Director Compensation Plan Exhibit A – Board and Committee Retainers and Equity Grants (as of May 4, 2023)
This document outlines the compensation structure for directors of the company as of May 4, 2023. Directors receive an annual cash retainer of $90,000, with additional cash retainers for serving as committee chairs or members. No meeting fees are provided. Directors are also granted restricted stock, valued at $145,000 (or $265,000 for the non-executive Chairman), based on the company's stock price, with shares vesting one year after the grant date.
Exhibit 10.1
Exhibit A to Director Compensation Plan
Cash Board Retainers as of May 4, 2023
| Annual Board retainer | $ | 90,000 | ||
| Committee Chair retainers: | ||||
| • Audit Committee Chair | $ | 25,000 | ||
| • Compensation Committee Chair | $ | 20,000 | ||
| • Governance Committee Chair | $ | 15,000 | ||
| Committee Member retainers: | ||||
| • Audit Committee Member | $ | 2,000 | ||
| • Compensation Committee Member | $ | 2,000 | ||
| • Governance Committee Member | $ | 2,000 |
Meeting Fees
None
Equity grants as of May 4, 2023
Restricted stock determined by dividing $145,000 (except for non-executive Chairman, who shall receive $265,000) by the 20-day volume weighted average price (VWAP) of the Company’s common stock on the New York Stock Exchange as of the date immediately preceding the Company’s Annual Meeting of Stockholders. Restricted stock will vest upon the first anniversary of the grant date.
