Summary of Annual Director Compensation for Rent-A-Center Board Members
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Summary
This document outlines the compensation for non-employee directors of Rent-A-Center. Directors receive annual cash retainers, additional fees for committee roles, and $2,500 for each board meeting attended in person, plus reimbursement for expenses. Each director also receives an annual deferred stock award valued at $85,000 under the 2006 Long-Term Incentive Plan, which vests immediately but is issued after the director leaves the board. Payments are made quarterly.
EX-10.11 5 exhibit1011-annualdirector.htm SUMMARY OF DIRECTOR COMPENSATION WebFilings | Exhibit1011-AnnualDirectorCompensation
Exhibit 10.11
Annual Director Compensation
Annual Retainers:
Each non-employee director: | $ | 40,000 | |
Lead Director | 20,000 | ||
Chairperson of the Audit Committee: | 16,000 | ||
Other Audit Committee Members: | 9,000 | ||
Chairperson of the Compensation Committee: | 12,000 | ||
Other Compensation Committee Members: | 6,000 | ||
Chairperson of the Nominating/Corporate Governance Committee: | 8,000 | ||
Other Nominating/Corporate Governance Committee Members: | 6,000 | ||
All retainers are payable in cash, in four equal installments on the first day of each fiscal quarter.
Meeting Fees:
Non-employee directors each receive $2,500 for each Board of Directors meeting attended in person and are reimbursed for their expenses in attending such meetings.
Equity Award:
Annually, each director shall receive a deferred stock award pursuant to the 2006 Long-Term Incentive Plan, consisting of the right to receive shares of Rent-A-Center common stock. The award shall be valued at $85,000 and be fully vested upon issuance. The shares covered by the award will be issued upon the termination of the director’s service as a member of the Board.
