W Holding Company, Inc. 2006 Non-Employee Director Fee Arrangement

Contract Categories: Human Resources › Compensation Agreements
Summary

W Holding Company, Inc. outlines the annual fees for its non-employee directors for fiscal year 2006. Directors receive an annual retainer based on their committee participation, with higher fees for those serving on more than three committees. Additional compensation is provided for the Secretary of the Board and the Chairman of the Audit Committee. Directors are also eligible for reimbursement of out-of-pocket expenses related to board service. Directors who receive retirement plan benefits are excluded from this arrangement.

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EX-10.13 2 g05664exv10w13.htm EX-10.13 DESCRIPTION OF ARRANGEMENT FOR DIRECTOR FEES EX-10.13 ARRANGEMENT FOR DIRECTOR FEES  

Exhibit 10.13
Description of Arrangement for Directors Fees
The following sets forth the amount of annual fees payable (excluding representation expenses) to each non-employee director of W Holding Company, Inc. (except for directors who receive benefits from any retirement plan), for their services as Directors in fiscal year 2006:
     
Event   Fees
Annual Retainer:
    
 
    
For those Directors with participation in less than three board of Directors committees.
  $24,000 annually, payable on a monthly basis ($2,000).
 
    
For those Directors with participation in more than three Board of Directors committees.
  $42,000 annually, payable on a monthly basis ($3,500).
 
    
Secretary of the Board of Directors
  $18,000 annually, payable on a monthly basis for being a Director of the Board of Directors. Also, the Secretary of the Board of Directors receives an additional retainer of $6,720 annually, payable on a monthly basis ($560) for his (her) position as Secretary of the Board.
 
    
Chairman of the Audit Committee and Financial Expert
  $36,000 annually, payable on a monthly basis ($3,000).
W Holding Company, Inc. may also reimburse Directors for their out-of-pocket expenses incurred in connection with attendance at meetings of and other activities relating to service on the Board of Directors or any Board of Directors committee.