee member receives an annual retainer of $23,500, paid quarterly with the Chairperson receiving an additional annual retainer of $17,500, paid quarterly. The annual award of shares of Common Stock to each director remains unchanged. Each director receives Common Stock with a market value of $125,000 on the date of the award.
