The Timberland Company Summary of Non-Employee Director Compensation (Effective January 1, 2009)

Contract Categories: Human Resources › Compensation Agreements
Summary

The Timberland Company compensates its non-employee directors with annual retainers, meeting fees, and equity awards. Directors receive a $50,000 annual retainer, with additional amounts for the Lead Director and committee chairpersons. Directors are also paid for attending board and committee meetings. Newly elected non-employee directors receive restricted stock units (RSUs) valued at $200,000, vesting over three years, while re-elected directors receive RSUs valued at $100,000, vesting after one year. These terms are effective as of January 1, 2009, under the company's 2007 Incentive Plan.

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EX-10.7 8 b75209tcexv10w7.htm EX-10.7 SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION exv10w7

 

Form 10-Q
Page 50
Exhibit 10.7
The Timberland Company
Summary of Non-Employee Director Compensation
     Effective January 1, 2009, The Timberland Company (the “Company”) pays fees to its non-employee directors in connection with their service as a director as follows: $50,000 annual retainer to each director; an additional $15,000 annual retainer to the Lead Director; $2,000 for each Board of Directors meeting attended; an additional $12,500 annual retainer to each committee chairperson; and $1,000 for each committee meeting attended.
     Effective January 1, 2009, under the Company’s 2007 Incentive Plan, newly elected or appointed non-employee directors receive an initial award on the date of the annual meeting of stockholders at which the director is first elected (or, if the director is first elected or appointed by the Board, on the date of the first annual meeting of stockholders occurring after such director is elected or appointed) of restricted stock units (“RSUs”) having a value equal to $200,000 on the date of grant based upon the closing price of the Company’s Class A Common Stock quoted on the New York Stock Exchange on such date, which grant vests in three (3) equal annual installments. Re-elected directors receive an award, on the date of the annual meeting of stockholders at which such directors are re-elected, of RSUs having a value equal to $100,000 on the date of grant based upon the closing price of the Company’s Class A Common Stock quoted on the New York Stock Exchange on such date, which grant vests in full on the first anniversary of the date of grant.