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Exhibit 10.1
SUMMARY SHEET OF DIRECTOR COMPENSATION
The following summary sets forth annual rates of cash and equity compensation for non-management directors, as adopted at the May 7, 2019, April 9, 2020, May 15, 2020, June 29, 2020 and May 25, 2021 Board meetings. At the April 9, 2020 meeting, the Board reduced all cash compensation by 50% to reflect a reduced rate for quarterly pay periods in response to the economic downturn and uncertainty caused by the COVID-19 pandemic. At the May 15, 2020 meeting, the Board approved the equity compensation for the Lead Director and modified the methodology used for granting equity compensation to all non-management directors. At the June 29, 2020 meeting, the Board reinstated the cash compensation rates to levels that existed prior to the April 9, 2020 meeting. At the May 25, 2021 meeting, the Board did not change the existing cash compensation rates, but did change the methodology used for granting equity compensation to non-management directors, as described below. 
 
																																																			
																	
	Compensation Item	  	Annual
Compensation
Rates
Approved
May 7, 2019	 	  	Annual
Compensation
Rates
Approved
April 9, 2020	 	  	Annual
Compensation
Rates
Approved
May 15, 2020	 	  	Annual
Compensation
Rates
Approved
June 29, 2020	 
	Cash Compensation
	  				  				  				  			
	Board Retainer
	  	$	90,000 		 	  	$	45,000 		 	  	$	45,000 		 	  	$	 90,000	 
	Audit Committee
	  				  				  				  			
	Chair Retainer
	  	$	25,000 		 	  	$	12,500 		 	  	$	12,500 		 	  	$	 25,000	 
	Member Retainer
	  	$	10,000 		 	  	$	5,000 		 	  	$	5,000 		 	  	$	 10,000	 
	Human Resources and Compensation Committee
	  				  				  				  			
	Chair Retainer
	  	$	20,000 		 	  	$	10,000 		 	  	$	10,000 		 	  	$	 20,000	 
	Member Retainer
	  	$	8,000 		 	  	$	4,000 		 	  	$	4,000 		 	  	$	 8,000	 
	Nominating, Governance and Sustainability Committee
	  				  				  				  			
	Chair Retainer
	  	$	15,000 		 	  	$	7,500 		 	  	$	7,500 		 	  	$	 15,000	 
	Member Retainer
	  	$	7,000 		 	  	$	3,500 		 	  	$	3,500 		 	  	$	 7,000	 
					
	Equity Compensation—Restricted Stock or Restricted Stock Units
	  				  				  				  			
	Director Retainer
	  	$	150,000 		 	  	$	150,000 		 	  	$	150,000 		 	  	$	 150,000	 
	Lead Director Additional Retainer1
	  	$	N/A	 	  	$	N/A	 	  	$	125,000 		 	  	$	 125,000	 


			
	 


						
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	The Lead Director receives a $125,000 equity retainer in addition to the standard director equity retainer of $150,000.


Directors may defer their cash compensation by participating in the Company’s Deferred Compensation Program, effective November 6, 2017 (filed November 9, 2017 as Exhibit 10.6 to the Company’s Form 8-K).
Directors may receive the equity component of their compensation in restricted stock or restricted stock units (“RSUs”). In either case, the awards generally have a 12-month vesting period, ending on the day preceding the next annual meeting of shareholders. Vesting accelerates in the event of death, disability, or if the director’s service is terminated upon a change in control of the Company. Historically, the number of shares or units awarded has been calculated by dividing the dollar value of the award by the closing price of the Company’s stock on the grant date. However, the Board modified this methodology in light of the stock price volatility and economic conditions related to the COVID-19 pandemic. For the 2020 grant on May 15, 2020, the number of shares or units awarded was calculated by dividing the dollar value of the award by the average closing price of the Company stock for the 10 trading days following the 2019 fourth quarter earnings release, which was $45.85 per 








share.  For the 2021 grant on May 25, 2021, the Board returned to the historical methodology and determined the number of shares or units granted by dividing the dollar value of the award by the closing price of the Company’s stock on the grant date.


RSUs are settled in shares of common stock and earn dividend equivalents at a 20% discount to the market price of Company stock on the dividend payment date. Directors may elect to defer settlement of the RSU award for 2 to 10 years after the grant date.
The Company pays for travel expenses incurred by the directors to attend Board meetings. Our management directors do not receive compensation for their Board service.
 
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