Summary of Annual Compensation for Non-Employee Directors of The Allied Defense Group, Inc.
This document outlines the annual compensation for non-employee members of the Board of Directors of The Allied Defense Group, Inc. Directors receive $24,000 in cash, paid monthly, with additional amounts for the Chairman and Chairman Emeritus. They also receive $36,000 in company stock, valued at the end of June each year. Directors may choose to defer receiving their compensation until retirement or a qualifying change of control. The agreement sets out the payment structure and deferral options for board members.
EXHIBIT 10.21
SUMMARY OF ANNUAL COMPENSATION
OF MEMBERS OF THE BOARD OF DIRECTORS OF
THE ALLIED DEFENSE GROUP, INC.
Non-employee directors of The Allied Defense Group, Inc. (“Allied”) receive the following annual compensation for service as a member of Allied:
| • | Cash of $24,000, payable in equal monthly installments of $2,000 (the Chairman of the Board and the Chairman Emeritus are entitled to an additional $1,000 and $500 per month, respectively); and |
| • | $36,000 of Allied stock valued at the closing price on the last day of each June (rounded down to the nearest whole share) |
The directors have the option to defer receipt of the cash and/or Allied stock until the director retires from the Allied board or the occurrence of a qualifying Allied change of control.
