SUMMARY OF COMPENSATION ARRANGEMENTS WITH NON-EMPLOYEE DIRECTORS AS OF FEBRUARY 28, 2008
MPC EXHIBIT
EXHIBIT 10.[21]
SUMMARY OF COMPENSATION ARRANGEMENTS WITH NON-EMPLOYEE DIRECTORS
AS OF FEBRUARY 28, 2008
The following summarizes the current compensation and benefits received by the Company’s non-employee directors as of February 28, 2008. This document is intended to be a summary of existing oral, at will arrangements, and in no way is intended to provide any additional rights to any non-employee director.
Retainer
Non-employee directors each receive an annual retainer fee of $24,000. The Chairman of the Audit Committee receives an annual retainer of $16,000, the Chairman of the Compensation Committee receives an annual retainer of $9,000 and the Chairman of each of the Corporate Governance/Nominating Committee and Diversity Committee receives an annual retainer of $6,000. A director that chairs more than one committee receives a retainer with respect to each Committee he chairs. All of the retainers are paid on a quarterly basis.
Meeting Fees
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| Per meeting fees for non-employee directors are as follows: |
| – | For meetings of the Board of Directors, Compensation Committee, Corporate Governance/Nominating Committee and Diversity Committee, $1,500. |
| – | For in person meetings of the Audit Committee, $2,500, and for telephone meetings of the Audit Committee, $1,250. In addition, the Chairman gets an additional $1,500 for preparing to conduct each quarterly meeting. |
Equity Compensation
Under the terms of the Company’s 2004 Stock Incentive Plan, directors are eligible to receive stock options, stock awards, and other types of equity-based compensation awards. However, the Company does not make any such awards to non-employee directors under its current compensation practices.
All non-employee directors are entitled to reimbursement of expenses for all services as a director, including committee participation or special assignments.
