Exhibit 10.25
P. H. Glatfelter Company
Summary of Non-Employee Director Compensation
(effective January 1, 2020)
|
|
|
|
|
|
|
|
|
|
|
|
|
Type (year of service May 1 to April 30) |
|
Form |
|
Frequency |
|
Amount |
||||
|
Board retainer (1) |
|
Cash |
|
Annually |
|
$ |
70,000 |
|
||
|
Lead Director retainer (1) |
|
Cash |
|
Annually |
|
|
20,000 |
|
||
|
Committee Chair retainers (1) |
|
|
|
|
|
|
|
|
||
|
Audit |
|
Cash |
|
Annually |
|
|
20,000 |
|
||
|
Compensation |
|
Cash |
|
Annually |
|
|
15,000 |
|
||
|
Nominating & Corporate Governance |
|
Cash |
|
Annually |
|
|
10,000 |
|
||
|
Committee meetings (2) |
|
Cash |
|
Per meeting |
|
|
1,500 |
|
||
|
Restricted Stock Units (3) |
|
Equity |
|
Annually |
|
|
115,000 |
|
||
|
|
(1) |
|
Paid semi-annually in advance on May 1 and November 1, for year of service from May 1 to April 30. |
|
|
(2) |
|
Paid in arrears for committee meetings in excess of eight held during year of service from May 1 to April 30. |
|
|
|
|
|
|
|
(3) |
|
Restricted stock units valued at $115,000 on grant date with 100% vesting (and pay out as Common Stock) on first anniversary of the date of grant, or earlier upon a change of control or death or disability of director. Dividend equivalents accrue during vesting year in the form of additional restricted stock units paid upon vesting. |
DB1/ 112546644.1