Cinergy Corp. Non-Employee Director Compensation Summary Sheet (Effective January 1, 2005)
This agreement outlines the compensation structure for non-employee directors of Cinergy Corp. as of January 1, 2005. Non-employee directors receive annual retainers, meeting attendance fees, and equity awards, with specific amounts for board and committee service. New directors are granted stock options, and all directors are reimbursed for expenses related to board and committee meetings. The arrangement details the types and amounts of compensation, ensuring transparency and consistency in director payments.
Exhibit 10.cccc
Summary Sheet of Compensation Arrangement Between Cinergy Corp. and its
Non-Employee Directors
Effective January 1, 2005, the fees paid to the non-employee Directors of the Cinergy Corp. Board of Directors will consist of:
| Type of Fee |
| Amount |
| Annual Board Retainer |
| $60,000 (payable 50% each in cash and stock) |
| Annual Committee Retainer |
| $ 8,500 |
| Annual Committee Chair Retainer |
| $ 8,500 |
| Annual Lead Director Retainer |
| $ 5,000 |
| Board Meeting Attendance |
| $ 2,000 ($1,250 if attended by conference call) |
| Committee Meeting Attendance |
| $ 2,000 ($1,250 if attended by conference call) |
| Annual Equity Award |
| 450 units of Cinergy common stock |
In addition, when a non-employee Director is first elected to the Board, he or she is granted a non-qualified stock option to purchase 12,500 shares of Cinergy common stock. Cinergy also reimburses all non-employee Directors for expenses incurred to attend and participate at Board and Committee meetings.
