Safeguard Scientifics, Inc. Non-Employee Director Compensation Summary (2019)
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Summary
Safeguard Scientifics, Inc. outlines how its non-employee directors are compensated. Through September 30, 2019, directors received annual cash retainers for board and committee service. Starting October 1, 2019, these payments are made in company stock, calculated based on the average share price over 20 trading days before the grant. Directors are paid quarterly and reimbursed for meeting and education expenses. Each director also receives an annual grant of restricted stock valued at $75,000, which vests immediately for those aged 65 or older, or after one year or upon reaching age 65.
EX-10.7 2 sfe201910kex107.htm EXHIBIT 10.7 Exhibit
SAFEGUARD SCIENTIFICS, INC.
COMPENSATION SUMMARY - NON-EMPLOYEE DIRECTORS
Through September 30, 2019, each of our non-employee directors was compensated for his or her service as a director through cash payments as shown in the table below:
Annual Board Retainers (for a full year of Board service): | |||
Chairman of the Board | $100,000 | ||
Other Directors | $50,000 | ||
Additional Annual Chairperson Retainers (for a full year of committee service): | |||
Audit Committee | $15,000 | ||
Compensation Committee | $10,000 | ||
Nominating & Corporate Governance Committee | $10,000 | ||
Effective for the periods beginning October 1, 2019, the foregoing amounts for services as a director were no longer paid in cash payments. In lieu of cash payments, such amounts are paid in the form of our common stock based upon the average closing price of a share of our common stock on the New York Stock Exchange composite tape for the 20 consecutive trading days immediately preceding the grant date.
Directors’ fees are paid quarterly, in arrears, and retainers are prorated based on actual days of service relative to a full year of Board service or the service period during which the fees were in effect. We also reimburse our directors for expenses they incur to attend our Board and committee meetings and for attendance at one director continuing education program during each calendar year or the reasonable cost of one year’s membership in an organization that is focused on director education.
Each non-employee director also receives an annual service grant of shares of restricted stock having a value of $75,000, based upon the average closing price of a share of our common stock on the New York Stock Exchange composite tape for the 20 consecutive trading days immediately preceding the grant date. The shares of restricted stock are fully vested at grant for those directors who have reached age 65 and otherwise shall vest 100% on the earlier of the first anniversary of the grant date or the director’s attainment of age 65.
