First Financial Bancorp. Schedule of Directors’ Fees
This document outlines the compensation structure for non-employee directors of First Financial Bancorp. Non-employee directors receive an annual retainer, fees for attending board and committee meetings, and an additional retainer for committee chairs. The chairman of the board receives a separate annual fee. Directors can choose to receive their annual retainer in cash or company stock. The company also pays certain local taxes on these fees. Additionally, non-employee directors are granted stock options upon election or re-election to the board, with the exercise price set at the market value on the grant date.
EXHIBIT 10.23
FIRST FINANCIAL BANCORP. SCHEDULE OF DIRECTORS’ FEES
Each non-employee director of First Financial Bancorp. will receive the following fees for services as a director and for services as a committee member, if applicable. Directors who are also employees of First Financial Bancorp. will not receive these fees.
| Fee Type | Amount of Fee | |
Annual Retainer | $15,000 | |
Board Meeting Attendance | $750 per meeting – in person or via teleconference | |
Committee Meeting Attendance | $500 per meeting – in person or via teleconference | |
Committee Chair Annual Retainer | $1,000 |
In addition to the fees above, Bruce E. Leep, receives $30,000 annually for serving as the chairman of the board of directors of First Financial Bancorp.
First Financial Bancorp. also pays taxes imposed on directors’ fees by the city of Hamilton, Ohio.
The $15,000 annual retainer fee may be paid in cash, or the director may elect to have all or part of the annual retainer fee paid in shares of First Financial Bancorp. common stock pursuant to the First Financial Bancorp. Director Fee Stock Plan.
Pursuant to the First Financial Bancorp. 1999 Stock Option Plan for Non-Employee Directors, each non-employee director receives in the year in which he or she is elected initially or re-elected to the board of directors an option to purchase 8,663 shares of common stock. The exercise price for each option granted is 100% of the fair market value on the date of grant.
