Kaydon Corporation Non-Employee Directors Compensation

EX-10.14 3 k02394exv10w14.txt KAYDON CORPORATION NON-EMPLOYEE DIRECTORS COMPENSATION EXHIBIT 10.14 KAYDON CORPORATION NON-EMPLOYEE DIRECTORS COMPENSATION On September 2, 2004, the Board of Directors of Kaydon Corporation approved the recommendation of its Corporate Governance Committee to increase the compensation paid to non-employee directors, effective September 1, 2004, in the following manner: (i) the annual retainer was increased from $20,000 to $35,000, (ii) the meeting fee was increased from $2,000 to $2,500 per meeting, (iii) the annual retainer for the Audit Committee Chairman was increased from $3,500 to $10,000, (iv) the meeting fee for Audit Committee members was increased from $500 to $1,000 per meeting, (v) the annual retainer for the Compensation Committee Chairman was increased from $3,500 to $5,000, (vi) the meeting fee for Compensation Committee members was increased from $500 to $1,000 per meeting, (vii) the annual retainer for the Corporate Governance Committee Chairman was increased from $3,500 to $5,000, and (viii) the meeting fee for Corporate Governance Committee members was increased from $500 to $1,000 per meeting. On October 27, 2005, the Board of Directors of Kaydon Corporation approved the recommendation of its Corporate Governance Committee to add an annual retainer of $20,000 for the position of Lead Independent Director, effective October 27, 2005.