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Exhibit 10-b-14
Summary of Non-Employee Director
Compensation and Benefits*
(as of October 1, 2008)
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$70,000 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 stock units 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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$62,000 in 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. Directors may elect to receive the annual
retainer grant of shares of our common stock as described above in
the form of restricted stock units in the same number.
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2.
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Committee Membership
Fees
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Audit Committee: $12,500 ($25,000
for the Chairman).
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Compensation and Management
Development Committee: $8,000 ($16,000 for the
Chairman).
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Board Composition and Governance
Committee: $6,000 ($12,000 for th
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