Non-Employee Director Compensation Policy Effective January 2021
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Summary
This document outlines the compensation policy for non-employee directors of the company, effective January 2021. Directors receive an annual cash retainer of $65,000 and an annual equity award valued at $130,000 in restricted stock units. Additional fees are provided for serving as Lead Director ($20,000) or as a committee chair, with amounts varying by committee. Directors also earn $1,500 per meeting attended beyond 24 meetings in a year. New directors receive a pro-rated equity award based on their start date.
EX-10.AR 4 a202010kexhibit10ar.htm EX-10.AR Document
Exhibit 10(ar)
Non-Employee Director Compensation | ||||||||||||||
Effective January 2021 | ||||||||||||||
Board Member Fees: | ||||||||||||||
Annual Retainer: | $ | 65,000 | ||||||||||||
Annual Equity Award: | $ | 130,000 | (1)(2) | |||||||||||
$ | 195,000 | |||||||||||||
Lead Director Fee: | $ | 20,000 | ||||||||||||
Committee Chair Fees: | ||||||||||||||
Audit | $ | 15,000 | ||||||||||||
Compensation | $ | 15,000 | ||||||||||||
Nominating & Governance | $ | 10,000 | ||||||||||||
Regulatory & Compliance | $ | 15,000 | ||||||||||||
Meeting Fees: | $ | 1,500 | (3) | |||||||||||
(1) | Target Value of restricted stock units | |||||||||||||
(2) | New Directors receive an award of a pro-rated number of shares of the most recent annual grant based on the months remaining until the next annual grant | |||||||||||||
(3) | For meetings attended in excess of 24 in a year | |||||||||||||