Schedule of Non-Employee Directors’ Annual Compensation (December 31, 2004)
This document outlines the annual compensation for non-employee directors, specifying that compensation is awarded in the form of stock options based on meeting attendance, regulatory ratings, and financial performance. Awards are determined in the first quarter of each year for the previous year, following the receipt of audited financial statements. The options are granted under the company's 1999 Stock Option Plan, as approved by shareholders.
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.
