American Consumers, Inc. Director Compensation Summary for Fiscal 2007

Summary

American Consumers, Inc.'s Board of Directors decided that for fiscal year 2007, all directors will continue to receive $300 per month for their service, the same as in 2006. Directors will also be reimbursed for reasonable expenses related to attending board and committee meetings. No extra compensation is provided for serving on the Audit or Compensation Committees. This arrangement was approved on August 15, 2006, based on the Compensation Committee's recommendation.

EX-10.3 4 ex10_3.txt EXHIBIT 10.3 EXHIBIT 10.3 NARRATIVE SUMMARY OF BOARD ACTION ESTABLISHING ---------------------------------------------- DIRECTOR COMPENSATION FOR FISCAL 2007 ------------------------------------- On August 15, 2006, the Board of Directors of American Consumers, Inc. (the "Company"), acting upon the recommendation of the Board's Compensation Committee, voted to maintain the fees paid to all directors for service on the Board during fiscal 2007 at the same level as in 2006. Accordingly, during fiscal 2007, all Company directors will receive cash payments of $300.00 per month for service as directors, plus reimbursement for reasonable expenses incurred in attending meetings of the Board of Directors and any Board committee on which a director serves. Directors who are members of the Audit Committee and the Compensation Committee of the Board of Directors do not receive any additional compensation for such committee service.