Description of Compensation Payable to Non-Employee Directors
EX-10.12 3 kmt630201810kex1012.htm EXHIBIT 10.12 Exhibit
Exhibit 10.12
Description of Compensation Payable to Non-Employee Directors
Prior Compensation as of July 1, 2016 | New Compensation effective as of July 1, 2018 | |
Annual Board Retainer(1) | ||
All Non-Employee Directors | $80,000 | $85,000 |
Annual Grant of Restricted Stock or Deferred Stock Credits(2) | ||
All Non-Employee Directors | $120,000 | $125,000 |
Additional Annual Cash Retainers(1) | ||
Non-Executive Chairman of the Board | $100,000 | $100,000 |
Audit Committee Chair | $15,000 | $15,000 |
Compensation Committee Chair | $10,000 | $12,000 |
Nominating/Corporate Governance Committee Chair | $8,000 | $10,000 |
(1) Directors’ fees are paid quarterly.
(2) For newly-elected Directors, the annual grant of Restricted Stock Units will be prorated dependent upon and subject to the time at which a Director is elected or appointed to the Board.
