Summary of 2020 Non-Director Employee Compensation Plan

Contract Categories: Human Resources - Compensation Agreements

Exhibit 10.1
Summary of Non-Employee Director Compensation Effective January 2020

Annual Cash Retainer Fee       $78,000
Lead Director Additional Annual Cash Retainer $25,000
Annual Equity Retainer (in common stock equivalent)† $110,000
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.