Summary of Non-Employee Dir. Meeting Fees & Compensation

Contract Categories: Human Resources - Compensation Agreements
EX-10.(J) 3 c90312exv10wxjy.htm SUMMARY OF NON-EMPLOYEE DIR. MEETING FEES & COMPENSATION exv10wxjy
 

Exhibit 10(j)
Woodward Governor Company
Summary of Non-Employee Director Meeting Fees and Compensation

Beginning in fiscal year 2005, Directors of the Company who are not regular worker members of the Company are to be compensated as follows:

         
Monthly retainer
   $ 2,000  
Each Board meeting attended (full member scheduled with agenda)
     1,500  
Each committee meeting attended:
        
Chairman
     2,500  
Non-chairmen
     1,500  
Lead director – each outside director meeting
     2,500  
Audit committee chairman – monthly retainer
     750  
Single issue telephonic meetings:
        
Chairman
     1,000  
Non-chairmen
     500
  

In addition, options will be awarded in January 2005 for the purchase of 1,500 shares of Woodward common stock at the market price on the date of grant, vesting after one year.