Exhibit 10.1
Resolution of Board of Directors, June 7, 2013, establishing compensation for non-management directors
Proposed Piedmont Director Compensation Structure
Pay Component | Amount | |
Annual Board Retainer | $60,000* | |
Board Meeting Fee | $1,500* per meeting | |
Committee Meeting Fee | $1,500* per meeting | |
Annual Independent Lead Director Retainer | $17,500* | |
Annual Committee Chair Retainers | Audit: $15,000* Compensation: $9,375* Directors & Corporate Governance: $9,375* Benefits: $5,000* Finance: $5,000* | |
Annual Equity Grant | $75,000 | |
Initial Election Equity Grant (one-time grant for directors elected subsequent to August 20, 2003) | $15,500 |
* | Inclusive of the 25% stock match assuming the Director takes all of his or her retainers and attendance fees in the Company’s Dividend Reinvestment and Stock Purchase Plan. |
THEREFORE, LET IT BE RESOLVED, that the Board member compensation structure set forth above is approved and will be effective November 1, 2013.