Exhibit 10.3
Lamar Advertising Company
Non-Management Director Compensation Plan
(effective October 1, 2004)
Director Fees
| Recipient | Annual Fee | Payment Schedule | ||||||
Each non-management director |
$ | 36,000 | * | monthly | ||||
Each
director who serves on at least one Committee of the Board
of Directors |
$ | 9,000 | quarterly | |||||
Chair of the Audit Committee |
$ | 9,000 | quarterly | |||||
Chair of Compensation Committee and
Nominating and Governance
Committee1 |
$ | 4,500 | quarterly | |||||
*Non-management directors are also reimbursed for travel expenses incurred to attend board and committee meetings and expenses incurred to perform other, related responsibilities.
Stock Options
At the discretion our Compensation Committee, our independent, non-management directors may also receive option grants from time to time.
| 1 | The same director currently serves as chair of both committees. |