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Exhibit 10(kk)
CenterPoint Energy,
Inc.
Summary of Non-Employee Director
Compensation
The following
is a summary of compensation paid to the non-employee directors of
CenterPoint Energy, Inc. (the “Company”) effective
April 24, 2008. For additional information regarding the
compensation of the non-employee directors, please read the
definitive proxy statement relating to the Company’s 2009
annual meeting of shareholders to be filed pursuant to Regulation
14A.
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Annual retainer
fee of $50,000 for Board membership;
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Fee of $2,000
for each Board or Committee meeting attended;
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Supplemental
annual retainer of $15,000 for serving as a chairman of the Audit
Committee;
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Supplemental
annual retainer of $10,000 for serving as a chairman of the
Compensation Committee; and
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Supplemental
annual retainer of $5,000 for serving as a chairman of any other
Board committee.
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The Chairman
receives the compensation payable to other non-employee directors
plus supplemental compensation pursuant to a letter agreement with
the Company incorporated by reference to Exhibit 10(p) to the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2007.
Stock
Grants. Each non-employee
director may also receive an annual grant of up to 5,000 shares of
CenterPoint Energy common stock which vest in one-third
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