Nonemployee Director Compensation Schedule for HEI, ASB, HECO, MECO, and HELCO (Effective January 22, 2008)
This schedule outlines the compensation for nonemployee directors serving on the boards and committees of Hawaiian Electric Industries, Inc. (HEI), American Savings Bank (ASB), Hawaiian Electric Company (HECO), Maui Electric Company (MECO), and Hawaii Electric Light Company (HELCO). Directors receive annual retainers, additional fees for committee roles and extra meetings, and annual equity grants. Compensation varies by company, role, and committee participation, and is paid quarterly. The agreement also specifies one-time equity grants for new directors.
HEI Exhibit 10.14
Nonemployee Director's Compensation Schedule
Effective January 22, 2008
| HEI Board Compensation - paid quarterly | |||
| Role | Annual Retainer | ||
| HEI Chairman of the Board | $ | 250,000 | |
| HEI Director | $ | 40,000 | |
| HEI Audit Committee Chair | $ | 15,000 | |
| HEI Audit Committee Member | $ | 6,000 | |
| HEI Compensation Committee Chair | $ | 10,000 | |
| HEI Compensation Committee Member | $ | 4,000 | |
| HEI Nominating & Corporate Governance Committee Chair | $ | 5,000 | |
| HEI Nominating & Corporate Governance Committee Member | $ | 4,000 | |
| ASB Board Compensation - paid quarterly | |||
| Role | Annual Retainer | ||
| ASB Director | $ | 25,000 | |
| ASB Audit Committee Chair | $ | 12,500 | |
| ASB Audit Committee Member | $ | 5,000 | |
| HECO Board Compensation - paid quarterly | |||
| Role | Annual Retainer | ||
| HECO Director | $ | 25,000 | |
| HECO Audit Committee Chair | $ | 10,000 | |
| HECO Audit Committee Member | $ | 4,000 | |
| MECO and HELCO Board Compensation - paid quarterly | |||
| Role | Annual Retainer | ||
| Director | 500* | ||
| * per meeting fee, approved 1/22/08 | |||
| Additional Committee Meeting Fees | |||
| Role | Meeting Fee per Extra Meeting | ||
| HEI Audit Committee Member | $ | 1,250* | |
| HECO Audit Committee Member | $ | 750* | |
| HEI Compensation Committee Member | $ | 500* | |
| HEI Nominating & Corporate Governance Committee Member | $ | 500* | |
| * Earned per extra meeting, after attending the following minimum number of committee meetings during the calendar year: (8) Audit meetings (6) Compensation meetings; (6) Nominating & Corporate Governance meetings | |||
| Director Equity Compensation - annual grant | |||
| Role | Equity Retainer | ||
| HEI Director | 1,800 shares | ||
| New HEI Director (one-time grant) | 2,000 shares | ||
| HECO or ASB Director (who is not on HEI Board) | 1,000 shares | ||
| New HECO or ASB Director (who is not on HEI Board; one-time grant) | 1,000 shares | ||
