2006 Director Compensation Plan Approved by Human Resources Committee
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Summary
This agreement outlines the 2006 compensation plan for non-management members of the company's Board of Directors. Non-management directors receive an annual retainer of $20,000 and $500 per Board meeting attended, while the Chairman receives $27,500 annually and $2,000 per meeting. Committee Chairmen receive an additional $5,000 annual retainer. Compensation is paid quarterly, and only Board meetings, not telephonic Committee meetings, count toward meeting fees.
EX-10.4 3 f18535exv10w4.htm EXHIBIT 10.4 exv10w4
Exhibit 10.4
2006 Director Compensation Plan
On December 21, 2005, the Human Resources Committee of the Board approved the terms of the Company’s 2006 Director Compensation Plan as follows:
In 2006, each non-management Board member (other than the Chairman of the Board), will be paid an annual retainer of $20,000 and $500 for attendance at each Board meeting including telephonic Board meetings. The Chairman of the Board will be paid an annual retainer of $27,500 and $2,000 for attendance at each Board meeting. In addition, the Chairman of each Committee of the Board will each be paid a supplemental annual retainer of $5,000. All Board compensation is paid quarterly, as earned. Telephonic Committee meetings are not considered “Board Meetings” for purposes of calculating Board compensation.
