Unifi, Inc. Director Compensation Policy (Effective September 1, 2023)
Unifi, Inc. has established a compensation policy for its independent directors, providing an annual retainer of $100,000, with up to half payable in cash and the remainder in company stock. Additional annual retainers are provided for committee chairs and the Lead Independent Director, with payment options in cash or stock. Directors are also reimbursed for reasonable meeting expenses. Stock units may be issued in lieu of shares, and compensation for new directors is prorated. Only independent directors are eligible for compensation under this policy.
Exhibit 10.1
UNIFI, INC.
DIRECTOR COMPENSATION POLICY
Each director, who is considered “independent” within the meaning of the Director Independence Standards adopted by the Board of Directors (the “Board”) of Unifi, Inc. (the “Company”), which are inclusive of Section 303A.02 of the New York Stock Exchange Listed Company Manual, will receive the following compensation for service on the Board:
A director may be issued stock units, in lieu of shares of the Company’s common stock, which would be payable upon the director’s cessation of service as a member of the Board. The number of any shares of the Company’s common stock or stock units granted to a director shall be determined based on the fair market value of the Company’s common stock on the date of the director’s election to the Board, and the number of shares of the Company’s common stock underlying any stock option granted to a director shall be determined based on the Black-Scholes value of the Company’s common stock on the option grant date.
Any independent director who is initially appointed or elected to the Board other than at the annual meeting of shareholders will receive his or her annual retainer calculated on a pro rata basis based upon the period between the date of such appointment or election and the anticipated date of the next annual meeting of shareholders.
Directors who are not determined to be “independent” as defined above will receive no compensation for serving as directors.
Adopted by the Board, effective as of September 1, 2023