Lehman Brothers Holdings Inc. Non-Management Director Cash Compensation Policy (as of February 14, 2005)
This document outlines the cash compensation policy for non-management directors of Lehman Brothers Holdings Inc. as of February 14, 2005. Non-management directors receive an annual retainer of $55,000, paid quarterly, with additional fees for committee service and chairmanships. Attendance requirements apply for full payment. Directors are also reimbursed for reasonable travel expenses. Specific additional compensation is detailed for Mr. Michael Ainslie for his service on the board and committees of Lehman Brothers Bank, FSB.
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EXHIBIT 10.27
CASH COMPENSATION FOR
NON-MANAGEMENT DIRECTORS OF THE REGISTRANT
As of February 14, 2005, non-management Directors of Lehman Brothers Holdings Inc. (the "Registrant") receive an annual cash retainer of $55,000 and are reimbursed for reasonable travel and related expenses. The annual retainer is paid quarterly; however, the fourth quarter payment will be withheld from any Director who has been a Director for the full year for failure to attend 75% of the total number of meetings. The chairman of the Audit Committee receives an additional annual retainer of $25,000, and each non-management Director who serves as a chairman of any other Committee of the Board of Directors receives an additional annual retainer of $15,000 per Committee. Each non-management Director who serves as a Committee member (including as chairman) receives $2,500 per Committee meeting and $1,500 per unanimous written consent.
As of February 14, 2005, Mr. Michael Ainslie also receives an annual cash retainer of $40,000 for serving as a Director of Lehman Brothers Bank, FSB, an annual retainer of $10,000 for serving as Chairman of its Audit Committee and $1,500 per committee meeting and $1,500 per unanimous written consent for serving as a member of its Audit and Compensation and Benefits Committees.
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- EXHIBIT 10.27
