NON-EMPLOYEE INDEPENDENT DIRECTOR COMPENSATION EFFECTIVE JANUARY 1, 2014
EX-10.38 2 pe201510-kxexhibit1038.htm NON-EMPLOYEE INDEPENDENT DIRECTOR COMPENSATION EFFECTIVE JANUARY 1, 2014 Exhibit
Exhibit 10.38
NON-EMPLOYEE INDEPENDENT DIRECTOR COMPENSATION
EFFECTIVE JANUARY 1, 2014
The following table provides information on the compensation of Puget Sound Energy’s nonemployee independent directors approved by the Board of Directors on June 26, 2014 and continuing until modified. Puget Sound Energy also reimburses directors for the out-of-pocket expenses of attending meetings. Directors who are employed by Puget Sound Energy or the investor consortium do not receive any compensation for their Board activities.
DIRECTOR COMPENSATION FOR SERVICE ON THE BOARDS OF PUGET SOUND ENERGY AND ITS AFFILIATED ENTITIES | |||
Quarterly Board Chair Retainer | $13,750 | ||
Quarterly Board Member Retainer | 27,500 | ||
Additional Quarterly Retainer for Audit Committee Chair | 2,500 | ||
Additional Quarterly Retainer for Audit Committee Members | 1,000 | ||
Additional quarterly retainer for Compensation and Leadership Development Committee Chair | 2,000 | ||
Additional Quarterly Retainer for Governance and Public Affairs Committee Chair | 1,500 | ||
Fee for Each Board and Committee Meeting Attended | 1,600 | ||
Fee for Each Telephonic Meeting Attended Lasting 60 Minutes or Less | 800 | ||
In addition to the compensation listed in the table above, the Company’s nonemployee directors are eligible to participate in Puget Sound Energy’s Deferred Compensation Plan for Nonemployee Directors. Directors annually may elect to defer all or a part of their fees payable in cash.
