Non-Employee Director Compensation Policy
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Summary
This policy outlines the compensation for non-employee directors of the company. Directors receive an annual cash retainer of $35,000 and an annual equity award of $180,000 in restricted stock units (RSUs), with new directors receiving an initial equity award of $360,000. Additional fees are provided for serving as committee chairs or members, and the board chair receives a $75,000 premium. Directors are expected to hold company stock equal to four times the annual cash retainer, to be achieved within five years.
EX-10.3 3 ef20015295_ex10-3.htm EXHIBIT 10.3
Exhibit 10.3
Compensation Policy for Non-Employee Directors
| Compensation Element | Compensation |
| | |
| Board Annual Cash Retainer | $35,000 |
| | |
| Initial Equity Award (for new directors) | $360,000 (2x Annual) |
| | |
| Annual RSU Award | $180,000 |
| | |
| Total Board Comp (Sum of: Annual Cash Retainer + Annual Equity Award) | $215,000 |
| | |
| Audit Committee Chair Audit Committee Member | $20,000 $10,000 |
| | |
| Comp Committee Chair Comp Committee Member | $15,000 $7,500 |
| | |
| Nom/Gov. or other Committee Chair Nom/Gov. or other Committee Member | $7,500 $3,000 |
| | |
| Additional Premium for Board Chair | $75,000 |
| | |
| Stock Ownership Guidelines | 4x annual cash retainer Time to achieve: 5 years |
