Summary of Non-Employee Director Compensation Effective January 1, 2020
This document outlines the compensation structure for non-employee directors of the company, effective January 1, 2020. It details annual cash retainers, restricted stock awards, and meeting fees for board service and committee roles, including additional compensation for lead directors, committee chairs, and committee members. The compensation includes both cash payments and restricted stock with a one-year vesting period. The agreement specifies the amounts for each role and type of service, ensuring transparency in director compensation.
Exhibit 10.3
Director Compensation
Effective January 1, 2020, non-employee director compensation is as follows:
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| Committee Service | ||||||||||
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| Nominating |
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| Board |
| Lead |
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| and |
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| Service |
| Director |
| Audit |
| Compensation |
| Governance |
| Sustainability | ||||||
| Annual retainer |
| $ | 75,000 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| Restricted stock (value), one year vesting |
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| 180,000 |
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| — |
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| — |
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| — |
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| — |
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| — |
| Lead annual retainer |
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| — |
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| 20,000 |
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| — |
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| — |
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| — |
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| — |
| Lead restricted stock (value) |
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| — |
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| 15,000 |
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| — |
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| — |
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| — |
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| — |
| Committee chair annual retainer |
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| — |
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| — |
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| 25,000 |
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| 15,000 |
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| 15,000 |
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| 15,000 |
| Committee chair restricted stock (value) |
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| — |
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| — |
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| 25,000 |
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| 15,000 |
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| 15,000 |
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| 15,000 |
| Committee member annual retainer |
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| — |
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| — |
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| 10,000 |
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| 5,000 |
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| 5,000 |
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| 5,000 |
| Meeting fee |
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| 1,500 |
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| — |
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| 1,500 |
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| 1,500 |
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| 1,500 |
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| 1,500 |
