Exhibit 10(i)(i)
Compensation of Outside Directors
The compensation program for our outside directors, effective as of January 1, 2008, is as follows:
Annual retainer fee | $ | 35,000 | |
Supplemental annual retainer fee (Vice Chair only) | $ | 20,000 | |
Annual retainer fee for Chair of the Audit Committee | $ | 15,000 | |
Annual retainer fee for Chair of each other committee | $ | 5,000 | |
Attendance fee for each Board meeting | $ | 1,500 | |
Attendance fee for each committee meeting | $ | 1,500 |
Each of the outside directors is also granted a discretionary award annually, consisting of a credit to an account established on behalf of each outside director under the Deferred Compensation Plan for Directors II in the amount of $65,000.
In addition, Board members are reimbursed for all expenses incidental to attendance at a meeting of the board of directors, a meeting of a committee of the board of directors, and any other expenses incurred on behalf of the corporation.