Rent-A-Center, Inc. Summary of Director Compensation for Non-Employee Directors
Rent-A-Center, Inc. provides non-employee directors with an annual retainer of $30,000, paid quarterly. Directors also receive additional payments for attending board and committee meetings, both in person and by phone, and are reimbursed for related expenses. Non-employee directors are granted stock options: 9,000 shares upon starting their first full fiscal year and 5,000 shares each subsequent year, with options priced at fair market value and vesting immediately.
EXHIBIT 10.22
Rent-A-Center, Inc.
Summary of Director Compensation
Non-employee directors each receive an annual retainer of $30,000, payable in four equal installments on the first day of each fiscal quarter. Additionally, 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.
Non-employee directors receive options to purchase 9,000 shares of Rent-A-Center, Inc. common stock on the first business day of 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. These options vest and are exercisable immediately.
