Outside Director Compensation Policy Approved March 3, 2005

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation policy for outside directors of the company, as approved at the March 3, 2005 board meeting. It details annual retainers, meeting attendance fees, stock grants, stock options for new directors, and reimbursement of travel expenses. The policy also includes optional health and life insurance coverage for outside directors. The compensation structure applies to all outside directors and specifies different amounts for board and committee roles, including chair positions.

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EX-10.1 3 exhibit101_03082005.htm OUTSIDE DIRECTOR COMPENSATION Outside Director Compensation Exhibit 10.1

OUTSIDE DIRECTOR COMPENSATION
APPROVED AT 3/3/05 BOARD MEETING
COMPENSATION COMPONENTS BOARD OR COMMITTEE OLD
AMOUNT		 NEW
AMOUNT
       
Annual Director Retainer (Paid Quarterly @
$10,000)		 All Directors $40,000  $40,000 
       
Annual Committee Chair Retainer (Paid Annually
in Arrears)		 Lead Director
Chair of Audit Committee
Chair of Comp Committee
Chair of N/CG Committee		 $10,000 
$10,000 
$  2,000 
-0- 		 $10,000 
$10,000 
$10,000 
$  5,000 
       
Attendance at In-Person Meeting Board
Audit Committee
Comp Committee
N/CG Committee		 $  2,000 
$  3,000 
$  1,500 
$  1,500 		 $  3,000 
$  3,000 
$  3,000 
$  1,500 
       
Participation in a Telephonic Meeting Board
Audit Committee
Comp Committee
N/CG Committee		 $     500 
$  1,000 
$     500 
-0- 		 $  1,000 
$  1,000 
$  1,000 
$     500 
       
Reimbursement of Travel Expenses All Directors Actual Costs Actual Costs
       
Annual Restricted Stock Grant Chair of Board
Director		 3,000 shares
1,500 shares		 N/A
1,500 shares
       
New Director Stock Option Grant New Director 15,000 shares 15,000 shares
       
Health and Basic Life Insurance Coverage All Outside Directors
(voluntary participation)