First Financial Bancorp. Non-Employee Director Compensation Arrangements (Effective January 1, 2006)
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
First Financial Bancorp. has established new compensation arrangements for its non-employee directors, effective January 1, 2006. The agreement outlines annual retainers, equity awards in the form of restricted stock, attendance fees for board and committee meetings, and additional retainers for committee chairs. Amendments to the Director Fee Stock Plan and Director Stock Plan will be submitted for shareholder approval to allow investment of retainers in company stock and the granting of restricted stock awards. Directors are also entitled to reimbursement for reasonable travel expenses related to board duties.
EX-10.1 2 l17213aexv10w1.htm EX-10.1 EX-10.1
Exhibit 10.1
Compensation Arrangements for Non-Employee Directors
First Financial Bancorp. (FFBC)
(New effective January 1, 2006)
Retainer: | Current | New | ||||
Non-Employee Directors | $15,000 | $10,000 | ||||
Amendments to Director Fee Stock Plan will be submitted for shareholder approval at annual meeting to permit investing of FFB retainer in FFBC stock. | ||||||
Current | New | |||||
FFBC Chairman: (no change) | $30,000 | $30,000 | ||||
Equity Awards: | Current | New | ||||
Non-Employee Directors (@ election & re-election) | 8,663 options (expected value of $16,952 per year or $50,859 for 3-year period) | $60,000 in value of restricted stock with 1/3 vesting per year for 3 years | ||||
Amendments to Director Stock Plan will be submitted for shareholder approval at annual meeting to permit granting of restricted awards. | ||||||
Board Attendance Fees: (no change) | Current | New | ||||
Non-Employee Directors | $750 | $750 | ||||
Committee Attendance Fees: | Current | New | ||||
Non-Employee Directors | $500 | $600 | ||||
Committee Chair Retainer: | Current | New | ||||
Compensation/Corp Gov. & Nominating | $1,000 | $2,000 | ||||
Audit | $1,000 | $4,000 | ||||
Travel Expense Reimbursement | ||||||
Directors are entitled to reimbursement of their reasonable travel expenses for attending Board of Director and Committee meetings. |