Summary of Board of Director Compensation Approved July 27, 2007

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation structure for the company's board of directors, effective July 27, 2007. It specifies annual retainers, supplemental fees for lead and committee chairs, equity grants, and meeting fees for both in-person and phone attendance. The agreement also details additional compensation for extended committee meetings and notes effective dates for certain fee increases. The compensation applies to all board members and committee participants, ensuring clarity on payment amounts and conditions.

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EX-10.16 4 c23819exv10w16.htm SUMMARY OF BOARD OF DIRECTOR COMPENSATION exv10w16  

Exhibit 10.16
Board of Director Compensation, approved July 27, 2007
Board Fees.
Each director shall receive the following annual fee:
  1.   Retainer — $40,000
 
  2.   Lead director — $20,000 supplement
Equity Compensation.
Each director shall receive the following equity grants:
  1.   Non-qualified stock option grant — 10,000 shares (post-split)
 
  2.   Deferred compensation incentive match — 15% of the Board retainer deferred
Committee Fees.
Each member of the following committees shall receive the following annual fees:
  1.   Audit Committee — $9,000 per year, with supplement of $20,000 for the Committee chair
 
  2.   Other Committees — $4,000 per year for each Committee, with supplement of $10,000 for the Compensation Committee chair and $5,000 for each of the Governance Committee chair and the International Committee chair
Meeting Fees.
Each director shall receive the following fees for each meeting attended:
  1.   Board meetings — $2,000 per meeting if in person or $500 if by phone conference
 
  2.   Committee meetings — $1,500 ($2,000 for Committee Chairs) per meeting if in person or $500 if by phone conference
 
  3.   Committee meeting supplements — if committee meeting lasts over 2 hours, increase of meeting fee to $2,500 ($3,000 for Committee Chairs) if in person or to $1,000 if by phone conference
Effective Dates.
  1.   Compensation Committee chair supplemental retainer, increase from $5,000 to $10,000, effective August 1, 2007.
 
  2.   Governance Committee chair and International Committee chair supplemental retainer, effective August 1, 2007.