Director Compensation Summary for Non-Employee Directors
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Summary
This document outlines the compensation for non-employee directors of the company. Directors receive an annual retainer of $40,000, with additional retainers for committee chair roles and the non-employee Co-Chairman. Directors also earn meeting attendance fees and are reimbursed for related expenses. Compensation is paid partly in cash and partly in company shares, with options for directors to choose their preferred payment method. Non-employee directors are also granted restricted share units upon joining and after five years of service, which vest over three years.
EX-10.7 2 v52736exv10w7.htm EX-10.7 exv10w7
Exhibit 10.7
Director Compensation Summary
Persons elected at our annual meetings as directors and who hold no executive office with us or any of our affiliates are entitled to receive an annual retainer of $40,000 and a further retainer of $15,000 if such director acts as Chairman of our Audit Committee or $10,000 if such director acts as Chairman of our Compensation Committee, our Nominating & Corporate Governance Committee or our Strategic Advisory Committee. Effective April 6, 2009, the non-employee Co-Chairman of our board of directors is entitled to receive an additional annual retainer of $52,000 (payable 50% in cash and 50% in our common shares). Additionally, each non-employee director is entitled to receive an attendance fee of $1,400 for each meeting of the directors or any committee thereof, and to be reimbursed for reasonable fees and expenses incurred in connection with his or her service as a director. With the exception of the $52,000 non-employee Co-Chairman retainer, such retainers and fees paid to directors are provided, at the directors election, 50% in cash compensation with the remaining 50% payable in our common shares, or 100% payable in our common shares. Non-employee directors are granted 12,500 restricted share units upon joining our board of directors and an additional 12,500 restricted share units after five years of service on our board of directors. The restricted share units vest over three years from the date of grant and are payable upon vesting in an equal number of our common shares.