SEC Contract Filing

Filing Date: 2023-02-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>14
<FILENAME>a202210k-ex102xtrusteecomp.htm
<DESCRIPTION>EX-10.2 TRUSTEE COMPENSATION
<TEXT>
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<title>Document</title></head><body><div id="i6079b17c32d1497c89abedfd42ddfa03_1"></div><div style="min-height:42.48pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 10.2</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">SUMMARY OF TRUSTEE COMPENSATION ARRANGEMENTS</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Compensation Committee periodically reviews the compensation of our non-employee Trustees and, when it deems appropriate and upon consultation with the Committee&#8217;s independent compensation consultant, recommends adjustments to be approved by the Board of Trustees. The Compensation Committee recommends to the Board compensation for the Trustees based on competitive market practices for both the total value of compensation and the allocation of cash and equity. The Committee uses data obtained from similarly sized utility and general industry companies as guidelines for setting Trustee compensation. The level of Trustee compensation recommended by the Committee and approved by the Board enables us to attract Trustees who have a broad range of backgrounds and experiences. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each non-employee Trustee serving on January 1 receives a grant under the Company&#8217;s Incentive Plan, effective on the tenth business day of such year, consisting of the number of restricted stock units (RSUs) resulting from dividing $165,000 by the average closing price of our common shares as reported on the NYSE for the 10 trading days immediately preceding such date and rounding the resulting amount to the nearest whole RSU.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">RSUs generally vest on the next business day following the grant. Non-employee Trustees may elect distribution of up to 100 percent of the common shares issuable in respect of such RSUs immediately upon vesting of their RSU grant, subject to satisfaction of the Trustee share ownership guidelines. The distribution of all common shares entitled to be received upon vesting, but not distributed immediately, is deferred until the tenth business day of January of the year following retirement from Board service.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any individual who is elected to serve as a Trustee after January 1 of any calendar year receives an RSU grant prorated from the date of such election and granted on the first business day of the month following such election.</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="margin-bottom:5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">2022 Trustee Compensation</font></div><div style="padding-left:79.12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:69.200%"><tr><td style="width:1.0%"></td><td style="width:45.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:52.177%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#bdd6ee;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:underline">Compensation Element</font></td><td colspan="3" style="background-color:#bdd6ee;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%;text-decoration:underline">Amount</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Annual Cash Retainer</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$120,000</font></td></tr><tr><td colspan="3" style="background-color:#bdd6ee;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Annual Stock Retainer</font></td><td colspan="3" style="background-color:#bdd6ee;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$165,000</font></td></tr><tr><td cols