Exhibit 10.1
Summary of Non-Employee Director Compensation
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| | | | | | | |
Annual Cash Retainer Fee | | $ | 68,000 | | |
| Lead Director Additional Annual Cash Retainer | | $ | 20,000 | | |
| | | | | |
| Annual Equity Retainer (in common stock equivalent)† | | |
| $100,000 |
| |
Annual Retainer - Committee Member: | | | |
| Audit | | $ | 12,000 | | |
| Leadership Development and Compensation Committee | | $ | 6,000 | | |
| Nominating/Corporate Governance Committee | | $ | 6,000 | | |
| | | | |
Additional Annual Retainer for Committee Chairs: | | | |
| Audit | | $ | 15,000 | | |
| Executive | | $ | 15,000 | | |
| Leadership Development and Compensation | | $ | 15,000 | | |
| Nominating/Corporate Governance | | $ | 15,000 | | |
Subsidiary Board Retainers:*
Annual Retainer- Subsidiary Board Member** $9,000
Additional Annual Retainer- Subsidiary Board Lead Director*** $15,000
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 the Boards of Directors for 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.
***Lead Directors of more than one subsidiary Board will only be paid a single annual retainer fee of $15,000 for service as Lead Director on those Boards.
