Three Months Ended

EX-10.7 14 l25539aexv10w7.htm EX-10.7 EX-10.7

Exhibit 10.7

Schedule of Outside Directors’ Annual Compensation


Board Retainer

	Lead Director	$130,000 ($32,500 per calendar quarter)

	All Other Directors	$75,000 ($18,750 per calendar quarter)

Committee Chair Retainer

	Audit Committee Chair	$20,000 ($5,000 per calendar quarter)

	Other Committee Chairs	$10,000 ($2,500 per calendar quarter)

ODEPP Stock Unit Accruals*		$95,000

Meeting Fees (Board of Committee)†

	Attended Meeting	$1,700

	Telephonic Meeting	$1,000


*		Under the Outside Directors Equity Participation Plan (the “Plan”), on the first business day of each calendar quarter each director will have $23,750 accrued to his or her plan account. Amounts accrued are converted into units equivalent in value to shares of common stock at the fair market value on the accrual date. Directors may also choose to have 25%, 50%, 75% or 100% of his or her retainer and meeting fees deferred and converted into share equivalents under the Plan.

†		Meeting fees only apply for total meetings attended in excess of 24 per year.