Summary of Independent Director Compensation Program for Board of Directors

Summary

This document outlines the compensation program for independent directors serving on the Board. Directors receive an annual cash retainer of $30,000 and $50,000 in restricted units, paid semi-annually. Additional annual retainers are provided for chairing the Audit, Compensation, or Conflicts Committees. Directors also earn $1,500 for each board or committee meeting attended. Compensation is prorated for new directors or those who resign mid-year. Restricted units vest upon retirement or termination from the Board.

EX-10.1 2 dex101.htm SUMMARY OF THE INDEPENDENT DIRECTOR COMPENSATION PROGRAM Summary of the Independent Director Compensation Program

Exhibit 10.1

Board of Directors

Independent Director’s Compensation


	Compensation	Timing of Payment⁽¹⁾
Annual Board Retainer: Cash Restricted Units⁽²⁾	$30,000 $50,000 (number of units determined on the semi-annual payment date)	Semi-annual payment of all retainers as of January 1^st and July 1^st
Chairman Retainer Fees: Audit Committee Compensation Committee Conflicts Committee	$15,000 $10,000 $10,000	Semi-annual payment of all retainers as of January 1^st and July 1^st
Meeting Fees: Board Meeting Fees Committee Meeting Fees	$1,500 per meeting $1,500 per meeting	Semi-annual payment of all meeting fees as of June 30^th and December 15^th

⁽¹⁾	For newly elected directors, the annual unit and cash retainers are payable pro-rata for the year of election. Directors who resign prior to a payment date will receive a pro-rate retainer at time of resignation.

⁽²⁾	Restricted Units are phantom units that vest upon retirement or termination from the Board.