Amended Director Compensation Schedule Effective July 1, 2008
This schedule outlines the compensation for directors, effective July 1, 2008. All directors receive a basic annual retainer of $50,000, with additional supplemental retainers for serving as Board Chair or committee chairs and members. Directors also receive meeting fees and an annual equity award of $90,000. The schedule allows directors to elect to defer compensation and convert retainers into equity awards for the current plan year.
Exhibit 10.16
SCHEDULE I
DIRECTOR COMPENSATION SCHEDULE
The following shall become effective as of July 1, 2008
Basic Annual Retainer (all Directors): $50,000
Supplemental Annual Retainers:
Board Chair: $100,000
Audit Committee Chair: $15,000
Compensation Committee Chair: $15,000
Governance and Nominating Committee Chair: $5,000
Health, Safety and Environmental Committee Chair: $5,000
Audit Committee Members: $5,000
Compensation Committee Members: $5,000
Meeting Fees:
Board meeting: $2,000
Committee meeting: $1,500
Annual Equity Award Amount: $90,000
Deferral Election:
Elected Conversion Date: Available for Current Plan Year
Total Annual Retainer in Equity Awards: Available for Current Plan Year
