Lamar Advertising Company Non-Management Director Compensation Plan (Effective October 1, 2004)
This agreement outlines the compensation plan for non-management directors of Lamar Advertising Company. Non-management directors receive an annual fee of $36,000, paid monthly, and an additional $9,000 per year for serving on at least one board committee, paid quarterly. Chairs of the Audit Committee receive $9,000 annually, while chairs of the Compensation and Nominating and Governance Committees receive $4,500 each, paid quarterly. Directors are also reimbursed for travel and related expenses. The Compensation Committee may grant stock options to independent, non-management directors at its discretion.
Exhibit 10.3
Lamar Advertising Company
Non-Management Director Compensation Plan
(effective October 1, 2004)
Director Fees
| Recipient | Annual Fee | Payment Schedule | ||||||
Each non-management director | $ | 36,000 | * | monthly | ||||
Each director who serves on at least one Committee of the Board of Directors | $ | 9,000 | quarterly | |||||
Chair of the Audit Committee | $ | 9,000 | quarterly | |||||
Chair of Compensation Committee and Nominating and Governance Committee1 | $ | 4,500 | quarterly | |||||
*Non-management directors are also reimbursed for travel expenses incurred to attend board and committee meetings and expenses incurred to perform other, related responsibilities.
Stock Options
At the discretion our Compensation Committee, our independent, non-management directors may also receive option grants from time to time.
| 1 | The same director currently serves as chair of both committees. |
