Non-Employee Director Compensation Summary for Schnitzer Steel Industries, Inc.
This document outlines the compensation structure for non-employee directors of Schnitzer Steel Industries, Inc., effective September 1, 2005. Non-employee directors receive an annual fee, meeting fees, additional retainers for committee chairpersons, and an annual grant of restricted Class A common stock. The Chairman of the Board may receive extra compensation as determined by the Compensation Committee. The summary specifies the amounts and conditions for each type of compensation.
EXHIBIT 10.1
Non-Employee Director Compensation Summary1
The following is a summary of the compensation provided to our non-employee directors effective as of September 1, 2005.
| Annual fee for all non-employee directors |
| $ | 35,000 |
| Board meeting and Board committee meeting fees (where committee meeting held other than on the same day as a meeting of the Board) |
| $ | 1,200 |
| Chairperson retainer – Audit Committee |
| $ | 5,000 |
| Chairperson retainer – Compensation Committee |
| $ | 5,000 |
| Chairperson retainer – Nominating and Corporate Governance Committee |
| $ | 3,500 |
| Annual grant of restricted Class A common stock to all non-employee directors |
| $ | 87,500 |
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1 The Chairman of the Board may receive additional compensation as determined by the Compensation Committee.
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