2025 Non-Employee Director Compensation Policy
This agreement outlines the compensation for non-employee directors of the company for 2025. Each director will receive a $200,000 annual retainer, split evenly between cash (paid quarterly) and restricted stock units (awarded at the 2024 annual meeting and vesting at the 2025 meeting). Additional annual retainers are provided for directors serving as chairs of key committees or the board, with amounts ranging from $10,000 to $90,000 depending on the role.
Exhibit 10.23
Director Compensation
Each non-employee director of the Company shall receive for calendar year 2025 an annual retainer fee of $200,000, payable $100,000 in cash, quarterly in arrears, and $100,000 in restricted stock units generally to be awarded on the day of the 2024 annual meeting of shareholders subject to vesting on the date of the following year's annual meeting of shareholders (at the completion of the directors' elected terms). Non-employee directors with significant additional duties shall receive the following additional annual retainers: (i) $90,000 for the Chair of the Board of Directors; (ii) $17,500 for the Chair of the Audit Committee, (iii) $12,500 for the Chair of the Compensation and Management Development Committee, and (iv) $10,000 for the Chair of the Corporate Governance Committee.
