Summary of HMEC Non-employee Director Compensation
Contract Categories:
Human Resources
- Compensation Agreements
EX-10.7 2 a63022ex107.htm EX-10.7 Document
Exhibit 10.7
Director Compensation
The compensation program for non-employee Directors is shown in the following table:
| Compensation Element | Non-Employee Director Compensation(1) | ||||
| Board Chairman Annual Retainer | $145,000 | ||||
| Board Member Annual Retainer (other than Board Chairman) | $75,000 | ||||
| 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 $115,000 in RSUs following the Annual Shareholder Meeting. $115,000 in RSUs if joining the Board within six months after the prior Annual Shareholder Meeting, $57,500 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 25, 2022
