Board Compensation Policy for Independent Directors of Evolve
This document outlines the compensation structure for Independent Directors of Evolve for fiscal year 2020. Directors receive a $35,000 annual cash retainer, paid quarterly, plus fees for attending board and committee meetings. Additional retainers are provided for committee chairs. Independent Directors are also eligible for a basic health benefits package similar to that offered to Evolve employees. Compensation is prorated for directors who serve only part of a quarter.
Exhibit 10.14
Board Compensation for Directors*
Type of Compensation | Amount |
Board Cash Retainer+ | Fiscal 2020: $35,000, payable quarterly on the last day of each fiscal quarter, commencing January 1, 2020+ |
Board Meeting Fees | $1,500 for each meeting attended |
Committee Meeting Fees | $1,000 for each substantive meeting of the Audit Committee attended |
| $3,500 for each substantive meeting of the Conflicts Committee attended |
Committee Chair Retainer | $3,500 for Audit Committee Chair, payable quarterly on the last day of each fiscal quarter+ |
| $2,500 for Conflicts Committee Chair, payable quarterly on the last day of each fiscal quarter+ |
Other Benefits | Independent Directors are eligible to participate in a basic health benefits package similar to that available to Evolve employees. |
* | Includes all persons serving as Independent Directors as of the beginning of each quarterly period. |
+ | For any person who ceases to serve during the fiscal quarter prior to such payment date, such person shall receive a pro rata amount for the portion of the fiscal quarter so served. |
