Summary of Trustee Compensation
Contract Categories:
Human Resources
- Compensation Agreements
EX-10.20 2 eqc123118exhibit1024.htm EXHIBIT 10.20 Exhibit
Exhibit 10.20
EQUITY COMMONWEALTH
Schedule of Annual Independent Trustee Fees and Other Compensation
The independent trustees of Equity Commonwealth are entitled to the following annual compensation:
Annual Retainer - Cash | $60,000 | |
Annual Retainer - Equity Awards | Each independent trustee will receive, at the trustee's option, restricted common shares of EQC or time-based LTIP units in EQC Operating Trust, with a value of $100,000 on an annual basis, which shares or units will vest on the one-year anniversary of the grant date. | |
Lead Trustee Annual Retainer | $30,000 | |
Audit Committee Chair Annual Retainer | $20,000 | |
Compensation Committee Chair Annual Retainer | $15,000 | |
Nominating and Corporate Governance Committee Chair Annual Retainer | $15,000 | |
Audit Committee Member | $8,000 | |
Compensation Committee Member | $6,000 | |
Governance Committee Member | $6,000 | |
Reimbursements | Each independent trustee will be entitled to reimbursement for travel expenses related to a Board or Committee meeting. | |
Annual Compensation for Chairman of the Board of Trustees
The Chairman of the Board is entitled to the following annual compensation:
Annual Retainer - LTIC Awards | The Chairman of the Board will receive equity awards pursuant to the Company’s Long-Term Incentive Compensation Plan (the “LTIC Awards”). 33% of the target LTIC Awards will consist of, at the Chairman's option, restricted common shares of EQC or time-based LTIP units in EQC Operating Trust, subject to time-based vesting restrictions. 67% of the target LTIC Awards will consist of, at the Chairman's option, restricted stock units of EQC (“RSUs”) or performance-based LTIP units in EQC Operating Trust ("PB LTIP Units"), subject to time-based and performance-based vesting restrictions. The LTIC Awards issued to the Chairman of the Board will have a target value of $2,000,000. The number of RSUs or PB LTIP Units that will be earned by the Chairman of the Board, if any, will not be determined until the end of a three-year performance period, and therefore the actual value of any RSUs or PB LTIP Units could be higher or lower than the foregoing target level, depending on the Company’s achievement of the applicable performance criteria. | |
Reimbursements | The Chairman of the Board will be entitled to reimbursement for travel expenses related to company business and Board or Committee meetings. | |
