HBI » Topics » Cash and Equity-Based Compensation

This excerpt taken from the HBI 10-K filed Sep 28, 2006.
Cash and Equity-Based Compensation
 
Each non-employee director for service on our board of directors is compensated as follows:
 
  •   an annual cash retainer of $70,000, which will be paid in quarterly installments;
 
  •   an additional annual cash retainer of $10,000 for the chair of the Audit Committee, $5,000 for the chair of the Compensation and Benefits Committee and $5,000 for the chair of the Governance and Nominating Committee;
 
  •   an additional annual cash retainer of $5,000 for each member of the Audit Committee other than the chair;
 
  •   an annual grant of $70,000 in restricted stock units, with a one-year vesting schedule; these units will be converted at vesting into deferred stock units payable in stock six months after termination of service on our board of directors; and
 
  •   reimbursement of customary expenses for attending board, committee and shareholder meetings.
 
Directors who are also our employees will receive no additional compensation for serving as a director.
 
For their service with us in 2006, we paid our directors an amount equal to half of their annual cash retainer and a grant of restricted stock units with one half the value of the annual grant.
 
This excerpt taken from the HBI 8-K filed Sep 5, 2006.

Cash and Equity-Based Compensation

We intend to compensate each non-employee director for service on our board of directors as follows:

 

    an annual cash retainer of $70,000, which will be paid in quarterly installments;

 

    an additional annual cash retainer of $10,000 for the chair of the Audit Committee, $5,000 for the chair of the Compensation and Benefits Committee and $5,000 for the chair of the Governance and Nominating Committee;

 

    an additional annual cash retainer of $5,000 for each member of the Audit Committee other than the chair;

 

    an annual grant of $70,000 in restricted stock units, with a one-year vesting schedule; these units will be converted at vesting into deferred stock units payable in stock six months after termination of service on our board of directors; and

 

    reimbursement of customary expenses for attending board, committee and shareholder meetings.

Directors who are also our employees will receive no additional compensation for serving as a director.

EXCERPTS ON THIS PAGE:

10-K
Sep 28, 2006
8-K
Sep 5, 2006
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