Yankee Candle Company, Inc. 2005 Director Compensation Plan (Non-Employee Directors)

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation plan for non-employee directors of Yankee Candle Company, Inc. Directors receive stock options upon joining the board and annually based on meeting attendance, with specific vesting schedules. They also receive cash payments for board and committee meetings, with additional compensation for committee chairs. Payments are made in regular installments throughout the year. The plan sets clear terms for both equity and cash compensation, ensuring directors are rewarded for their service and participation.

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EX-10.17 3 b53306ycexv10w17.txt EX-10.17 2005 DIRECTOR COMPENSATION PLAN EXHIBIT 10.17 THE YANKEE CANDLE COMPANY, INC. 2005 DIRECTOR COMPENSATION PLAN (NON-EMPLOYEE DIRECTORS ONLY) Equity Initial Upon initial election to the Board, a Director is awarded an option to purchase 20,000 shares of Yankee common stock. Option price per share - New York Stock Exchange closing price on date preceding date of grant Vesting - 25% per year on anniversary date of grant Annual On the date immediately following the expiration of the Company's year-end "black-out" period (i.e., the third business day following the Company's fourth quarter / year-end earnings release), a Director is awarded an option to purchase 1,250 shares of Yankee common stock for each regularly scheduled Board meeting that such Director attended during the previous calendar year, up to a maximum of 5,000 shares. Cash Base: $15,000 payable in four equal installments of $3,750 on 3/31, 6/30, 9/30 and 12/31 Additional: $3,000 for Board meeting attended in person or $1,500 for each Board meeting attended by phone Committee members are paid $1,250 for each day in which the committee member participates in committee meetings, if attending in person, or $625 if attending by phone. The Audit Committee chair is paid an additional $4,000/year in four equal installments of $1,000 on 3/31, 6/30, 9/30 and 12/31. The Compensation Committee chair and the Nominating & Governance Committee chair are paid an additional $2,000/year in four equal installments of $500 on 3/31, 6/30, 9/30 and 12/31.