Summary of HMEC Non-employee Director Compensation
EX-10.7 3 a63021ex107.htm EX-10.7 Document
The compensation program for non-employee Directors is shown in the following table:
Non-Employee Director Compensation(1)
|Board Chairman Annual Retainer||$125,000|
|Board Member Annual Retainer |
(other than Board Chairman)
|Committee Chairman Annual Retainer|
$25,000 Audit Committee
$15,000 all other Committees(2)
|Technology Liaison Annual Retainer||$10,000|
|Share-based Compensation||Fair value on the date of the respective awards is used to determine the number of Restricted Stock Units ("RSUs") awarded.|
An annual award of $110,000 in RSUs following the Annual Shareholder Meeting. $110,000 in RSUs if joining the Board within six months after the prior Annual Shareholder Meeting, $55,000 in RSUs if joining more than six months after the prior Annual Shareholder Meeting but before the next Annual Shareholder Meeting.
All awards have a 1-year vesting period.
|Basic Group Term Life Insurance||Premium for $10,000 face amount|
|Business Travel Accident Insurance||Premium for $100,000 coverage|
(1) Annual retainer fees are paid following the Annual Shareholder Meeting each year. The annual retainer fees are prorated to the extent that a non-employee Director joins the Board after the Annual Shareholder Meeting. Non-employee Directors may elect to defer cash compensation into RSUs.
(2) The Executive Committee Chair is not paid an Annual Retainer.
Last Revision Date: May 20, 2021