W Holding Company, Inc. 2005 Non-Employee Director Fee Arrangement Description

Contract Categories: Human Resources › Compensation Agreements
Summary

W Holding Company, Inc. outlines the annual fees paid to its non-employee directors for their service in 2005. Directors receive an annual retainer based on their committee participation, with higher fees for those serving on more than three committees. Additional fees are provided for the Secretary of the Board and the Chairman of the Audit Committee. Directors may also be reimbursed for out-of-pocket expenses related to board duties. These arrangements do not apply to directors who receive retirement plan benefits.

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EX-10.11 2 g93660exv10w11.txt EX-10.11 DESCRIPTION OF ARRANGEMENT FOR DIRECTOR FEES Exhibit 10.11 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 2005 (year-end 2004 figures were included for comparative purposes):
Event 2005 Fees 2004 Fees ----- --------- --------- Annual Retainer: For those Directors with $24,000 annually, payable $24,000 annually, payable participation in less than three on a monthly basis on a monthly basis Board of Directors committees. ($2,000). ($2,000). For those Directors with $42,000 annually, payable $24,000 annually, payable participation in more than three on a monthly basis on a monthly basis Board of Directors committees. ($3,500). ($2,000). Secretary of the Board of $18,000 annually, payable $18,000 annually, payable Directors on a monthly basis on a monthly basis ($1,500) for being a ($1,500) for being a director of the Board of director of the Board of Directors. Also, the Directors. Also, the Secretary of the Board of Secretary of the Board of Directors receives an Directors receives an additional retainer of additional retainer of $6,720 annually, payable $6,720 annually, payable on a monthly basis ($560) on a monthly basis ($560) for his (her) position as for his (her) position as Secretary of the Board. Secretary of the Board. Chairman of the Audit Committee $36,000 annually, payable None and Financial Expert 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.