State Treasurer Janet Cowell, who is not running for reelection, is joining the board of directors at Triangle-based ChannelAdvisor. She will receive a $50,000 annual retainer and $150,000 in stock options from the e-commerce services provider.
ChannelAdvisor (NYSE: ECOM) disclosed Cowell’s addition on Monday.
According to the filing, Cowell will receive a “restricted stock unit award having a value equal to $150,000″ which will vest as of March 2017, assuming ” continuous service through that date.”
She also will receive a $50,000 annual retainer “for her service as a director.”
The company’s board voted to expand its membership to eight from seven and then selected Cowell for the open position.
“There is no arrangement or understanding between Ms. Cowell and any other person pursuant to which she was selected as a director of the Registrant, and there is no family relationship between Ms. Cowell and any of the Registrant’s other directors or executive officers,” ChannelAdvisor said in the filing.
Cowell, 47, was elected treasurer in 2008, becoming the first woman to hold the job. Her current term expires in January 2017.
An active promoter of the state’s entrepreneurial sector, Cowell has given several speeches and advocated the launching of new venture funds backed by the state for startup companies.
A former North Carolina state senator, Cowell earned an MBA from the University of Pennsylvania Wharton School of Business. She has worked for Corning, Lehman Brothers Holdings and SJF Ventures among other firms in the private sector.
In accordance with the Registrant’s compensation policy for non-employee directors, on March 1, 2016, Ms. Cowell will be granted a restricted stock unit award having a value equal to $150,000 based on the closing price per share of the Registrant’s common stock on February 26, 2016 (two business days before the grant date), which will vest and become exercisable on March 1, 2017, subject to Ms. Cowell’s continuous service through that date. Additionally, Ms. Cowell will be entitled to receive a $50,000 annual retainer for her service as a director. Ms. Cowell has also entered into the Registrant’s standard form of indemnification agreement.
