Summary of Non-Employee Director Compensation Effective January 1, 2016
This document outlines the compensation for non-employee directors of the company, excluding the Preferred Director and those with separate compensatory agreements. For 2016, eligible directors receive an annual retainer of $35,000, paid quarterly. Additional annual retainers are provided: $5,000 for the Chairman of the Board and the Chairs of the Compensation and Nominating and Governance Committees, and $15,000 for the Chair of the Audit Committee. The company also reimburses reasonable expenses related to board service.
Exhibit 10.15
Summary of Non-Employee Director Compensation effective for January 1, 2016*
Directors, other than the Preferred Director, who are not employees of the Company or any of its subsidiaries and who do not have a compensatory agreement providing for service as a director of the Company or any of its subsidiaries will receive the following compensation for 2016:
| Annual retainer for each Director, paid quarterly in advance |
| $ | 35,000 |
|
| Additional annual retainer for Chairman of the Board, and the Chairs of the Compensation and Nominating and Governance Committees |
| $ | 5,000 |
|
| Additional annual retainer for Chair of the Audit Committee |
| $ | 15,000 |
|
The Company pays each director’s reasonable travel, lodging, meals and other expenses connected with their Board service.
