Board Approval of Changes to Non-Employee Director Compensation Program (June 2011)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document records the approval by the Nominating and Governance Committee and the Board of Directors of changes to the compensation program for non-employee directors. The changes include eliminating individual meeting fees, increasing annual retainers for board members, the Lead Director, and the Audit Committee Chairman, increasing the annual stock option grant, and removing the additional retainer for Audit Committee members. These changes were approved on June 20 and 21, 2011, and affect how non-employee directors are compensated for their service.

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EX-10.81 3 navex107973111.htm APPROVAL OF NOMINATING AND GOVERNANCE COMMITTEE AND BOARD OF DIRECTORS APPROVAL OF CHANGES TO NON-EMPLOYER DIRECTOR COMPENSATION NAV EX 10.81 7.31.11


EXHIBIT 10.81


On June 20, 2011, the Nominating and Governance Committee approved and recommended to the Board of Directors, and on June 21, 2011, the Board of Directors approved, changes to the non-employee director compensation program as set forth below:

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The elimination of individual meeting fees
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An increase in the Annual Board Retainer for Board Members from $80,000 to $120,000
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An increase in the Annual Retainer Fee for the Lead Director from $20,000 to $25,000
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An increase in the Annual Retainer Fee for the Chairman of the Audit Committee from $15,000 to $20,000
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An increase in the annual non-employee stock option grant from 4,000 shares to 5,000 shares
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The elimination of the additional Audit Committee member retainer fee of $3,000


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