Annual Compensation Schedule for Non-Employee Directors (2005–2007)
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Summary
This document outlines the annual compensation for non-employee directors, including the Non-Executive Chairman, for the years 2005, 2006, and 2007. It specifies the retainer amounts for each director and details the payment schedule, with the Chairman receiving part of the retainer monthly and the remainder quarterly, while other directors are paid quarterly. The agreement ensures directors are compensated for their service according to a set schedule each year.
EX-10.5 2 w32766exv10w5.htm EX-10.5 exv10w5
Exhibit 10.5
Annual Compensation of Non-Employee Directors
| 2007 | 2006 | 2005 | ||||||||||
| Name/Position | Retainer | Retainer | Retainer | |||||||||
Jacques Rebibo, Non-Executive Chairman | $ | 48,000 | $ | 43,050 | $ | 37,000 | ||||||
J. Randy Babbitt, Non-Employee Director | $ | 36,000 | $ | 31,050 | $ | 25,000 | ||||||
Thomas Kody, Non-Employee Director | $ | 36,000 | $ | 31,050 | $ | 25,000 | ||||||
John W. Edgemond IV, Non-Employee Director | $ | 36,000 | $ | 31,050 | $ | 25,000 | ||||||
James L. Jadlos, Non-Employee Director | $ | 36,000 | $ | 31,050 | $ | 25,000 | ||||||
The Non-Executive Chairman, will be paid $1,000 of the 2007 retainer monthly, with the balance being paid by quarterly installments in the month following the end of each fiscal quarter. The other Non-Employee Directors will be paid the entire 2007 retainer in quarterly installments in the month following the end of each fiscal quarter.
The 2006 retainers were paid in the same manner as described above with respect to the 2007 retainers.
In 2005, the Non-Executive Chairman was paid $1,000 of the 2005 retainer monthly, with the balance being paid in February 2006. The other Non-Employee Directors were paid the entire 2005 retainer in February 2006.
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