Molex Incorporated Summary of Non-Employee Director Compensation
Molex Incorporated outlines the compensation for its non-employee directors, including an annual cash retainer of $70,000, additional fees for committee chairs and members, and annual equity grants of stock options and restricted stock. Directors may defer cash compensation into interest-bearing or stock unit accounts. Stock options and restricted stock vest over four years, starting one year after the grant date. Payments are made quarterly. This summary sets forth the key terms and structure of director compensation for Molex's board members who are not company employees.
EXHIBIT 10.6
Molex Incorporated
Summary of Non-Employee Director Compensation
Cash Compensation:
Annual Retainer: $70,000
Chair of Audit: $20,000
Other Audit Committee Members: $10,000
Chair of Compensation: $15,000
Chair of Corporate Governance and Nominating: $10,000
Chair of Technology: $10,000
Equity Compensation:
Stock Options: 5,000 shares of Class A Common Stock (annual grant)
Restricted Stock: $75,000 of Class A Common Stock (annual grant)
The annual retainer, committee chair fees and Audit Committee fees are payable quarterly in arrears at the end of January, April, July and October.
All or a portion of the cash compensation may be deferred under the Directors’ Deferred Compensation Plan. Deferrals may be invested in an interest-bearing account payable in cash, or in a stock unit account payable in shares of Molex Common Stock.
The stock options have an exercise price equal to the closing price of the Class A Common Stock on the grant date and vest ratably over four years commencing on the first anniversary of the grant date and expire ten years from the grant date.
With respect to the restricted stock grant, the number of Class A shares is based on the closing price of the Class A Common Stock on the grant date and the restricted stock vests ratably over four years commencing on the first anniversary of the grant date.
