MeadWestvaco Corporation Compensation Program for Non-Employee Directors
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EX-10.35 4 dex1035.htm MEADWESTVACO CORPORATION COMPENSATION PROGRAM FOR NON-EMPLOYEE DIRECTORS MeadWestvaco Corporation Compensation Program for Non-Employee Directors
Exhibit 10.35
MeadWestvaco Corporation
Compensation Program for Non-Employee Directors
Effective January 23, 2007, the compensation program for non-employee directors of MeadWestvaco Corporation has been modified and the form and amount of compensation consist of the following components:
| (1) | Following the annual meeting of shareholders, all non-employee directors are awarded MeadWestvaco stock units valued at $80,000 which track the performance of MeadWestvaco common stock. The stock units are distributed to directors on termination of Board membership in shares of MeadWestvaco common stock. |
| (2) | Following the annual meeting of shareholders, all non-employee directors receive an annual cash retainer of $55,000. In addition, non-employee directors also receive an annual cash retainer based on their service on Board Committees as follows: |
| a. | Members of the Audit Committee (other than the Chair) receive an annual cash retainer of $10,000. |
| b. | The Chair of the Audit Committee receives an annual cash retainer of $20,000. |
| c. | The Chair of the Compensation and Organization Development Committee receives an annual cash retainer of $15,000. |
| d. | The Chair of each other standing Committee of the Board of Directors receives an annual cash retainer of $10,000. |
Annual cash retainers are payable in a lump sum. Non-employee directors may elect to defer all or a portion of their annual cash retainer.
