TECO Energy, Inc. Compensatory Arrangements for Non-Management Directors
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Summary
This agreement outlines the compensation structure for non-management directors of TECO Energy, Inc. Directors receive an annual retainer of $50,000, with additional retainers for committee chairs and the Chairman of the Board. They are also paid fees for attending board and committee meetings. Each director receives an annual grant of 3,000 restricted stock shares, which vest after one year. TECO Energy, Inc. covers or reimburses directors for expenses related to attending meetings.
EX-10.24 4 d442708dex1024.htm COMPENSATORY ARRANGEMENTS Compensatory Arrangements
Exhibit 10.24
Compensatory Arrangements with Non-Management Directors
| Annual Retainer | $50,000 | |
| Additional Annual Retainer for Audit Committee Chair | $10,000 | |
| Additional Annual Retainer for Other Committee Chairs | $7,500 | |
| Additional Annual Retainer for Chairman of the Board | $150,000 | |
| Board Meeting Attendance Fees | $750 per meeting (applicable to TECO Energy, Inc. and Tampa Electric Company Board meetings) | |
| Committee Meeting Attendance Fees | $1,500 per meeting | |
| Restricted Stock | Annual grant of 3,000 shares, which vest in one installment on the first anniversary of the date of grant | |
TECO Energy, Inc. also pays for or reimburses directors for their meeting-related expenses.
