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. It details annual cash and equity retainers for independent directors, the Lead Director, committee chairs, and committee members. Additional compensation is specified for service on subsidiary boards and for extraordinary meeting attendance. The equity retainer is based on the company's stock price at the time of grant. The Board may approve extra meeting fees in exceptional circumstances. The policy applies to directors of both the main company and its listed subsidiaries.
EX-10.7 2 exhibit107.htm EXHIBIT Exhibit 10.7
Exhibit 10.7
Summary of New Jersey Resources Corporation Non-Employee Director Compensation
Annual Cash Retainer Fee (All independent directors except Lead Director): | $68,000 | ||
Annual Cash Retainer- Lead Director | $78,000 | ||
Annual Equity Retainer (in common stock equivalent)† | $71,000 | ||
Annual Retainer for Committee Chairs: | |||
Audit Committee Chair: | $22,000 | ||
Executive Committee Chair: | $10,000 | ||
Leadership Development and Compensation Committee Chair: | $16,000 | ||
Nominating/Corporate Governance Committee Chair: | $11,000 | ||
Annual Retainer - Committee Member: | |||
Audit Committee | $12,000 | ||
Leadership Development and Compensation Committee | $6,000 | ||
Nominating/Corporate Governance Committee | $6,000 | ||
Annual Retainer for Subsidiary Board Lead Director* | $5,000 | ||
Annual Retainer- Subsidiary Board Member | $9,000 | ||
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 New Jersey Natural Gas, NJR Energy Services, NJR Clean Energy Ventures, NJR Clean Energy Ventures II 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.
