Aventine Renewable Energy Holdings, Inc. Director Compensation Policy
Aventine Renewable Energy Holdings, Inc. sets out its compensation policy for directors, providing an annual cash retainer of $50,000, with additional payments for the Board chairman and committee chairs. Directors also receive fees for attending Board and committee meetings. Equity compensation includes annual grants of restricted stock units (RSUs), which vest after one year and must be held until a director leaves the Board. The chairman receives additional RSUs. The CEO is excluded from these compensation terms.
Exhibit 10.4
Aventine Renewable Energy Holdings, Inc. Director Compensation
Cash Compensation
· $50,000 annual cash retainer, payable in equal quarterly installments;
· Additional $25,000 annual retainer to the chairman of the Board;
· Additional committee chair retainers of $10,000 per year for the chair of the audit committee and $5,000 for other committee chairs;
· $1,500 per Board meeting attended ($750 for telephonic meetings); and
· $750 per committee meeting attended, either in person or by phone.
Equity Compensation
· Annual grant at the beginning of each year in the amount of $35,000 in restricted stock units (“RSU”), which vest after one year of the grant;
· Additional annual grant at the beginning of each year in the amount of $40,000 RSU to the chairman of the Board;
· After vesting, RSU must be held for the duration of a director’s Board service, and they will only be converted into shares after retirement or other termination.
Note: the CEO will not be entitled to any of the foregoing terms.
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