TECO Energy, Inc. Compensatory Arrangements for Non-Management Directors
This agreement outlines the compensation and benefits for non-management directors of TECO Energy, Inc. Directors receive an annual cash retainer of $75,000, with additional retainers for specific roles such as Non-Executive Chairman and committee chairs. They are also granted restricted stock units valued at $80,000 annually, vesting after one year. Directors may receive meeting attendance fees under certain conditions and can participate in a matching contributions program for charitable donations. The company also covers meeting-related expenses for directors.
Exhibit 10.25
Compensatory Arrangements with Non-Management Directors
| Annual Cash Retainer | $75,000 |
|
Additional Annual Cash Retainer for Non-Executive Chairman of the Board |
$150,000 |
|
Additional Annual Cash Retainer for Audit Committee Chair |
$10,000
|
|
Additional Annual Cash Retainer for Other Committee Chairs |
$7,500 |
|
Board and Committee Meeting Attendance Fees |
No meeting attendance fees for up to five board and five committee meetings attended. $1,500 attendance fee for meetings attended over that number. |
|
Restricted Stock Units |
Annual grant having a value of $80,000, which vest in one installment on the first anniversary of the date of grant |
|
Director Matching Contributions Program |
Contributions by non-management directors to eligible non-profit organizations are matched dollar-for-dollar by the Corporation, in an amount not to exceed $10,000 per calendar year for each such director. |
TECO Energy, Inc. also pays for or reimburses directors for their meeting-related expenses.
