Chiquita Brands International, Inc. Summary of Director Compensation for Non-Employee Directors
Chiquita Brands International, Inc. provides compensation to its non-employee directors, including 10,000 shares of restricted stock upon joining the Board, 2,500 shares of restricted stock each year after, and a $50,000 annual retainer split equally between cash and common stock. Additional annual cash fees are paid to committee chairs: $20,000 for the Audit Committee Chair and $10,000 each for the Compensation & Organization Development and Nominating & Governance Committee Chairs. Non-employee directors are also reimbursed for business-related expenses.
Exhibit 10.16
Chiquita Brands International, Inc.
Summary of Director Compensation:
As in Effect Since May 25, 2004
Directors who are not current employees of the Company or its subsidiaries are paid:
| • | 10,000 shares of restricted stock upon joining the Board |
| • | 2,500 shares of restricted stock each year thereafter |
| • | an annual retainer of $50,000, payable half in cash and half in common stock |
In addition the Chair of the Audit Committee receives an annual fee of $20,000 in cash and the Chairs of the Compensation & Organization Development Committee and the Nominating & Governance Committee each receive an annual fee of $10,000 in cash.
Non-employee directors are also reimbursed for travel and other necessary business expenses incurred in the performance of their services for the Company.
