This excerpt taken from the HVT 10-Q filed Aug 4, 2006.
The annual retainer fee, meeting fee, committee fee or any other compensation paid to those individuals duly elected to the Companys Board of Directors (Director Compensation) shall be determined by the Governance Committee. Director Compensation shall be paid, unless deferred pursuant to the current Directors Deferred Compensation Plan, or any successor thereto, as amended from time to time (Deferred Compensation Plan), on the Payment Dates of the Annual Period as defined in Section 5.7 and 5.8.
The Annual Retainer Fee (Annual Retainer) shall be determined by the Governance Committee and shall consist of cash and common stock. Two-thirds of each directors annual retainer fee shall be paid in shares of the Companys Common Stock, $1.00 par value per share (the Common Stock) on the first Payment Date of the Annual Period. The remaining portion of the fee, at the election of the director, may be paid in cash on November 1 or in shares of Common Stock on the first Payment Date of the Annual Period.