EX-10.26 DIRECTOR AND OFFICER COMPENSATION

Contract Categories: Human Resources - Compensation Agreements
EX-10.26 5 g99938exv10w26.txt EX-10.26 DIRECTOR AND OFFICER COMPENSATION Exhibit 10.26 CORRECTIONS CORPORATION OF AMERICA (THE "COMPANY") SUMMARY OF DIRECTOR AND EXECUTIVE OFFICER COMPENSATION I. DIRECTOR COMPENSATION. Directors who are employees of the Company do not receive additional compensation for serving as directors of the Company. The following table sets forth current rates of cash compensation for the Company's non-employee directors.
RETAINERS AND FEES 2006 ------------------ ---- Board retainer....................................................... $ 50,000 Board meeting fee.................................................... $ 3,000 Audit chair retainer................................................. $ 10,000 Audit member retainer................................................ $ 2,000 Compensation, Nominating and Governance chair retainer............... $ 5,000 Committee chair meeting fee (excluding Executive).................... $ 2,500 Non-chair committee meeting fee...................................... $ 2,000
In addition to the cash compensation set forth above, each non-employee director receives a nondiscretionary annual grant of a non-qualified option for the purchase of 4,000 shares of the Company's common stock. The option has an exercise price equal to the fair market value of the stock on the grant date and is fully vested as of the grant date. II. EXECUTIVE OFFICER COMPENSATION. The following table sets forth the annual base salaries, which become effective April 1, 2006, and the fiscal 2005 performance bonuses provided to the Company's Chief Executive Officer and four most highly compensated executive officers (the "Named Executive Officers").
FISCAL 2005 EXECUTIVE OFFICER 2006 SALARY BONUS AMOUNT ----------------- ----------- ------------ John D. Ferguson $ 700,000 $ 677,727 Irving E. Lingo, Jr. $ 353,500 $ 338,864 Kenneth A. Bouldin $ 310,500 $ 293,059 Richard P. Seiter $ 290,000 $ 269,983 G. A. Puryear, IV $ 240,000 $ 223,063
The Named Executive Officers also participate in the Company's 2006 Cash Bonus Plan and receive long-term incentive awards pursuant to the Company's stockholder approved equity incentive plans. III. ADDITIONAL INFORMATION. The foregoing information is summary in nature. Additional information regarding director and Named Executive Officer compensation will be provided in the Company's proxy statement to be filed in connection with the 2006 annual meeting of stockholders.