Summary of Non-Employee Director Compensation Effective September 1, 2020
This document outlines the compensation structure for non-employee directors of the company, effective September 1, 2020. Non-employee directors receive an annual cash retainer and may receive equity-based awards. Additional cash retainers are provided for serving as chair or member of certain board committees, including Audit, Compensation, Nominating and Governance, and Sustainability. Payments are made quarterly, either in advance or arrears, depending on the type of compensation. The agreement specifies the amounts for each role and type of service.
Exhibit 10.11
Director Compensation
Effective September 1, 2020, non-employee director compensation is paid in cash in quarterly installments in advance as follows:
| | | | | | | | Committee Service | ||||||||||
| | | | | | | | | | | | | | Nominating | | | | |
| | Board | | | | | | | | | | and | | | | |||
|
| Service |
| Chairman |
| Audit |
| Compensation |
| Governance | | Sustainability | ||||||
Annual retainer (1) | | $ | 80,000 | | $ | 100,000 | | $ | — | | $ | — | | $ | — | | $ | — |
Equity-based awards (2) | |
| 165,000 | |
| — | |
| — | |
| — | |
| — | | | — |
Committee chair annual retainer (1) | |
| — | |
| — | |
| 25,000 | |
| 10,000 | |
| 10,000 | | | 10,000 |
Committee member annual retainer (1) | |
| — | |
| — | |
| 10,000 | |
| 5,000 | |
| 5,000 | | | 5,000 |