Summary of Non-Employee Director Meeting Fees and Compensation
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EX-10.7 2 d49433exv10w7.htm SUMMARY OF NON-EMPLOYEE DIRECTOR MEETING FEES AND COMPENSATION exv10w7
Exhibit 10.7
Summary of Non-employee Director Meeting Fees and Compensation
We do not pay directors who are also Woodward officers additional compensation for their service as directors. In addition to reasonable expenses for attending meetings of the Board of Directors, non-employee directors receive the following compensation:
Monthly Retainer — Chairman of the Board | $ | 5,000 | ||
Monthly Retainer — All other non-employee Directors | $ | 3,000 | ||
Each Board meeting attended | $ | 2,000 | ||
Each Committee meeting attended — Chairman | $ | 2,500 | ||
Each Committee meeting attended — all others | $ | 1,500 | ||
Lead Director — Each Independent Director meeting | $ | 2,500 | ||
Audit Committee Chairman — Additional Monthly Retainer | $ | 750 | ||
Telephonic Meetings — Chairman | $ | 1,000 | ||
Telephonic Meetings — all others | $ | 500 |
In addition, annual stock option awards with a fair market value of approximately $60,000 on the date of grant are granted to each director. The terms of the awards, such as vesting and length of the award, can be found in the Form of Non-Qualified Stock Option Agreement, filed as Exhibit 10.14 to our Annual Report on Form 10-K for our fiscal year ended September 30, 2007, and are incorporated herein by reference. Our directors receive no perquisites.
