Freddie Mac 2011 Annual Report Download - page 362

Board compensation levels during conservatorship are shown in the table below.
Table 92 — Board Compensation — 2011 Non-Employee Director Compensation Levels
Board Service
Cash Compensation
Annual Retainer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,000
Annual Retainer for Non-Executive Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000
Committee Service (Cash)
Annual Retainer for Audit Committee Chair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000
Annual Retainer for Business and Risk Committee Chair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000
Annual Retainer for Committee Chairs (other than Audit or Business and Risk) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Annual Retainer for Audit Committee Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
The following table summarizes the 2011 compensation provided to all persons who served as non-employee
directors during 2011.
Table 93 — 2011 Director Compensation
Name
Fees Earned or
Paid in Cash
Change in Pension Value and
Nonqualified Deferred
Compensation Earnings
(5)
All Other
Compensation
(6)
Total
C. Lynch
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $193,356 $ $ — $193,356
J. Koskinen
(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000 19,150 309,150
L. Bammann . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000 2,500 177,500
C. Byrd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000 1,370 171,370
R. Glauber
(2)(3)(4)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 20,000 200,000
L. Hirsch. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 20,000 180,000
N. Retsinas
(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 3,450 163,450
C. Rose
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,736 — 163,736
E. Shanks, Jr.
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000 20,000 190,000
A. Williams
(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,495 — 171,495
(1) Amounts include additional compensation earned by the designated directors in their new roles on the Board beginning on the effective date of their
appointments. Mr. Lynch’s appointment was effective as of December 2, 2011; the appointments of the new Committee chairs were effective as of
November 7, 2011. Their roles and additional compensation during 2011 are as follows: Mr. Lynch (Non-Executive Chairman) — $8,356; Mr. Rose
(Audit Committee chair) — $3,736; and Mr. Williams (Compensation Committee chair) — $1,495. Mr. Shanks’ 2011 compensation was not affected
by the change in his responsibilities from Compensation Committee chair to chair of the Nominating and Governance Committee.
(2) Amounts shown reflect compensation actually paid to Messrs. Koskinen and Glauber during 2011. In accordance with established practice for
payment of director compensation, annual retainers and committee fees are paid in advance at the beginning of each quarter. As a result of the
changes in board assignments and responsibilities described in Note 1 above, the compensation earned by Messrs. Koskinen and Glauber during the
fourth quarter of 2011 was less than the amounts paid to them at the beginning of the quarter. The overpayments were deducted from the amounts
paid to those directors in January 2012, for the first quarter of 2012, as follows: Mr. Koskinen — $10,598; Mr. Glauber — $1,495.
(3) At December 31, 2011, the aggregate number of common shares underlying the outstanding RSU awards that had not vested and were held by each
non-employee director was as follows: Mr. Glauber — 1,253 shares; and Mr. Retsinas — 1,253 shares.
(4) At December 31, 2011, the aggregate number of common shares underlying outstanding option awards, exercisable and unexercisable, held by each
non-employee director was as follows: Mr. Glauber — 1,822 shares.
(5) We do not have any pension or retirement plans for our non-employee directors.
(6) In 2011, the Freddie Mac Foundation provided a dollar-for-dollar match to eligible organizations and institutions, up to an aggregate amount of
$20,000 per director per calendar year. Matching contributions made to charities designated by the non-employee directors were as follows:
Mr. Koskinen, $19,150; Ms. Bammann, $2,500; Ms. Byrd, $1,370; Mr. Glauber, $20,000; Mr. Hirsch, $20,000; Mr. Retsinas, $3,450; and
Mr. Shanks, Jr., $20,000.
Indemnification. We have also made arrangements to indemnify our directors against certain liabilities which are
similar to the terms on which our executive officers are indemnified. For a description of such terms, see “— Written
Agreements Relating to Employment of CEO and CFO.”
357 Freddie Mac