MWE » Topics » Director Compensation

This excerpt taken from the MWE 10-K filed Jun 20, 2006.

Director Compensation

 

On January 27, 2006, the Board of Directors of the general partner approved director compensation for 2006. Each non-officer/employee director will receive an annual retainer of $20,000 and 500 restricted units per year. Chairs of the Audit Committee, Conflicts Committee and Compensation Committee will receive an additional annual retainer of $4,000, $2,000 and $2,000, respectively. In addition, each non-officer/employee director will receive compensation of $2,000 for either in-person or telephonic attendance at meetings of the board of directors. Members of committees will receive $1,000 for each meeting.

 

Previously, each independent director received an annual retainer of $12,000 and 500 restricted units per year. In addition, each non-officer/employee director received compensation of $1,500 for in-person attendance and $700 for telephonic attendance at meetings of the board of directors or committees of the board of directors. The members of the Audit and Conflicts committees received compensation of $1,000 for each committee meeting. Additionally, members of the Audit and Conflict committees received an annual retainer of $3,000.

 

Each director will continue to be reimbursed for out-of-pocket expenses in connection with attending meetings of the board of directors or committees. Each director will also continue to be fully indemnified by us for actions associated with being a director to the extent permitted under Delaware law. As previously disclosed, officers or employees of our

 

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general partner who also serve as directors will not receive additional compensation.

 

This excerpt taken from the MWE 10-K filed Mar 16, 2006.

Director Compensation

 

On January 27, 2006, the Board of Directors of the general partner approved director compensation for 2006. Each non-officer/employee director will receive an annual retainer of $20,000 and 500 restricted units per year. Chairs of the Audit Committee, Conflicts Committee and Compensation Committee will receive an additional annual retainer of $4,000, $2,000 and $2,000, respectively. In addition, each non-officer/employee director will receive compensation of $2,000 for either in-person or telephonic attendance at meetings of the board of directors. Members of committees will receive $1,000 for each meeting.

 

Previously, each independent director received an annual retainer of $12,000 and 500 restricted units per year. In addition, each non-officer/employee director received compensation of $1,500 for in-person attendance and $700 for telephonic attendance at meetings of the board of directors or committees of the board of directors. The members of the Audit and Conflicts committees received compensation of $1,000 for each committee meeting. Additionally, members of the Audit and Conflict committees received an annual retainer of $3,000.

 

Each director will continue to be reimbursed for out-of-pocket expenses in connection with attending meetings of the board of directors or committees. Each director will also continue to be fully indemnified by us for actions associated with being a director to the extent permitted under Delaware law. As previously disclosed, officers or employees of our

 

102



 

general partner who also serve as directors will not receive additional compensation.

 

This excerpt taken from the MWE 10-K filed Jun 24, 2005.

Director Compensation

 

On January 20, 2005, the Board of Directors of the general partner approved director compensation for 2005.  Each independent director will receive an annual retainer of $18,000 and 500 restricted units per year.  In addition, each independent director will receive compensation of $2,000 for either in-person or telephonic attendance at meetings of the board of directors or committees of the board of directors.  Members of committees will receive $1,000 for each meeting, and the Chairs of the Audit Committee, Compensation Committee and Conflicts Committee will receive an additional $4,000, $2,000 and $2,000, respectively.

 

Previously, each independent director received an annual retainer of $12,000 and 500 restricted units per year. In addition, each independent director received compensation of $1,500 for in-person attendance and $700 for telephonic attendance at meetings of the board of directors or committees of the board of directors. The members of the Audit and Conflicts committees received compensation of $1,000 for each committee meeting. Additionally, members of the Audit and Conflict committees received an annual retainer of $3,000.

 

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Each independent director will continue to be reimbursed for out-of-pocket expenses in connection with attending meetings of the board of directors or committees. Each director will also continue to be fully indemnified by us for actions associated with being a director to the extent permitted under Delaware law.  As previously disclosed, officers or employees of our general partner who also serve as directors will not receive additional compensation.

 

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