Non-Employee Director Compensation Policy under 2003 Stock Incentive Plan
This agreement outlines the compensation for non-employee directors of the Corporation. Each director receives an annual fee of $40,000, a grant of 3,000 stock units upon initial election and annually (if serving at least 180 days), and reimbursement for service-related expenses. Additional fees are provided for the Lead Director and Audit Committee Chair ($50,000 each), and committee members receive $1,000 per meeting attended. Directors are also eligible for other equity awards under the Corporation’s plans.
Exhibit 10.41
Each non-employee director of the Corporation shall receive:
· an annual fee of $40,000
· on the date of his or her initial election to the board of directors, a grant (which may be deferred) of 3,000 stock units, each of which represents the right to receive one share of the Corporation’s common stock, under the Corporation’s 2003 Stock Incentive Plan (the “2003 Plan”)
· on September 20 of each year (if on such date the non-employee director has served on the Corporation’s board of directors for at least 180 days), 3,000 stock units (which may be deferred), each of which represents the right to receive one share of the Corporation’s common stock, under the 2003 Plan
· reimbursement of expenses incurred in connection with their service to the Corporation
In addition:
· non-employee directors shall be eligible for grants of stock options and equity awards under the Corporation’s other equity plans
· the Lead Director shall receive an additional annual fee of $50,000
· the Chairman of the Audit Committee of the Board of Directors shall receive an additional annual fee of $50,000
· each member of the Audit Committee of the Board of Directors shall receive a fee of $1,000 for each meeting attended
· each member of the Compensation Committee of the Board of Directors shall receive a fee of $1,000 for each meeting attended
