Kaydon Corporation Non-Employee Directors Compensation Policy (2004–2005)

Summary

Kaydon Corporation's Board of Directors approved changes to the compensation structure for its non-employee directors, effective September 1, 2004. The changes include increases to annual retainers and meeting fees for board members and committee chairs, as well as the introduction of a new annual retainer for the Lead Independent Director position, effective October 27, 2005. These adjustments outline the specific amounts paid for board and committee service, ensuring clear compensation terms for non-employee directors.

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.