EX-10.14 6 a10-24334_1ex10d14.htm HEI EX-10.14

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 |

* 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).