First Financial Bancorp. Non-Employee Director Compensation Arrangements (Effective January 1, 2006)

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.