Exhibit 10.7
Summary of New Jersey Resources Corporation Non-Employee Director Compensation
|
| |
| | |
| Annual Cash Retainer Fee (All independent directors except Lead Director): | $68,000 |
| Annual Cash Retainer- Lead Director | $78,000 |
| | |
| Annual Equity Retainer (in common stock equivalent)† | $65,000 |
Annual Retainer for Committee Chairs: | |
| Audit Committee Chair: | $22,000 |
| Executive Committee Chair: | $10,000 |
| Leadership Development and Compensation Committee Chair: | $16,000 |
| Nominating/Corporate Governance Committee Chair: | $11,000 |
| | |
Annual Retainer - Committee Member: | |
| Audit Committee | $12,000 |
| Leadership Development and Compensation Committee | $ 6,000 |
| Nominating/Corporate Governance Committee | $ 6,000 |
| Annual Retainer for Subsidiary Board Lead Director* | $ 5,000 |
| Annual Retainer for Subsidiary Board Member | $ 9,000 |
In the event of extraordinary circumstances resulting in an excessive number of Board or Committee meetings beyond the typical number of meetings of a Board or Committee in a given year, the Board retains discretion to pay an additional per meeting fee of $1,500 to each attending non-employee director that is a member of such Board or Committee.
† The number of shares to be based upon the closing price of a share of the Company's common stock on the date of the grant.
*Subsidiary Boards include New Jersey Natural Gas, NJR Energy Services, NJR Clean Energy Ventures and NJR Energy Investments.
**Subsidiary Board Member Annual Retainers and any additional meeting fees are based upon each member only being compensated for one meeting when joint Boards of Directors meetings occur.
