Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

AMENDMENT NO. 3 AND INCREMENTAL COMMITMENT AGREEMENT TO 

SENIOR SECURED REVOLVING CREDIT AGREEMENT 

dated as of October 19, 2018, 

among 
 FIDUS INVESTMENT
CORPORATION, 
 as Borrower, 

THE INCREASING LENDER PARTY HERETO, 

as the Increasing Lender and a Lender, 

and 
 ING CAPITAL LLC, 

as the Administrative Agent and a Lender 

relating to the 
 SENIOR SECURED
REVOLVING CREDIT AGREEMENT 
 dated as of June 16, 2014, 

among 
 FIDUS INVESTMENT
CORPORATION, 
 as Borrower, 

The Lenders Parties Thereto, 
 and

 ING CAPITAL LLC, 
 as
Administrative Agent, Arranger and Bookrunner 
  
  

 

 AMENDMENT NO. 3 AND INCREMENTAL COMMITMENT AGREEMENT TO SENIOR SECURED REVOLVING CREDIT
AGREEMENT (this “Agreement”), dated as of October 19, 2018 (the “Effective Date”), by and among FIDUS INVESTMENT CORPORATION (the “Borrower”), FIDUS INVESTMENT HOLDINGS, INC.
(“FIH”), FCIHA, INC. (“FCIHA”), FCMGI, INC. (“FCMGI”), BBRSS BLOCKER CORP. (“BBRSS” and, together with FIH, FCIHA and FCMGI, the “Subsidiary Guarantors”), ING
CAPITAL LLC, in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”) and a Lender, and TIAA, FSB, as the increasing lender (in such capacity, the “Increasing Lender”) and a Lender,
relating to the SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of June 16, 2014 (as amended by that certain Amendment No. 1 to Senior Secured Revolving Credit Agreement, dated as of December 19, 2014, and by that certain
Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of December 29, 2017, the “Existing Credit Agreement”, and as further amended, restated, supplemented or otherwise modified from time to time,
including by this Agreement, the “Credit Agreement”), among the Borrower, the Administrative Agent and the several banks and other financial institutions or entities from time to time party to the Credit Agreement. 

A.    The Borrower has requested that the Lenders and the Administrative Agent amend certain provisions of the Existing
Credit Agreement and the Lenders signatory hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Agreement. 

B.    The Borrower has requested that the Increasing Lender provide an additional Commitment on and as of the Effective
Date (as defined below), immediately after giving effect to the amendment set forth in Section 2, in an aggregate amount equal to the amount set forth opposite the Increasing Lender’s name on Schedule 1 (the “Incremental
Commitment”) pursuant to Section 2.06(f) of the Credit Agreement. 
 C.    The Increasing Lender is
willing to make its Incremental Commitment on and as of the Effective Date on the terms and subject to the conditions set forth herein and in the Existing Credit Agreement. 

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Defined Terms; Interpretation; Etc.
Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement. The rules of construction set forth in Section 1.03 of the Credit Agreement shall apply equally to this Agreement. This
Agreement shall be a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
 SECTION 2.
Amendment to the Existing Credit Agreement. Effective as of the Effective Date, and subject to the terms and conditions set forth below, the Existing Credit Agreement is hereby amended by replacing the amount of “$75,000,000” where
it appears in Section 2.06(f)(i)(B) of the Existing Credit Agreement with the amount of “$100,000,000” in its place. 

 SECTION 3. Incremental Commitment. (a) Pursuant to Section 2.06(f) of the
Credit Agreement and subject to the terms and conditions hereof, the Increasing Lender hereby agrees to make its Incremental Commitment to the Borrower effective on and as of the Effective Date, immediately after giving effect to the amendment set
forth in Section 2. The Incremental Commitment of the Increasing Lender shall constitute an additional “Commitment” and a “Commitment Increase” for all purposes of the Credit Agreement and the other Loan Documents, and the
Effective Date shall be the “Commitment Increase Date” of the Incremental Commitment for purposes of Section 2.06(f) of the Credit Agreement. 

(b)    The terms of the Incremental Commitment shall be the same as the other Commitments made under the Credit Agreement.

 (c)    On the Effective Date, in connection with the adjustments to any outstanding Loans and participation interests
contemplated by Section 2.06(f)(iv) of the Credit Agreement, if the Increasing Lender is notified by the Administrative Agent the Increasing Lender shall make a payment to the Administrative Agent, for account of the other Lenders, in an amount
calculated by the Administrative Agent in accordance with such section, so that after giving effect to such payment and to the distribution thereof to the other Lenders in accordance with such section, the Loans are held ratably by the Lenders in
accordance with the respective Commitments of such Lenders (after giving effect to the Incremental Commitment and any other Commitment Increases, if any, occurring on the Effective Date). 

SECTION 4. Conditions Precedent to Effectiveness of Amendment and Incremental Commitment. This Agreement, the amendment set forth in
Section 2 and, immediately after giving effect to the amendment set forth in Section 2, the Incremental Commitment of the Increasing Lender, shall be subject to the satisfaction on or prior to the Effective Date of the following conditions
precedent: 
 (a)    the Administrative Agent shall have received counterparts of this Agreement that, when taken
together, bear the signatures of the Borrower, the Subsidiary Guarantors, the Administrative Agent and the Increasing Lender; 

(b)    the Administrative Agent shall have received true and complete resolutions of the Board of Directors of each
Obligor, which shall be reasonably satisfactory to the Administrative Agent in form and substance, approving and authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party or by which it
or its assets may be bound as of the Effective Date, certified as of the Effective Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment; 

(c)    on the Effective Date, immediately after giving effect to the amendment set forth in Section 2, each of the
conditions set forth or referred to in Section 2.06(f)(i) 

  
 2 

 
of the Credit Agreement shall be satisfied, and pursuant to Section 2.06(f)(ii)(x) of the Credit Agreement, the Administrative Agent shall have received a certificate of a duly authorized
officer of the Borrower dated the Effective Date certifying as to the foregoing; 
 (d)    the Increasing Lender shall
have received all fees due to the Increasing Lender on the Effective Date, including pursuant to any outstanding fee letters by and between the Borrower and the Administrative Agent; 

(e)    the Administrative Agent shall have received for the account of the Lenders the amounts, if any, payable under
Section 2.13 of the Credit Agreement as a result of the adjustments of Borrowings pursuant to Section 3(c) of this Agreement; and 

(f)    the Administrative Agent shall have received all other documented fees and expenses related to this Agreement owing
on the Effective Date. 
 SECTION 5. Representations and Warranties of the Borrower. To induce the other parties hereto to enter into
this Agreement, the Borrower represents and warrants to the Administrative Agent and each of the Lenders that, as of the Effective Date: 

(a)    This Agreement has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and
constitutes a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantors in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). The Credit Agreement, as amended by this Agreement, constitutes a legal, valid and
binding obligation of the Borrower enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

(b)    Immediately after giving effect to the amendment in Section 2, each of the representations and warranties made
by the Borrower and the Subsidiary Guarantors in or pursuant to the Loan Documents are true and correct in all material respects as if made on the Effective Date (except to the extent they relate specifically to an earlier date, in which case they
are true and correct in all material respects as of such earlier date, and unless a representation or warranty is already qualified by materiality or by Material Adverse Effect, in which case it is true and correct in all respects). 

(c)    Immediately after giving effect to the amendment in Section 2, no Default or Event of Default has occurred and
is continuing on the Effective Date or shall result from this Agreement or the Incremental Commitment. 
 SECTION 6. Effect of
Amendment. Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the 

  
 3 

 
Collateral Agent or the Borrower or the Subsidiary Guarantor under the Existing Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not alter, modify,
amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in
full force and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document in similar or different circumstances. This Agreement shall apply and be effective only with respect to the provisions amended herein of the Existing Credit Agreement. 

SECTION 7. Consent and Reaffirmation. (a) The Subsidiary Guarantors hereby consent to this Agreement and the transactions contemplated
hereby, (b) the Borrower and the Subsidiary Guarantors agree that, notwithstanding the effectiveness of this Agreement, the Guarantee and Security Agreement and each of the other Security Documents continue to be in full force and effect,
(c) the Borrower and the Subsidiary Guarantors acknowledge that the terms “Revolving Credit Agreement Obligations,” “Guaranteed Obligations” and “Secured Obligations” (each as defined in the Guarantee and Security
Agreement) include any and all Loans made now or in the future by the Increasing Lender in respect of its Incremental Commitment and all interest and other amounts owing in respect thereof under the Loan Documents (including all interest and
expenses accrued or incurred subsequent to the commencement of any bankruptcy or insolvency proceeding with respect to the Borrower, whether or not such interest or expenses are allowed as a claim in such proceeding), and (d) the Subsidiary
Guarantors confirm their guarantee of the Guaranteed Obligations and the Borrower and the Subsidiary Guarantors confirm their grant of a security interest in their assets as Collateral for the Secured Obligations, all as provided in the Loan
Documents as originally executed (and amended prior to the Effective Date and supplemented hereby). On the Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of similar import shall mean and be a reference to the Existing Credit Agreement as modified by this Agreement and each reference in any other Loan Document shall mean the Existing Credit Agreement as modified hereby.

 SECTION 8. Notices. All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Credit
Agreement. 
 SECTION 9. Expenses. The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent in connection with this Agreement in accordance with the Credit Agreement, including the reasonable and documented fees, charges and disbursements
of one outside counsel for the Administrative Agent. 
 SECTION 10. Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract. Delivery of an
executed counterpart of a signature page of this Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 

  
 4 

 SECTION 11. Applicable Law; Jurisdiction; Consent to Service of Process; Other. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. THE PROVISIONS OF SECTION 9.09 OF THE CREDIT AGREEMENT (AND ALL OTHER APPLICABLE PROVISIONS OF ARTICLE IX OF THE CREDIT AGREEMENT) ARE HEREBY
INCORPORATED BY REFERENCE. 
 SECTION 12. Headings. The headings of this Agreement are for purposes of reference only and shall not
limit or otherwise affect the meaning hereof. 
 SECTION 13. No Third Party Beneficiaries. This Agreement is intended to be solely
for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any other person or entity. No person or entity other than the parties hereto shall have any rights under or be entitled to rely
upon this Agreement. 
 SECTION 14. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 15. Acknowledgment and Consent. The Administrative Agent hereby acknowledges that it has received notice
pursuant to Section 2.06(f)(i) of the Credit Agreement within the time period required thereunder. Pursuant to Section 2.06(f)(i)(C) of the Credit Agreement, each of the Administrative Agent and the Borrower consents to the Commitment
Increase provided for herein. For the avoidance of doubt, pursuant to Section 2.06(f)(iv) of the Credit Agreement, the Borrower hereby acknowledges, and consents to the fact that, the Effective Date (and thereby the Commitment Increase Date
with respect to the Incremental Commitment provided for herein) may occur on a day other than the last day of an Interest Period. 

[Remainder of page intentionally left blank] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized representatives as of the day and year first above written. 
  

			
	 FIDUS INVESTMENT CORPORATION,
 as
Borrower

		
	By:	 	 /s/ Shelby E. Sherard

	Name: Shelby E. Sherard
	Title: Chief Financial Officer, Chief Compliance Officer and Secretary
	
	 FIDUS INVESTMENT HOLDINGS, INC.,
 as
Subsidiary Guarantor

		
	By:	 	 /s/ Shelby E. Sherard

	Name: Shelby E. Sherard
	Title: Secretary
	
	 FCIHA, INC.,
 as Subsidiary
Guarantor

		
	By:	 	 /s/ Shelby E. Sherard

	Name: Shelby E. Sherard
	Title: Secretary
	
	 FCMGI, INC.,
 as Subsidiary
Guarantor

		
	By:	 	 /s/ Shelby E. Sherard

	Name: Shelby E. Sherard
	Title: Secretary
	
	 BBRSS BLOCKER CORP.,
 as Subsidiary
Guarantor

		
	By:	 	 /s/ Shelby E. Sherard

	Title: Secretary

  
 [Signature Page to
Incremental Commitment Agreement] 

 
			
	ING CAPITAL LLC, as Administrative Agent and a Lender
		
	By:	 	 /s/ Patrick Frisch

	Name: Patrick Frisch
	Title: Managing Director
		
	By:	 	 /s/ Dominik Breuer

	Name: Dominik Breuer
	Title: Vice President

  
 [Signature Page to
Incremental Commitment Agreement] 

 
			
	TIAA, FSB, as Increasing Lender and a Lender
		
	By:	 	 /s/ Martin O’Brien

	Name: Martin O’Brien
	Title: Director

  
 [Signature Page to
Incremental Commitment Agreement] 

 SCHEDULE 1 

INCREASING LENDER 
  

					
	 Increasing Lender
	  	Incremental
Commitment
Amount	 
	 TIAA, FSB
	  	$	15,000,000Exhibit

DIRECTOR COMPENSATION POLICY - 2019
TABLE OF CONTENTS
	
					
	I.
	 
	Purpose:
	1
	

	II.
	 
	Scope:
	1
	

	III.
	 
	Policy Statement:
	1
	

	 
	 
	A.    Methodology:
	1
	

	 
	 
	B.    Board and Committee Meeting Fees:
	1
	

	 
	 
	C.    Quarterly Retainer
	2
	

	 
	 
	D.    Maximum Compensation
	2
	

	 
	 
	E.    Reduction in Compensation based on Attendance and Performance
	3
	

	IV.
	 
	Administration:
	3
	

	 
	 
	A.    Roles and Responsibilities:
	3
	

	 
	 
	B.    Governance:
	3
	

	 
	 
	C.    Exception Management/Policy Interpretations:
	3
	

	V.
	 
	Applicable Laws and Regulations:
	3
	

	VI.
	 
	Related Policies; Procedures:
	4
	

	VII.
	 
	Policy History Log:
	4
	

	
			
	Director Compensation Policy
	 
	October 19, 2018

Director Compensation Policy - 2019
		
	I.
	Purpose:  

The purpose of this policy is to set forth the compensation to be paid to the Board of Directors of the Federal Home Loan Bank of Boston (the “Bank”) in 2019.  The Travel and Public Relations Policy and Director’s Addendum to the Travel and Public Relations Policy set forth the circumstances under which the Bank will reimburse Directors for certain expenses incurred while on Bank business.
The goal of the Policy is to appropriately compensate the Directors for actual attendance and participation at the meetings of the Board of Directors and the committees of the Board and also for work performed on behalf of the Board of Directors and the Bank apart from such meetings.  
		
	II.
	Scope:

This policy applies to all Directors of the Bank.
		
	III.
	Policy Statement: 

		
	A.
	Methodology.

The 2019 Director compensation set forth in this Policy, which remains unchanged from the Director compensation set forth in the 2018 Director Compensation Policy, was determined after a review of a comparative compensation study conducted by a third party with expertise in the compensation of directors conducted in May 2017, a review of the compensation paid to directors of other Federal Home Loan Banks, and a consideration of other factors, including the Bank’s condition, the time and expertise required to be an effective Bank director, and the level of compensation deemed to be necessary and appropriate to allow the Bank to recruit and retain highly qualified directors and compensate them for the time required in performing their duties. 
		
	B.
	Board and Committee Meeting Fees.

In order to compensate Directors for their time attending meetings, each Director who attends a meeting of the Board of Directors or a Board Committee shall be paid an attendance fee, based on the responsibilities of the Director as set forth below:  
	
					
	 
	Per Board 
Meeting 1
	Per Committee Meeting 1 
	Telephonic Attendance 2
	Maximum Attendance Fees

	Chair
	$11,500
	$2,500
	$1,500
	$91,500

	Vice Chair and Committee Chairs
	$9,500
	$2,500
	$1,500
	$76,500

	Other Directors
	$8,500
	$2,500
	$1,500
	$71,500

Footnotes appear on following page.

	
			
	Director Compensation Policy
	1
	October 19, 2018

_______________________________________________ 
1  Applies to attendance at all or part of (i) Board and Committee meetings held in person and (ii) full telephonic Board and Committee meetings to be held in January, April and July, 2019. 
2 Applies to all telephonic meetings other than those to be held in January, April and July 2019, and to participation by telephone at in-person meetings for which a Director would be entitled to compensation if attending in person. 
_______________________________________________ 
Committee meeting attendance fees apply to all committee members, including ex officio members, who attend all or any part of any meeting of a committee of the Board.  Directors will not be compensated for attendance at a meeting of a committee on which the Director is not a member.  
Fees shall be paid per meeting.  For example, if a Board meeting and committee meeting occur on the same day, a separate fee shall be payable for attendance at each meeting.  Additionally, in the case of a multi-day meeting, a separate fee shall be payable for each day's attendance at the same meeting.
In the event that inclement weather prevents the occurrence of a planned meeting of the Board or one of its committees, the Directors shall be entitled to receive the applicable meeting fee called for in the Policy, minus any fees received if an in-person meeting is changed to a telephonic meeting. 
		
	C.
	Quarterly Retainer.

In order to compensate Directors for their time while serving as Directors outside of normal Committee and Board meetings, Directors shall receive a quarterly retainer, payable in arrears at the end of each quarter. The retainer shall compensate Directors for their time preparing for meetings, attending Advisory Council meetings, attending Bank System meetings, Board training sessions, strategic planning meetings, and member events, and other activities outside of normal Board and Board Committee meetings. The amount of the quarterly retainer varies depending on the responsibilities of the Director as set forth below: 
	
			
	 
	Quarterly Retainer
	Annual Retainer

	Chair
	$10,250
	$41,000

	Vice Chair and Committee Chairs 
	$9,000
	$36,000

	Other Directors
	$7,750
	$31,000

		
	D.
	Maximum Compensation.

The maximum director compensation for 2019 shall be as follows:  
	
				
	 
	Maximum Attendance Fees
	Maximum Retainer
	Total Maximum Compensation

	Chair
	$91,500
	$41,000
	$132,500

	Vice Chair and Committee Chairs 
	$76,500
	$36,000
	$112,500

	Other Directors
	$71,500
	$31,000
	$102,500

	
			
	Director Compensation Policy
	2
	October 19, 2018

The Bank will also pay/reimburse Directors for expenses related to the Directors’ attendance at board meetings pursuant to the Bank’s Travel and Public Relations Policy and Director’s Addendum to the Travel and Public Relations Policy.  The Bank will not pay for or reimburse the expenses of a Director’s spouse/guest accompanying the Director to Board meetings, other than the cost of the food and beverages of a Director’s spouse/guest who attends the Bank’s corporate officer holiday party as an invited guest.
		
	E.
	Reduction in Compensation based on Attendance and Performance.

The Board may, at its December meeting, vote to reduce or eliminate a Director’s final quarterly retainer payment if (i) the Director has not attended (in person or by telephone) at least 75% of all regular and special meetings of the Board and the Committees on which the Director served during the year (adjusted as appropriate for partial year of service), or (ii) the Board, in its discretion, determines that the Director has consistently demonstrated a lack of engagement and participation in meetings attended.     

		
	IV.
	Administration:  

		
	A.
	Roles and Responsibilities

		
	(1)
	Owner.  The General Counsel shall be the owner of this Policy, responsible for maintaining this Policy.   

		
	(2)
	Authorized Approver.  The Board of Directors of the Bank shall be authorized to approve all changes to this Policy. 

		
	B.
	Governance

		
	(1)
	Re-Adoption Frequency.  The Governance/Government Relations Committee shall annually review this policy and shall submit its recommendation to the Board.  The Board shall consider the recommendations of the Governance/ Government Relations Committee and shall approve the policy no later than required to allow for submission, review and approval of the Director of the Federal Housing Finance Agency (FHFA), if required, to ensure that directors are paid timely for the first regularly scheduled meeting of the Board in which the policy shall apply.  

 
		
	(2)
	Review Frequency:  The Owner of this Policy is expected to review this Policy annually.

  
		
	C.
	Exception Management/Policy Interpretations

The Board is authorized, in its sole discretion, to interpret the provisions of the policy and to address situations not anticipated or covered by this policy as it determines to be appropriate, consistent with the requirements set forth in the regulations promulgated by the Federal Housing Finance Agency, if any.  
		
	V.
	Applicable Laws and Regulations:

The following provisions of the Federal Home Loan Bank Act and FHFA Regulations are applicable to this Policy:  

	
			
	Director Compensation Policy
	3
	October 19, 2018

		
	•
	12 CFR Part 1261.20 - 24

		
	VI.
	Related Policies; Procedures

The following Bank policies cover subject matter that is related to this Policy:
		
	•
	Travel and Public Relations Policy 

		
	•
	Directors Addendum to Travel and Public Relations Policy

		
	VII.
	Policy History Log:  

	
				
	Date Approved
	Purpose
	Author
	Approved by

	12/16/2011
	Annual Review
	J. Authur
	Board

	12/21/2012
	Annual Review and Policy reformatting into new format
	J. Authur
	Board

	12/20/2013
	Annual Review; incorporating compensation adjustments based on revised McLagan study
	C. Pratt
	Board

	10/24/2014
	Added language regarding purpose and methodology.  Changed “maximum fee” provision to “maximum compensation,” and added a cap on spouse/guest expenses.  
	C. Pratt
	Board

	10/26/2015
	Adjusted compensation for 2016. Reduced meeting fees, eliminated spousal expenses and added retainer component, with possible reduction for poor attendance or performance. 
	C. Pratt
	Board Chair and Governance Committee Chair, via delegation by full Board

	10/28/2016
	Adjusted meeting fees, retainer and maximum compensation for 2017.
	C. Pratt
	Board

	10/27/2017
	Adjusted meeting fees, retainer and maximum compensation for 2018.
	C.Pratt
	Board

	10/19/2018
	No changes from 2018 compensation
	C. Pratt
	Board

	
			
	Director Compensation Policy
	4
	October 19, 2018

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