XXII - 22nd century reduces board compensation
2024-02-13 16:24:03 ET
- 22nd Century Group, Inc. ( NASDAQ: XXII ) announced a reduction in board compensation expenses expected to save more than $1 million in annual cost for 2024.
- In addition to the newly reduced cash compensation structure going forward, the board has also waived any cash compensation due to non-employee directors for the fourth quarter of 2023 and the first quarter of 2024 and voted to forgo any equity compensation grants for directors in 2024.
- Under the revised compensation structure, annual independent director compensation will decline from $75,000 to $20,000 and Audit Chair compensation from $20,000 to $10,000.
- Compensation for independent directors serving on these committees will be reduced from $10,000 per year to $5,000 per year, and Independent Board Chair compensation, which was previously $50,000 per year, will be replaced with a lead director fee of $20,000 annually.
- Non-independent members of the board do not receive additional cash compensation for their board service.
- Source: Press Release