Advance America Non-Executive Director Compensation Arrangement (2010)
This document outlines the compensation for non-executive directors of Advance America, Cash Advance Centers, Inc. Non-executive directors receive an annual fee of $70,000, with additional fees for committee chairpersons: $10,000 for Audit, $7,500 for Compensation, and $4,000 for Nominating and Corporate Governance. Directors also receive $1,000 per meeting attended and may choose to receive fees in company stock. All directors are reimbursed for expenses related to board and committee meetings.
Exhibit 10.1
Description of Compensation Arrangement for Non-Executive Directors
Non-executive directors continue to be entitled to receive annual fees equal to $70,000.
Effective January 1, 2010, the Audit Committee chairperson is entitled to receive an additional annual fee equal to $10,000, the Compensation Committee chairperson is entitled to receive an additional annual fee equal to $7,500, and the Nominating and Corporate Governance Committee chairperson is entitled to receive an additional annual fee equal to $4,000.
Non-executive directors continue to be entitled to receive $1,000 for any meeting of the Board of Directors (the “Board”) 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 their expenses incurred in connection with participating in Board and committee meetings.
