PowerSecure International, Inc. Non-Employee Director Compensation Summary

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation plan for non-employee directors of PowerSecure International, Inc. Directors receive a monthly cash retainer, additional fees for serving as Board or Committee Chair, and meeting fees. Upon joining, directors are granted restricted stock valued at $100,000, vesting over three years. Continuing directors receive annual restricted stock grants valued at $50,000, vesting quarterly over one year. The plan specifies payment limits for meeting fees and details how stock grant values are determined.

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EX-10.23 2 c13893exv10w23.htm EXHIBIT 10.23 Exhibit 10.23
Exhibit 10.23
POWERSECURE INTERNATIONAL, INC.
Summary Sheet of Compensation of Non-Employee Directors
     
Cash Retainer:
  $3,000 per month 
 
    
Board Chairman Fees:
  $15,000 per year 
 
    
Committee Chairman Fees:
  $7,500 per year 
 
    
Meeting Fees:
  $1,500 per meeting of a Committee of the Board, provided that only one meeting fee is payable per day, regardless of how many meetings are held on that day 
 
    
Restricted Stock Grants:
  Upon initial election or appointment, $100,000 in fair market value (based upon the average closing sale price of the Common Stock for the 12 months preceding the date of grant, as reported on its principal trading stock exchange or market) of restricted shares of Common Stock, vesting in three equal annual installments commencing on the first anniversary of the date of election or appointment
 
    
 
  For continuing directors, on an annual basis on the date of each Annual Meeting of Stockholders, $50,000 in fair market value (based upon the closing sale price of the Common Stock as reported on its principal stock trading exchange or market on the date of grant) of restricted shares of Common Stock, vesting in four equal quarterly installments commencing three months after the date of grant