Summary of Non-Employee Director Compensation for New Jersey Resources Corporation
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Summary
This document outlines the compensation structure for non-employee directors of New Jersey Resources Corporation and its subsidiaries. Directors receive annual cash and equity retainers, with additional fees for serving as lead directors or committee chairs. Committee members and subsidiary board members also receive specific annual retainers. In extraordinary circumstances with excessive meetings, the board may approve extra per-meeting fees. Compensation is partly based on the company's stock price at the time of grant. The policy ensures directors are compensated for their roles and responsibilities across the company and its subsidiaries.
EX-10.1 2 exhibit101.htm EXHIBIT 10.1 - DIRECTOR COMPENSATION Exhibit
Exhibit 10.1
Summary of Non-Employee Director Compensation
Annual Cash Retainer Fee | $ | 68,000 | |||||
Lead Director Additional Annual Cash Retainer | $ | 20,000 | |||||
Annual Equity Retainer (in common stock equivalent)† | $100,000 | ||||||
Annual Retainer - Committee Member: | |||||||
Audit | $ | 12,000 | |||||
Leadership Development and Compensation Committee | $ | 6,000 | |||||
Nominating/Corporate Governance Committee | $ | 6,000 | |||||
Additional Annual Retainer for Committee Chairs: | |||||||
Audit | $ | 15,000 | |||||
Executive | $ | 15,000 | |||||
Leadership Development and Compensation | $ | 15,000 | |||||
Nominating/Corporate Governance | $ | 15,000 | |||||
Subsidiary Board Retainers:*
Annual Retainer- Subsidiary Board Member** $9,000
Additional Annual Retainer- Subsidiary Board Lead Director*** $15,000
In the event of extraordinary circumstances resulting in an excessive number of Board or Committee meetings beyond the typical number of meetings of a Board or Committee in a given year, the Board retains discretion to pay an additional per meeting fee of $1,500 to each attending non-employee director that is a member of such Board or Committee.
† The number of shares to be based upon the closing price of a share of the Company’s common stock on the date of the grant.
* Subsidiary Boards include the Boards of Directors for New Jersey Natural Gas, NJR Energy Services, NJR Clean Energy Ventures and NJR Energy Investments.
**Subsidiary Board Member Annual Retainers and any additional meeting fees are based upon each member only being compensated for one meeting when joint Boards of Directors meetings occur.
***Lead Directors of more than one subsidiary Board will only be paid a single annual retainer fee of $15,000 for service as Lead Director on those Boards.
