Life Time Fitness Non-Employee Director Compensation Package Effective January 1, 2007

Summary

This agreement outlines the compensation package for non-employee directors of Life Time Fitness, effective January 1, 2007. Directors receive an initial grant of $100,000 in restricted stock, vesting over three years, and an annual grant of $75,000 in restricted stock, also vesting over three years. Additional cash stipends are provided for board service and committee chair roles, paid quarterly. Directors are also reimbursed for the cost of a family athletic membership. All stock grants are made under the company's long-term incentive plan.

EX-10.1 2 c09521exv10w1.htm SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION exv10w1

EXHIBIT 10.1

Non-Employee Director Compensation Package
Effective January 1, 2007

Initial Compensation — Restricted Stock Grant

$100,000 of restricted stock based on fair market value at grant (that is, $100,000 divided by the closing price = the number of shares)

	•		Vesting ratably over a three-year period on each annual anniversary of the date of grant

	•		Date of grant is date of election to the Board

Annual Compensation

Stipend — $45,000

Audit Committee Chair Fee — $12,000

Compensation Committee, Governance & Nominating Committee and Finance Committee Chair Fee — $6,000

Lead Director Fee— $25,000

Annual Restricted Stock Grant — $75,000 of stock (at time of grant), vesting ratably over a three-year period on each annual anniversary of the date of grant, issued annually on date of annual shareholder meeting.

Reimburse director for cost of purchasing a Life Time Fitness “family” Athletic membership

Terms

Restricted stock will be granted under the Life Time Fitness 2004 Long-Term Incentive Plan or such other equity compensation plan as in effect from time to time.

Stipend, Committee Chair and Lead Director fees to be paid in cash quarterly on the last day of each calendar quarter, in arrears (pro-rated for any partial periods).