Summary of HMEC Non-employee Director Compensation
EX-10.7 2 a33118ex107.htm EXHIBIT 10.7 Exhibit
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)(2) | |
Board Chairman Annual Retainer | $115,000 | |
Board Member Annual Retainer (other than Board Chairman) | $60,000 | |
Committee Chairman Annual Retainer | $25,000 Audit Committee $15,000 Compensation Committee $15,000 Customer Experience & Technology Committee $15,000 Investment & Finance Committee $12,000 Nominating & Governance Committee | |
Committee Member Annual Retainer (other than Committee Chairman) | $10,000 Audit Committee $ 7,500 all other Committees (3) | |
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 $95,000 in RSUs following the Annual Shareholder Meeting. $95,000 in RSUs if joining the Board within 6 months after the prior Annual Shareholder Meeting, $47,500 in RSUs if joining more than 6 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. |
(2) | Non-employee Directors may elect to defer cash compensation into RSUs. |
(3) | All other Committees except for the Executive Committee which is not paid an Annual Retainer. |
Last Revision Date: April 6, 2018
