Prudential Financial, Inc. Non-Employee Director Compensation Summary (Effective January 1, 2008)
This document outlines the compensation plan for non-employee directors of Prudential Financial, Inc. Non-employee directors receive a one-time grant of $100,000 in company stock units upon joining the board, and an annual retainer of $200,000, half of which is automatically deferred in stock units until retirement. Additional retainers are provided for committee chairpersons, committee members, and the presiding director, with portions also deferred. Meeting fees are generally not paid, except for the Community Resources Committee. The plan specifies how and when compensation is paid and deferred.
Exhibit 10.1
Prudential Financial, Inc. Non-Employee Director Compensation Summary
(As adopted on October 9, 2007, effective January 1, 2008)
| Upon becoming a director, each non-employee director (a Director) receives a one-time grant of $100,000 in Prudential Financial stock units that are deferred until retirement from the Board. |
| Each Director receives an annual retainer of $200,000 of which 50% is automatically deferred in units of Prudential Financial stock payable upon retirement under The Prudential Deferred Compensation Plan for Non-Employee Directors. The remaining 50% may be deferred at the Directors option. |
| All Committee Chairpersons receive an additional $15,000 retainer (50% of which is automatically deferred in stock units). |
| Audit Committee members receive an annual committee retainer of $25,000 (50% of which is automatically deferred in stock units). |
| Members of each standing Board Committee other than the Audit committee and the Executive Committee, and of any non-standing committee of Directors that may be established from time to time, receive an annual committee retainer of $10,000 (50% or which is automatically deferred in stock units). |
| There are no meeting fees, other than fees for attending meetings of the Community Resources Committee (which generally meets on a day separate from Board meetings). Members of this committee receive $1,250 per meeting. |
| The Presiding Director receives a $25,000 retainer. |