Narrative Summary of Board Action Establishing Director Compensation for Fiscal 2006
Contract Categories:
Human Resources
- Compensation Agreements
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.
