Schedule of Non-Employee Directors Annual Compensation December 31, 2004 Maximum Award Cash Stock Basis of Compensation AMOUNT Option Meeting Attendance $ 4,500 Regulatory Ratings $ 1,500 Financial Performance $ 1,500
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EX-10.5 5 w07366exv10w5.htm EXHIBIT 10.5 exv10w5
Exhibit 10.5
Schedule of Non-Employee Directors’ Annual Compensation
| December 31, 2004 | ||||||||
| Maximum Award | ||||||||
| Cash | Stock | |||||||
| Basis of Compensation | AMOUNT | Option | ||||||
Meeting Attendance | $ | — | 4,500 | |||||
Regulatory Ratings | $ | — | 1,500 | |||||
Financial Performance | $ | — | 1,500 | |||||
Evaluation and awards are made in the first quarter of each year for performance in the preceding year upon receipt of the Audited Financial Statements for the year being evaluated. Options are issued under the 1999 Stock Option Plan as approved by the shareholders November 26, 1999.
