TECO Energy, Inc. Compensatory Arrangements with Non-Management Directors (Effective January 1, 2010)
TECO Energy, Inc. has established compensation terms for its non-management directors, effective January 1, 2010. Directors receive an annual retainer of $35,000, with additional retainers for committee chairs. They are also paid fees for attending board and committee meetings. Each director receives an annual grant of 3,000 shares of restricted stock, vesting over three years. The company covers or reimburses directors for expenses related to meetings.
Exhibit 10.22
Compensatory Arrangements with Non-Management Directors
(effective January 1, 2010)
| Annual Retainer | $35,000 | |
| Additional Annual Retainer for Audit Committee Chair | $10,000 | |
| Additional Annual Retainer for Other Committee Chairs | $7,500 | |
| 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 three equal annual installments | |
TECO Energy, Inc. also pays for or reimburses directors for their meeting-related expenses.
