Non-Employee Director Annual Compensation Schedule (2013–2015)
This document outlines the annual compensation for non-employee directors of the company for the years 2013, 2014, and 2015. It lists the annual retainer amounts for each director, with most receiving $36,000 and the chairman receiving $48,000. The 2015 retainer is paid in quarterly installments after each fiscal quarter. Additionally, non-employee directors may receive annual incentives based on performance evaluations, which are paid the following year in cash, stock options, or a combination of both.
Exhibit 10.5
Annual Compensation of Non-Employee Directors
| 2015 | 2014 | 2013 | ||||||||||
| Name/Position | Retainer | Retainer | Retainer | |||||||||
| Martin S. Friedman, Non-Employee Director | $ | 36,000 | $ | 36,000 | $ | 36,000 | ||||||
| Thomas M. Kody, Non-Employee Director | $ | 36,000 | $ | 36,000 | $ | 36,000 | ||||||
| John W. Edgemond IV, Non-Employee Director | $ | 36,000 | $ | 36,000 | $ | 36,000 | ||||||
| J. Randolph Babbitt, Non-Employee Director | $ | 36,000 | $ | 36,000 | $ | 36,000 | ||||||
| James L. Jadlos, Chairman and Non-Employee Director | $ | 48,000 | $ | 48,000 | $ | 48,000 | ||||||
| Michael G. Anzilotti, Non-Employee Director | $ | 36,000 | $ | 33,000 | $ | - | ||||||
The Non-Employee Directors will be paid the 2015 retainer in quarterly installments in the month following the end of each fiscal quarter.
In addition to the annual retainer, the Compensation Committee conducts an annual evaluation of the performance under criteria similar to that used for its executive officer cash bonuses for payment of annual incentives to the Non-Employee Directors. Such incentives are paid in the following year in cash, stock option awards or some combination thereof.
