Summary of Compensation Terms for Non-Employee Directors (2006)

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Summary

This document outlines the 2006 compensation arrangements for non-employee directors of the company. Each non-employee director receives an annual retainer of $165,000, with additional payments for committee chairs and members: $25,000 for the Audit and Finance Committee Chair, $15,000 for the Corporate Governance and Nominating Committee Chair and the Leadership Development and Compensation Committee Chair, $5,000 for other Audit and Finance Committee members, and $50,000 for the lead director. At least half of all payments must be in company stock, with the remainder paid in cash.

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EX-10.III.A.15 13 y13681exv10wiiiwaw15.htm EX-10.III.A.15: SUMMARY OF COMPENSATION TERMS FOR NON-EMPLOYEE DIRECTORS EX-10.III.A.15  

         
EXHIBIT 10(iii)(A) 15
SUMMARY OF COMPENSATION TERMS
FOR
NON-EMPLOYEE DIRECTORS
The following is a summary of compensation arrangements for non-employee directors for 2006.
For 2006, each non-employee director’s annual retainer will be $165,000. The Chairman of the Audit and Finance Committee will receive an additional retainer of $25,000, and the Chairman of each of the Corporate Governance and Nominating Committee and the Leadership Development and Compensation Committee will receive an additional retainer of $15,000. Each of the other members of the Audit and Finance Committee will receive an additional annual retainer of $5,000. In fiscal 2006, the lead director will receive an additional $50,000. At least 50% of all retainers and fees must be taken in common stock, and amounts not paid in common stock will be paid in cash.