Lamar Advertising Company Non-Management Director Compensation Plan (Effective October 1, 2004)
This plan outlines the compensation for non-management directors of Lamar Advertising Company. Non-management directors receive an annual fee of $36,000, paid monthly, with additional quarterly payments for committee chairs and Audit Committee members. Directors are also reimbursed for travel expenses related to board meetings. The Compensation Committee may grant stock options to independent, non-management directors at its discretion.
Exhibit 10.16
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 | ||||
Chair of Compensation Committee and Nominating and Governance Committee1 | $ | 4,500 | quarterly | |||||
Each member of the Audit Committee | $ | 9,000 | quarterly | |||||
Chair of the Audit Committee | $ | 9,000 | quarterly | |||||
*Non-management directors are also reimbursed for travel expenses incurred to attend board meetings.
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. |
