MeadWestvaco Corporation 2005 Non-Employee Director Compensation Summary
MeadWestvaco Corporation provides non-employee directors with an annual cash payment of $50,000 for their board service, with the option to defer this compensation. Each non-employee director also receives an annual grant of stock units valued at $60,000, distributed as common stock when their board service ends. Additional annual retainers are paid to committee chairs and Audit Committee members. Directors who are company employees do not receive extra compensation for board service.
Exhibit 10.30
MeadWestvaco Corporation
Summary of Non-employee Director Compensation
Each non-employee director of MeadWestvaco receives $50,000 as an annual cash payment for services as a director. Board members may elect to defer this compensation under the MeadWestvaco Corporation Compensation Plan for Non-Employee Directors. Directors have the opportunity to defer all or a portion of their annual cash retainer. Directors who are also employees of the company receive no additional compensation for service as a director.
Each year, non-employee directors receive a grant of MeadWestvaco stock units equivalent to $60,000 at the time of grant. Distributions of the stock units are made in MeadWestvaco common stock upon termination of a director’s board membership.
In addition to the compensation described above, the MeadWestvaco Audit Committee Chair receives a $20,000 annual retainer, the Compensation and Organization Development Committee Chair receives a $15,000 annual retainer, and the Chair of each of the other standing Committees of the Board receives an annual retainer of $10,000. Each of the members of the Audit Committee, other than the Chair, receives an annual retainer of $5,000.
