Piedmont Board of Directors Compensation Resolution (June 7, 2013)

Contract Categories: Human Resources › Compensation Agreements
Summary

This resolution, adopted by the Board of Directors of Piedmont, establishes the compensation structure for non-management directors effective November 1, 2013. It outlines annual retainers, meeting fees, committee chair retainers, and equity grants for directors, including special provisions for the Independent Lead Director and new directors. Compensation amounts are specified and include a 25% stock match if directors opt for payment through the company's Dividend Reinvestment and Stock Purchase Plan.

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EX-10.1 2 d591551dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

Resolution of Board of Directors, June 7, 2013, establishing compensation for non-management directors

Proposed Piedmont Director Compensation Structure

 

Pay Component

   

Amount

Annual Board Retainer    $60,000*
Board Meeting Fee    $1,500* per meeting
Committee Meeting Fee    $1,500* per meeting
Annual Independent Lead Director Retainer    $17,500*
Annual Committee Chair Retainers   

Audit:                             $15,000*

Compensation:                 $9,375*

Directors & Corporate Governance: $9,375*

Benefits:                           $5,000*

Finance:                           $5,000*

Annual Equity Grant    $75,000
Initial Election Equity Grant (one-time grant for directors elected subsequent to August 20, 2003)    $15,500

 

* Inclusive of the 25% stock match assuming the Director takes all of his or her retainers and attendance fees in the Company’s Dividend Reinvestment and Stock Purchase Plan.

THEREFORE, LET IT BE RESOLVED, that the Board member compensation structure set forth above is approved and will be effective November 1, 2013.