Rent-A-Center, Inc. Summary of Director Compensation

Summary

This document outlines the compensation structure for non-employee directors of Rent-A-Center, Inc. Non-employee directors receive an annual cash retainer, additional retainers for committee chairs and members, and fees for attending board and committee meetings. Directors are also reimbursed for meeting expenses. At the discretion of the Compensation Committee, directors may receive stock options, which vest immediately. The agreement specifies payment schedules and the terms for equity awards.

EX-10.13 4 d43717exv10w13.htm SUMMARY OF DIRECTOR COMPENSATION exv10w13

Exhibit 10.13

Rent-A-Center, Inc.
Summary of Director Compensation

Annual Retainers:

Non-employee directors each receive an annual retainer of $30,000. In addition, the chairperson of the Audit Committee receives an annual retainer of $7,500, and the chairpersons of each of the Compensation Committee and the Nominating and Corporate Governance Committee receives an annual retainer of $4,000. Members of the Audit Committee other than the chairperson receive an annual retainer of $4,000, and members of each of the Compensation Committee and the Nominating and Corporate Governance Committee receive an annual retainer of $2,000, 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 $2,000 for each Board of Directors meeting and $1,000 for each committee meeting attended in person and are reimbursed for their expenses in attending such meetings. Non-employee directors also each receive $500 for each telephonic Board of Directors or committee meeting attended.

Equity Awards:

At the discretion of the Compensation Committee, non-employee directors may receive options to purchase shares of Rent-A-Center, Inc. common stock on the first business day of each fiscal year. Historically, non-employee directors have received options to purchase 9,000 shares of Rent-A-Center common stock on the first business day for the first full fiscal year of service as a director, and options to purchase 5,000 shares of Rent-A-Center common stock on the first business day of each year thereafter. The exercise price of the options is the fair market value of shares of Rent-A-Center common stock on the grant date as defined under the applicable plan. These options vest and are exercisable immediately.