Exhibit 10.16

Description of Director Compensation*

Compensation Element
  Terms or Amounts General Board Service—Cash  

•       Board retainer: $30,000

 

•       Board meeting fees: none

General Board Service—Equity

 

•       Initial grant value of $200,000; comprised of 70% stock-settled stock
appreciation rights ("SS-SAR's") and 30% restricted stock units ("RSU's")

 

•       Annual grant value of $120,000; comprised of 70% SS-SAR's and 30% RSU's

Equity Vesting

 

•       Initial grant:

 
 
 
 
SS-SAR's: 4-year vest; 25% cliff vest after one year and monthly thereafter
 
 
 
 
RSU's: 4-year vest; 50% after two years and 50% on the four year anniversary of
the grant date

 

•       Annual grant: 100% vest one year after the date of grant.

 

•       If a director resigns from the Board at an annual meeting that is within
30 days of the first anniversary of the date of grant, 100% of the annual grant
will vest on the first anniversary of the date of grant

 

•       Directors are eligible for an annual grant in their first year of
service only if their election was at least 6 months prior to the annual grant

Board Chair Compensation

 

•       $10,000 additional Board Service retainer (i.e., total Board Service
retainer of $40,000)

 

•       Receives same Committee member/chair retainers and equity awards as
other Directors

Committee Service

 

•        Non-employee directors are entitled to receive annual cash retainers
for their service on the Committees as set forth in the table below:

 

 
 
Committee
  Chair   Member  

 

Audit

  $ 25,000   $ 15,000  

 

Compensation

  $ 15,000   $ 10,000  

 

Nominating & Governance

  $ 10,000   $ 5,000  

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*As clarified February 11, 2010.

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