Unum 2006 Annual Report Download - page 181
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163
UnumProvident Corporation Amended and Restated Non-Employee Director Compensation Plan of 2004
This plan provides for the payment of compensation to the non-employee directors who serve on the Company’s Board.
Non-employee directors receive an annual retainer of $80,000, the chairs of the standing committees receive an
additional retainer of $7,500, and all directors receive $2,000 for each meeting attended in person and $500 for each
conference call meeting of the Board and of the committees on which they participate, including special committees.
Under the plan, directors make an irrevocable election each year to receive all or a portion of their retainers and meeting
fees in either cash or deferred share rights. A deferred share right is a right to receive one share of common stock on the
earlier of (i) the director’s termination of service as a director of the Company, or (ii) another designated date at least
three years after the date of the deferral election. The number of deferred share rights granted is calculated as the
number of whole shares equal to (i) the dollar amount of the annual retainer and/or fees that the director elects to have
paid in deferred share rights, divided by (ii) the fair market value per share on the grant date. The aggregate number of
shares which can be issued under the plan is 500,000. The plan is administered by the Human Capital Committee. The
plan includes provisions restricting the transferability of the deferred share rights, provisions for adjustments to the
number of shares available for grants, and the number of shares subject to outstanding grants in the event of
recapitalization, reclassification, stock split, reverse stock split, reorganization, merger, consolidation, or other similar
corporate transaction. There are stock ownership guidelines for participants under the plan.
Other information required by Item 12 is included under the captions, “Beneficial Ownership of Company Securities,”
and “Security Ownership of Directors and Officers” of the Registrant’s Proxy Statement for the 2007 Annual Meeting of
Stockholders and is incorporated herein by reference.