HEI Nonemployee Directors Compensation Schedule Effective January 1, 2019
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Summary
This schedule outlines the compensation for nonemployee directors of Hawaiian Electric Industries, Inc. (HEI), American Savings Bank (ASB), and Hawaiian Electric Company (HECO), effective January 1, 2019. It details annual cash retainers, extra meeting fees, and annual equity grants for board and committee service. Compensation varies by role and board, with additional fees for extra meetings and prorated grants for new directors. Directors serving on multiple boards receive compensation allocated proportionally. The agreement ensures transparent and structured payment for nonemployee directors' service.
EX-10.14 3 heiexhibit1014201810-k.htm EXHIBIT 10.14 Exhibit
HEI Exhibit 10.14
Nonemployee Directors Compensation Schedule | ||
Effective January 1, 2019 | ||
HEI Board - Annual Cash Retainers (paid quarterly) | ||
Effective 1/1/2019 | ||
HEI Chairman of the Board | $250,000 | |
HEI Director | $75,000 | |
HEI Audit Committee Chair | $20,000 | |
HEI Audit Committee Member | $10,000 | |
HEI Compensation Committee Chair | $20,000 | |
HEI Compensation Committee Member | $10,000 | |
HEI NCG Committee Chair | $20,000 | |
HEI NCG Committee Member | $10,000 | |
ASB Board - Annual Cash Retainers (paid quarterly) *** | ||
ASB Directors who are not also HEI Directors | $45,000 | |
ASB Audit Committee Chair | $15,000 | |
ASB Audit Committee Member | $7,500 | |
ASB Risk Committee Chair | $20,000 | |
ASB Risk Committee Member | $10,000 | |
HECO Board - Annual Cash Retainers (paid quarterly) *** | ||
HECO Directors who are not also HEI Directors | $45,000 | |
HECO Audit Committee Chair | $15,000 | |
HECO Audit Committee Member | $7,500 | |
Extra Meeting Fees (per additional meeting) | ||
HEI Board Member | $1,500 | (A) |
HEI Audit Committee Member | $1,500 | (B) |
HEI Compensation Committee Member | $1,500 | (C) |
HEI NCG Committee Member | $1,500 | (C) |
HECO/ASB Board Member | $1,000 | (A) |
ASB Audit Committee Member | $1,000 | (B) |
HECO Audit Committee Member | $1,000 | (C) |
ASB Risk Committee Member | $1,000 | (C) |
(A) Earned per extra meeting, after attending 8 meetings during the calendar year | ||
(B) Earned per extra meeting, after attending 10 meetings during the calendar year | ||
(C) Earned per extra meeting, after attending 6 meetings during the calendar year | ||
HEI, ASB and HECO Boards - Equity Compensation *** | ||
HEI Director - annual grant (paid on last day of June) | shares valued at $100K | |
HECO and ASB only Directors - annual grant (last day of June) | shares valued at $55K | |
New Directors (one-time grant during first year of service -- prorated from start date to annual meeting) | portion of annual grant, prorated on start date | |
*** For ASB and HECO directors who are also HEI directors, ASB and HECO pay | ||
a pro rata portion of each such director's total compensation (cash and equity value). | ||
