Exhibit 10.18

 

Summary of Compensation Arrangements for Nonemployee Directors

 

The Company’s nonemployee directors are as follows:  Robert G. Bohn, Donald G.
Calder, Robin S. Callahan, Paul J. Choquette, Jr., Terry D. Growcock, Peter L.A.
Jamieson, Peter F. Krogh, Stephen P. Munn, Gregg A. Ostrander, Lawrence A. Sala,
and Magalen C. Webert.  Mr. Munn serves as Lead Director.  He was appointed Lead
Director effective June 25, 2007.  The Company pays Mr. Munn an annual retainer
of $300,000 for his service as a member of the Board of Directors and as Lead
Director.

 

For 2008, the annual fee paid to each nonemployee director other than Mr. Munn
was $50,000.

 

The Board has standing Executive, Audit, Compensation, Pension and Benefits and
Corporate Governance and Nominating Committees.

 

The following table summarizes the compensation paid to each non-employee
director for his or her service to the Board and its committees during 2008:

 

Director Compensation Table

 

Name

 

Fees
Earned or
Paid in
Cash ($)(3)

 

Stock Awards
($)(4)

 

Option Awards
($)(4)(5)

 

All Other
Compensation
($)

 

Total ($)

 

Robert G. Bohn

 

$

36,250

 

$

49,999

 

$

0

 

$

0

 

$

86,249

 

Donald G. Calder

 

$

85,000

 

$

60,016

 

$

9,623

 

$

0

 

$

154,639

 

Robin S. Callahan

 

$

90,000

 

$

60,016

 

$

9,623

 

$

0

 

$

159,639

 

Paul J. Choquette, Jr.

 

$

81,250

 

$

60,016

 

$

9,623

 

$

0

 

$

150,889

 

Terry D. Growcock

 

$

22,500

 

$

49,993

 

$

0

 

$

0

 

$

72,493

 

Peter L.A. Jamieson

 

$

75,000

 

$

60,016

 

$

9,623

 

$

0

 

$

144,639

 

Peter F. Krogh

 

$

75,000

 

$

60,016

 

$

9,623

 

$

0

 

$

144,639

 

Stephen P. Munn

 

$

300,000

 

$

0

 

$

48,115

 

$

0

 

$

348,115

 

Gregg A. Ostrander

 

$

28,750

 

$

49,998

 

$

0

 

$

0

 

$

78,748

 

Anthony W. Ruggiero(1)

 

$

53,750

 

$

60,016

 

$

0

 

$

0

 

$

113,766

 

Lawrence A. Sala

 

$

88,750

 

$

60,016

 

$

9,623

 

$

0

 

$

158,389

 

Eriberto R. Scocimara(2)

 

$

35,000

 

$

0

 

$

9,623

 

$

0

 

$

44,623

 

Magalen C. Webert

 

$

60,000

 

$

60,016

 

$

9,623

 

$

0

 

$

129,639

 

 

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(1)          Mr. Ruggiero resigned as a director effective September 10, 2008.

 

(2)          Mr. Scocimara retired from the Board of Directors at the 2008
Annual Meeting on April 21, 2008 in accordance with the retirement policy of the
Board of Directors.  Because Mr. Scocimara had announced his retirement prior to
the date the restricted stock units were awarded to the non-employee directors
on February 5, 2008, Mr. Scocimara received an award of cash, in lieu of a
restricted stock unit award, prorated for the period he served on the Board
during 2008 through his retirement date.

 

(3)          The following directors received a portion of their annual fee in
Shares:  Mr. Bohn — 1,223 Shares, Mrs. Callahan — 737 Shares, Mr. Choquette —
737 Shares, Mr. Growcock — 184 Shares, Mr. Krogh — 368 Shares, Mr. Ostrander —
92 Shares, Mr. Sala — 368 Shares and Mrs. Webert — 368 Shares.

 

(4)          The value of the stock and option awards shown in the table is
equal to the expense reported for financial reporting purposes in 2008 (before
reflecting forfeitures).  The full grant date value of the restricted stock
units awarded on February 5, 2008 to Messrs. 

 

1

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Calder, Choquette, Jamieson, Krogh and Sala and to Mrs. Callahan and Mrs. Webert
was $60,016 each.  The full grant date value of the restricted stock units
awarded (i) on May 8, 2008 to Mr. Bohn was $49,999, (ii) on August 4, 2008 to
Mr. Ostrander was $49,998 and (iii) on September 10, 2008 to Mr. Growcock was
$49,993.  The full grant date value of the restricted stock units awarded equals
the amounts shown above, because the restricted stock units were fully vested on
the award date.  Note 11 to the Company’s consolidated financial statements
included in the 2008 Annual Report on Form 10-K contains more information about
the Company’s accounting for stock-based compensation arrangements.

 

(5)          As of December 31, 2008, the directors listed in the Director
Compensation Table (other than Messrs. Ruggiero and Scocimara who were not
members of the Board of Directors on December 31, 2008) held options to acquire
Shares granted to them under the Company’s stock-based compensation plans as
follows:

 

 

 

 

 

Option

 

 

 

 

 

Total

 

 

 

Grant Date

 

Exercise Price

 

Exercisable(#)

 

Unexercisable(#)

 

Outstanding

 

Mr. Calder

 

02/02/05

 

$

32.09

 

2,000

 

-0-

 

2,000

 

 

 

05/04/05

 

$

36.40

 

2,000

 

-0-

 

2,000

 

 

 

02/08/06

 

$

34.43

 

4,000

 

-0-

 

4,000

 

 

 

02/07/07

 

$

41.87

 

2,667

 

1,333

 

4,000

 

Total

 

 

 

 

 

10,667

 

1,333

 

12,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mrs. Callahan

 

02/04/04

 

$

28.535

 

2,000

 

-0-

 

2,000

 

 

 

02/02/05

 

$

32.09

 

2,000

 

-0-

 

2,000

 

 

 

05/04/05

 

$

36.40

 

2,000

 

-0-

 

2,000

 

 

 

02/08/06

 

$

34.43

 

4,000

 

-0-

 

4,000

 

 

 

02/07/07

 

$

41.87

 

2,667

 

1,333

 

4,000

 

Total

 

 

 

 

 

12,667

 

1,333

 

14,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mr. Choquette

 

12/01/99

 

$

17.5938

 

10,000

 

-0-

 

10,000

 

 

 

02/05/03

 

$

20.03

 

2,000

 

-0-

 

2,000

 

 

 

02/04/04

 

$

28.535

 

2,000

 

-0-

 

2,000

 

 

 

02/02/05

 

$

32.09

 

2,000

 

-0-

 

2,000

 

 

 

05/04/05

 

$

36.40

 

2,000

 

-0-

 

2,000

 

 

 

02/08/06

 

$

34.43

 

4,000

 

-0-

 

4,000

 

 

 

02/07/07

 

$

41.87

 

2,667

 

1,333

 

4,000

 

Total

 

 

 

 

 

24,667

 

1,333

 

26,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mr. Jamieson

 

02/05/03

 

$

20.03

 

2,000

 

-0-

 

2,000

 

 

 

02/04/04

 

$

28.535

 

2,000

 

-0-

 

2,000

 

 

 

02/02/05

 

$

32.09

 

2,000

 

-0-

 

2,000

 

 

 

05/04/05

 

$

36.40

 

2,000

 

-0-

 

2,000

 

 

 

02/08/06

 

$

34.43

 

4,000

 

-0-

 

4,000

 

 

 

02/07/07

 

$

41.87

 

2,667

 

1,333

 

4,000

 

Total

 

 

 

 

 

14,667

 

1,333

 

16,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mr. Krogh

 

12/01/99

 

$

17.5938

 

10,000

 

-0-

 

10,000

 

 

 

02/05/03

 

$

20.03

 

2,000

 

-0-

 

2,000

 

 

 

02/04/04

 

$

28.535

 

2,000

 

-0-

 

2,000

 

 

 

02/02/05

 

$

32.09

 

2,000

 

-0-

 

2,000

 

 

 

05/04/05

 

$

36.40

 

2,000

 

-0-

 

2,000

 

 

 

02/08/06

 

$

34.43

 

4,000

 

-0-

 

4,000

 

 

 

02/07/07

 

$

41.87

 

2,667

 

1,333

 

4,000

 

Total

 

 

 

 

 

24,667

 

1,333

 

26,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mr. Munn

 

02/04/04

 

$

28.535

 

10,000

 

-0-

 

10,000

 

 

 

02/02/05

 

$

32.09

 

20,000

 

-0-

 

20,000

 

 

 

02/08/06

 

$

34.43

 

20,000

 

 

 

20,000

 

 

 

02/07/07

 

$

41.87

 

13,334

 

6,666

 

20,000

 

Total

 

 

 

 

 

63,334

 

6,666

 

70,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mr. Sala

 

11/06/02

 

$

20.00

 

4,000

 

-0-

 

4,000

 

 

 

02/05/03

 

$

20.03

 

2,000

 

-0-

 

2,000

 

 

 

02/04/04

 

$

28.535

 

2,000

 

-0-

 

2,000

 

 

 

02/02/05

 

$

32.09

 

2,000

 

-0-

 

2,000

 

 

 

05/04/05

 

$

36.40

 

2,000

 

-0-

 

2,000

 

 

 

02/08/06

 

$

34.43

 

4,000

 

-0-

 

4,000

 

 

 

02/07/07

 

$

41.87

 

2,667

 

1,333

 

4,000

 

Total

 

 

 

 

 

18,667

 

1,333

 

20,000

 

 

2

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Mrs. Webert

 

12/01/99

 

$

17.5938

 

10,000

 

-0-

 

10,000

 

 

 

02/05/03

 

$

20.03

 

2,000

 

-0-

 

2,000

 

 

 

02/04/04

 

$

28.535

 

2,000

 

-0-

 

2,000

 

 

 

02/02/05

 

$

32.09

 

2,000

 

-0-

 

2,000

 

 

 

05/04/05

 

$

36.40

 

2,000

 

-0-

 

2,000

 

 

 

02/08/06

 

$

34.43

 

4,000

 

-0-

 

4,000

 

 

 

02/07/07

 

$

41.87

 

2,667

 

1,333

 

4,000

 

Total

 

 

 

 

 

24,667

 

1,333

 

26,000

 

 

3

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