Spartan Stores, Inc. Board of Directors Director Compensation Plan (Effective October 1, 2006)
This agreement outlines the compensation plan for non-management directors of Spartan Stores, Inc., effective October 1, 2006. Directors receive an annual retainer of $30,000, additional fees for attending board and committee meetings (in person or by phone), and extra compensation for committee chairs. An annual equity grant valued at $50,000 is also provided, matching the mix of equity awards given to management. Management directors do not receive compensation under this plan. The increased equity component takes effect with the May 2007 annual grant.
EXHIBIT 10.1
SPARTAN STORES, INC.
BOARD OF DIRECTORS
DIRECTOR COMPENSATION PLAN 1
Effective: October 1, 2006 2
| Annual Retainer | $ | 30,000 |
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| Meeting Fees: |
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| Board Meetings |
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| Personal Attendance | $ | 1,500 |
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| Telephone Call Attendance | $ | 750 |
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| Committee Meetings |
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| Personal Attendance | $ | 1,000 |
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| Telephone Call Attendance | $ | 500 |
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| Committee Chair Fees: |
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| Audit | $ | 7,500 |
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| Compensation | $ | 5,000 |
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| Nominating and Corporate Governance | $ | 5,000 |
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| Annual Equity Component (Restricted Stock or Option Grants) 3 | $ | 50,000 |
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1 Management directors do not receive any compensation for serving as a director.
2 Prior to August 16, 2006, the value of the annual equity component was in the amount of $20,000. The increase to $50,000 in the value of the grant will be effective at the time of the annual equity grant in May 2007.
3 The Annual Equity Component will be annually granted in the same percentage mix of stock options, restricted shares or other equity awards as granted to management.
