American Consumers, Inc. Director Compensation Summary for Fiscal 2006
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Summary
American Consumers, Inc. has decided that its directors will continue to receive $300 per month in cash for their service during fiscal year 2006, the same as in 2005. Directors are also 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 by the Board of Directors based on the Compensation Committee's recommendation.
EX-10.3 4 ex10_3.htm EXHIBIT 10.3 Exhibit 10.3
EXHIBIT 10.3
Narrative Summary of Board Action Establishing
Director Compensation for Fiscal 2006
On July 21, 2005, 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 2006 at the same level as in 2005.
Accordingly, during fiscal 2005, 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.
