EXHIBIT 10.24

 

Description of Director Compensation

(Effective 10/1/13)

 

Compensation Element

 

Terms or Amounts

 

 

 

General Board Service — Cash

 

·    Board retainer: $50,000

·    Board meeting fees: none

 

 

 

General Board Service — Equity

 

·    Initial grant: Shares equal to a Black Scholes value of $300,000, with 70%
of the value issued in stock-settled stock appreciation rights (“SS-SARs”) and
30% of the value issued in restricted stock units (“RSUs”). Black Scholes value
to be based on value used for most recent annual executive compensation
analysis.

 

·    Annual grant: Shares equal to a Black Scholes value of $150,000, with 70%
of the value issued in stock-settled stock appreciation rights (“SS-SARs”) and
30% of the value issued in restricted stock units (“RSUs”). Black Scholes value
to be based on value used for most recent annual executive compensation
analysis.

 

 

 

Equity Vesting

 

·    Initial grant:

SS-SARs: 4-year vest; 25% cliff vest after one year and monthly thereafter.

RSUs: 4-year vest; 50% on the two year anniversary and 50% on the four year
anniversary of the grant date.

·    Annual grant: 100% vest on the one year anniversary of the grant date.

·    If a director resigns from the Board effective at an annual meeting that is
no more than 30 days prior to the vesting date of a grant, the director shall
vest in that portion of the grant vesting on such vesting date.

·    Directors are eligible for an annual grant in their first year of service
only if they have served as a Board director for at least 6 months prior to the
annual grant.

 

 

 

Board Chair Compensation

 

·    $20,000 additional Board Service retainer (i.e., total Board Service
retainer of $70,000).

·    Receives same Committee member/chair retainers and equity awards as other
Directors.

 

 

 

Lead Independent Director Compensation

 

·    $20,000 additional Board Service retainer (i.e., total Board Service
retainer of $70,000).

·    Receives same Committee member/chair retainers and equity awards as other
Directors.

 

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Committee Service Compensation

 

·    Any Board member who participates in the following Board committees shall
receive the following additional retainer compensation:

 

 

 

 

Committee

 

Chair

 

Member

 

 

Audit

 

$

20,000

 

$

10,000

 

 

Compensation

 

$

15,000

 

$

5,000

 

 

Corporate Governance & Nominating

 

$

10,000

 

$

2,500

 

 

Operating Committee

 

$

20,000

 

$

10,000

 

 

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