Board of Director Compensation Fees and Expenses (effective as of May 21, 2014)
EX-10.1 2 noc-06302014xex101.htm NON-EMPLOYEE DIRECTOR COMPENSATION TERM SHEET NOC-06.30.2014-Ex101
Exhibit 10.1
Board of Director Compensation
Fees and Expenses
(effective as of May 21, 2014)
Retainer: | Retainer fees are paid quarterly, at the end of each quarter. Fees are as follows: |
Annual cash retainer: | $120,000 |
Additional retainer for Lead Independent Director: | $25,000 |
Additional retainer for Audit Committee: | $10,000 |
Additional retainer for Audit Committee chair: | $20,000 |
Additional retainer for Compensation Committee chair: | $15,000 |
Additional retainer for Governance Committee chair: | $15,000 |
Additional retainer for Policy Committee chair: | $7,500 |
Equity Grant: | Directors are awarded an annual retainer of $135,000 in deferred stock units, awarded quarterly. The deferred stock units will be paid at the conclusion of board service, or earlier, as specified by the director, if he has five or more years of service. |
Directors may elect to defer payment of all or a portion of their remaining annual cash retainer and other annual committee retainer fees into the deferred stock unit account.
