Description of Non-Employee Director Compensation
Each non-employee director of Markel Corporation (Company) receives for services as director an annual fee of $40,000, plus reimbursement of expenses incurred in connection with attending meetings and training sessions attended at the Companys request. The Company also matches up to $5,000 per year in charitable contributions made by each non-employee director.
Non-employee directors also receive a grant of approximately $80,000 in restricted stock annually, calculated based on the fair market value of the Companys Common Stock on the grant date. Non-employee directors are also eligible to participate, up to the total amount of fees received by the director, in the Companys Employee Stock Purchase and Bonus Plan (Stock Plan). Under the Stock Plan, amounts specified by a director are withheld from that directors fees and forwarded to an independent administrator who purchases shares of the Companys Common Stock on behalf of the director participant. In addition, the Company provides a bonus of 10% of the net increase in shares owned under the Stock Plan in a calendar year.