SUMMARY OF ANNUAL NON-MANAGEMENT DIRECTOR COMPENSATION
EX-10.22 30 y27121exv10w22.htm EX-10.22: SUMMARY OF ANNUAL DIRECTOR COMPENSATION EX-10.22
EXHIBIT 10.22
SUMMARY OF ANNUAL NON-MANAGEMENT DIRECTOR COMPENSATION
| I. | Board Members (Other than the Chairman) | |
| A. | Annual Cash Compensation (effective November 9, 2006) |
Annual Cash Retainer: | $ | 70,000 | ||
Additional Cash Retainer for Presiding Director: | $ | 3,000 | ||
Additional Cash Retainer for Chairman of Audit Committee: | $ | 20,000 | ||
Additional Cash Retainer for Chairman of Compensation Committee: | $ | 10,000 | ||
Additional Cash Retainer for Chairs of Nominating and Corporate Governance Committee and Strategy Committee: | $ | 5,000 |
| B. | Meeting Fees | |
| If a Board Committee meets more than six times during a calendar year, then the members thereof shall receive the following fees for attending meetings that exceed six in number: |
Committee Meeting Fees: | $1,500 per meeting attended in person, on a day other than a day on which the Board meets | |
| $1,000 per meeting attended in person, on the same day as a Board meeting | ||
Telephone Committee Meeting Fees: | $750 per meeting attended by conference telephone |
| Directors are also reimbursed for reasonable out-of-pocket expenses incurred in attending meetings. |
C. Stock Options
| Annual grant of options for 10,500 shares, vesting 1/3 on each of the first three anniversaries of the grant date, expiring seven years from the grant date, except in May 2007. |
II. Chairman of the Board
A. Annual Cash Compensation
| Annual Cash Compensation (in lieu of annual retainer and meeting fees): $250,000 |
B. Stock Options
| Annual grant of options for 10,500 shares, vesting 1/3 on each of the first three anniversaries of the grant date, expiring seven years from the grant date, except in May 2007. |
