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Summary of Non-Employee Director
Compensation and Benefits *
(as of July 1, 2005)
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$60,000 in cash paid quarterly.
Directors may elect to defer all or part of the cash payment of
retainer fees (i) until such time as specified, with interest
on deferred amounts accruing quarterly at 120% of the Federal
long-term rate set each month by the Secretary of the Treasury or
(ii) by electing to receive restricted shares of our common
stock valued at the closing price of our common stock on the New
York Stock Exchange-Composite Transactions reporting system on the
date each retainer payment would otherwise be made in
cash.
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$27,000 in restricted shares of our
common stock paid in advance on October 1 of each year (or, if the
person becomes a director after October 1, a pro rata amount
paid on the first business day on which the person becomes a
director) and valued at the closing price of our common stock on
the New York Stock Exchange-Composite Transactions reporting system
on the payment date.
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2. Committee Membership
Fees
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Audit Committee: $7,500 ($12,500 for
the Chairman).
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Compensation and Management
Development Committee: $6,000 ($9,000 for the Chairman).
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Board Composition and Governance
Committee: $4,000 ($6,000 for the Chairman).
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Technology, Environmental and Social
Responsibility Committee: $3,000 ($5,000 for the
Chairman).
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Fees are paid quarterly in cash.
Directors may elect to defer all or part of the payment of
committee fees (i) until such time as specified, with interest
on deferred amounts accruing quarterly at 120% of the Federal
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