Piedmont Board of Directors Compensation Resolution, June 3, 2011

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, 2011. It outlines annual retainers, meeting fees, committee chair retainers, and equity grants for board members, including additional compensation for the independent lead director and committee chairs. The compensation includes both cash and equity components, with an option for directors to receive payments through the company's Dividend Reinvestment and Stock Purchase Plan.

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EX-10.1 2 d224982dex101.htm RESOLUTION OF BOARD OF DIRECTORS Resolution of Board of Directors

Exhibit 10.1

Resolution of Board of Directors, June 3, 2011, establishing compensation for non-management directors

 

Proposed Piedmont Director Compensation Structure
Pay Component   Amount
Annual Board Retainer   $45,000*
Board Meeting Fee   $1,500* per meeting
Committee Meeting Fee   $1,500* per meeting

Annual Independent Lead

Director Retainer

   $15,000*

Annual Committee Chair

Retainers

  

Audit:

$10,000*

Compensation:

$9,375*

Directors & Corporate

Governance: $9,375*

Benefits:

$5,000*

Finance:

$5,000*

Annual Equity Grant   $55,000

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, 2011.