COMPENSATION OF DIRECTORS

Contract Categories: Human Resources - Compensation Agreements
EX-10.(I) 2 dex10i.htm COMPENSATION OF DIRECTORS, DATED MAY 20, 2004 Compensation of Directors, dated May 20, 2004

Exhibit (10)(i)

 

COMPENSATION OF DIRECTORS

 

May 20, 2004

 

WHEREAS, Article IV, Section 10 of the corporation’s By-Laws states: “The board of directors shall have the authority to fix the compensation of directors.”;

 

NOW, THEREFORE, BE IT RESOLVED, that effective July 1, 2004, the compensation of the outside directors of this corporation shall be:

 

  1. An annual retainer fee in the sum of $35,000, irrespective of attendance at meetings of the board of directors; and

 

In addition, an annual retainer fee for the vice chair in the sum of $15,000, irrespective of attendance at meetings of the board of directors; and

 

  2. An annual retainer fee in the sum of $10,000 for the chair of the audit committee, irrespective of attendance at committee meetings; and

 

In addition, an annual retainer fee in the sum of $5,000 for the chairs of the board’s other standing committees, irrespective of attendance at committee meetings;

 

  3. An additional fee in the sum of $1,500 for each meeting of the board of directors attended;

 

  4. An additional fee for committee members in the sum of $1,500 for each meeting of a committee of the board of directors attended; and

 

  5. Reimbursement for all expenses incidental to attendance at a meeting of the board of directors or a meeting of a committee of the board of directors, and for any other expense incurred on behalf of the corporation.