Advance America Non-Executive Director Compensation Arrangement (Effective July 1, 2006)
Advance America, Cash Advance Centers, Inc. has established a compensation arrangement for its non-executive directors effective July 1, 2006. Non-executive directors receive an annual fee of $70,000 and an additional $1,000 for each board or committee meeting attended. Directors may choose to receive their fees in company common stock instead of cash. All directors are also reimbursed for expenses related to attending meetings.
Exhibit 10.3
Description of Compensation Arrangement for Non-Executive Directors
Effective July 1, 2006, non-executive directors are entitled to receive annual fees equal to $70,000.
Non-executive directors continue to be entitled to receive $1,000 for any meeting of the Board of Directors or a committee thereof that they attend.
Directors may elect to receive fees in the form of common stock pursuant to the Advance America, Cash Advance Centers, Inc. Policy Regarding Receipt of Common Stock in Lieu of Cash Director’s Fees.
All directors are entitled to reimbursement of expenses incurred in connection with participating in board and committee meetings.
