PW Eagle Inc. Director Compensation Plan (Effective June 1, 2006)
PW Eagle Inc. established a compensation plan for its outside directors, effective June 1, 2006. New directors receive an initial grant of 15,000 stock options, with 25% vesting immediately and the remainder over three years. Directors also receive an annual retainer of $40,000, meeting fees, and additional compensation for committee chair roles. Each year, directors are granted 5,000 fully vested stock options. Directors may choose to have their cash compensation contributed to the company's deferred compensation plan.
EXHIBIT 10.2
PW Eagle Inc.
Director Compensation Plan (effective June 1, 2006)
| New Outside Director Compensation | |||
| Initial Stock Grant (# of options priced at fair value) | 15,000 | ||
| 25% Vested immediately and 25% per year thereafter (100% after 3 years) 10 year term | |||
| Annual Compensation* | |||
| Retainer Fee | $ | 40,000 | |
| Meeting Fees -per board meeting | $ | 3,000 | |
| Meeting Fees -Committees (per committee meetings, unless held on day of a board meeting) | $ | 2,000 | |
| Committee Chairman -Compensation, Nominating and Governance, Strategic | $ | 7,000 | |
| Committee Chairman -Audit | $ | 10,000 | |
| Annual Stock Option Grant (# of options priced at fair value) | 5,000 | ||
| 100% immediately vested, 10 year term | |||
| * | Directors may elect to have all cash compensation payable to them under the Plan contributed to the Company’s deferred compensation plan. |
