Exhibit 10.1
Summary of Non-Employee Director Compensation
| Annual Cash Retainer Fee | | $68,000 |
| | | |
| Lead Director Additional Annual Cash Retainer | | $25,000 |
| | | |
| Annual Equity Retainer (in common stock equivalent)† | | $110,000 |
| | |
| 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.
