Exhibit 10.1

 

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: 21,000 shares of stock-settled stock appreciation rights
(“SS-SAR’s”) and 4,500 shares of restricted stock units (“RSU’s”)

·  Annual grant: 8,400 shares of SS-SAR’s and 1,800 shares of 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

 

·  Eliminate per meeting fees and replace with the following retainers:

 

 

 

 

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 May 13, 2009.

 

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