Maytag Corporation Board of Directors Compensation Policy (2005)
This document outlines the compensation policy for non-employee members of Maytag Corporation's Board of Directors for 2005. Directors receive an annual retainer, fees for attending board and committee meetings, and additional compensation for serving as committee chairs. Directors may defer their compensation and are eligible for annual stock option grants, with new directors receiving a larger initial grant. The policy also allows directors to purchase company appliances at fair market value. The agreement specifies the amounts and terms for each type of compensation.
Exhibit 10(r)
MAYTAG CORPORATION BOARD OF DIRECTORS
COMPENSATION
2005
| Annual Retainer | $35,000 per annum | |
| Meeting and Committee Fees | $2,500 per committee and board meeting | |
| Committee Chair Fee | $5,000 per annum | |
| Executive and Audit Committee Chair Fee | $7,000 per annum | |
| Telephone Meeting or Attendance Via Telephone | $1,000 per meeting | |
| Deferred Compensation Plan: | All non-employee directors may elect to defer all or a portion of their director’s compensation. | |
| Stock Options: | Each current director receives an option to purchase 3,000 shares of Maytag stock annually on the day after the Annual Meeting of Shareholders at the market value of the stock on that date, pursuant to the 2002 Employee and Director Stock Incentive Plan. Each new Director to receive 10,000 stock options when they join the Board; this grant would be in lieu of the normal first year grant. Option terms would be same as for current employees—vesting one-third of the grant each year. | |
| Appliances: | Corporation products are available under the Directors’ Appliance Program; Directors are taxed at the fair market cost. | |
