Summary of Cash Compensation for Non-Employee Directors of Worthington Industries, Inc.
Worthington Industries, Inc. has updated its cash compensation policy for non-employee directors, effective June 1, 2006. Non-employee directors receive an annual retainer, additional fees for attending board and committee meetings, and extra compensation for serving as committee chairs. Employee directors do not receive extra pay for board service. All directors are reimbursed for expenses related to their duties. The changes include an increase in the annual retainer and committee chair fees, while meeting attendance fees remain the same or are increased for certain meetings.
Exhibit 10.22
SUMMARY OF CASH COMPENSATION
FOR DIRECTORS OF
WORTHINGTON INDUSTRIES, INC.
On May 19, 2006, the Compensation and Stock Option Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) recommended and on May 20, 2006, the Board approved the following changes to the cash compensation for non-employee directors of the Company, effective June 1, 2006. Non-employee Directors of Worthington Industries, Inc. (the “Company”) receive the following cash compensation. Directors who are employees of the Company receive no additional compensation for serving as members of the Board or as members of Board committees. Directors are reimbursed for out-of-pocket expenses incurred in connection with their serving as directors, including travel expenses.
| Prior | New | |||||||
| Annual Retainer: | $ 35,000 | $ 45,000 | ||||||
| Attendance at a Board Meeting: | $ 1,500 | $ 1,500 | ||||||
| (including telephonic meetings) | ||||||||
| Audit Committee Chair | ||||||||
| (Annual Retainer): | $ 10,000 | $ 10,000 | ||||||
| Committee Chair Other Than Audit | ||||||||
| (Annual Retainer): | $ 5,000 | $ 7,500 | ||||||
| Attendance at a Board / Committee Meeting: | ||||||||
| (including telephonic meetings) | $ 1,000 | $ 1,500 | ||||||
E-7
