FirstMerit Corporation Non-Employee Director Compensation Policy (Effective July 1, 2008)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation policy for non-employee directors of FirstMerit Corporation, effective July 1, 2008. It specifies annual retainers, additional fees for committee chairs and meeting attendance, and annual restricted share awards. New directors also receive a restricted share award upon appointment. The policy details the amounts paid for various roles and meeting types, ensuring transparency in director compensation.

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EX-10.22 18 l34889aexv10w22.htm EX-10.22 EX-10.22
Exhibit 10.22
DIRECTOR COMPENSATION
(Effective as of July 1, 2008)
     The following table describes the standard arrangements pursuant to which non-employee directors of FirstMerit Corporation will be compensated for their services.
     
Annual Retainer
  $27,000 annually
 
    
Audit Chair Retainer
  $10,000 annually
 
    
Lead Independent Director Retainer
  $60,000 annually and in addition to the Annual Retainer
 
    
Board Meeting Fees*
  $2,000
 
    
Audit Committee Chair Meeting Fees*
  $3,500
 
    
Audit Committee Meeting Fees*
  $2,500
 
    
Risk Committee Chair Meeting Fees*
  $3,500
 
    
Risk Committee Meeting Fees*
  $2,500
 
    
Compensation Committee Chair Meeting Fees*
  $3,100
 
    
Compensation Committee Meeting Fees*
  $1,550
 
    
Nominating and Corporate Governance Committee Chair Meeting Fees*
  $2,700
 
    
Nominating and Corporate Governance Committee Meeting Fees*
  $1,350
 
    
Executive Committee Chair Meeting Fees*
  $2,700
 
    
Executive Committee Meeting Fees*
  $1,350
 
    
Telephonic Meeting Fees*
  $750
 
    
Annual Restricted Share Award
  $24,000 Restricted Share Value
 
    
New Director Restricted Share Award
  $24,000 Restricted Share Value on the day after the effective date of the newly elected/appointed director.
 
*   Indicates fees paid on a per meeting basis.