EXHIBIT (10)(q)
SUMMARY OF THE COMPENSATION OF NON-EMPLOYEE
DIRECTORS OF
THE EMPIRE DISTRICT ELECTRIC COMPANY
Set forth below if a summary of the
compensation provided to directors who are not officers or
employees of the Company (“Non-Employee
Directors”). Directors who are also officers or
employees of the Company do not receive any compensation for duties
performed as a Director.
Effective January 1, 2009, each
Non-Employee Director is paid a monthly retainer for his or her
services as a Director at a rate of $50,000 per annum. The
Chairman of each Committee receives an annual retainer of $5,000
($10,000 for the Chairman of the Audit Committee). The
Chairman and Vice-Chairman of the Board receive annual retainers of
$80,000 and $25,000, respectively. One-twelfth of the annual
retainer for each Committee Chairman, the Vice Chairman and the
Chairman of the Board is paid each month that the Director serves
in that position. In addition, a $1,000 per day fee is paid
in the event an individual Committee or the Board meets more than
10 times per year.
Our 2006 Stock Incentive Plan
permits our Non-Employee Directors to receive shares of common
stock in lieu of all or a portion of any cash payment for services
rendered as a Director. In addition, a Non-Employee Director
may defer all or part of any compensation payable for his or her
services under the terms of our Deferred Compensation Plan for
Directors. Amounts so deferred are credited to an account for
the benefit of the Director and accrue an interest equivalent at a
rate equal to th
