HEI Exhibit 10.14

 

Nonemployee Directors Compensation Schedule

Changes Effective January 1, 2011

 

 

 

Effective 1/1/2011

 

Until 12/31/2010

 

HEI Board - Annual Cash Retainers (paid quarterly)

 

 

 

 

 

HEI Chairman of the Board

 

$

250,000

 

 

 

HEI Director

 

$

65,000

 

$

40,000

 

HEI Audit Committee Chair

 

$

15,000

 

 

 

HEI Audit Committee Member

 

$

6,000

 

 

 

HEI Compensation Committee Chair

 

$

15,000

 

$

10,000

 

HEI Compensation Committee Member

 

$

6,000

 

$

4,000

 

HEI Nominating & Corporate Governance Committee Chair

 

$

10,000

 

$

5,000

 

HEI Nominating & Corporate Governance Committee Member

 

$

4,000

 

 

 

 

 

 

 

 

 

ASB Board - Annual Cash Retainers (paid quarterly) ***

 

 

 

 

 

ASB Directors who are not also HEI Directors

 

$

40,000

 

$

25,000

 

ASB Audit Committee Chair

 

$

12,500

 

 

 

ASB Audit Committee Member

 

$

5,000

 

 

 

 

 

 

 

 

 

HECO Board - Annual Cash Retainers (paid quarterly) ***

 

 

 

 

 

HECO Directors who are not also HEI Directors

 

$

40,000

 

$

25,000

 

HECO Audit Committee Chair

 

$

10,000

 

 

 

HECO Audit Committee Member

 

$

4,000

 

 

 

 

 

 

 

 

 

HEI, ASB and HECO Committees - Extra Meeting Fees (per add’l meeting attended)

 

 

 

 

 

HEI Audit Committee Member

 

$

1,500

*

$

1,250 after 8 mtgs

 

ASB Audit Committee Member**

 

$

1,000

**

 

 

HECO Audit Committee Member**

 

$

750

**

 

 

HEI Compensation Committee Member

 

$

1,500

*

$

500 after 6 mtgs

 

HEI Nominating & Corporate Governance Committee Member

 

$

1,500

*

$

500 after 6 mtgs

 

 

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* Earned per extra meeting, after attending 6 meetings during the calendar year

**Earned per extra meeting, after attending 8 meetings during the calendar year

 

HEI, ASB and HECO Boards - Equity Compensation ***

 

 

 

 

 

HEI Director - annual grant (paid on last day of June)

 

shares valued at $75K

 

1,800 shares

 

New HEI Director (one-time grant during first year of service)

 

shares valued at $75K, prorated on start date

 

2,000 shares

 

HECO and ASB only Directors -annual grant (last day of June)

 

shares valued at $40K

 

1,000 shares

 

New HECO and ASB only Directors (one-time grant during first year of service)

 

shares valued at $40K, prorated on start date

 

1,000 shares

 

 

*** For ASB and HECO directors who are also HEI directors, ASB and HECO will pay
a pro rata portion of each such director’s total compensation (cash and equity
value).

 

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