Director Compensation Summary for USA Risk Group (Bermuda), Ltd.
This document outlines the compensation policy for directors of USA Risk Group (Bermuda), Ltd. Non-employee directors receive an annual retainer of $15,000, plus $700 per half day for board meetings and $175 per hour for committee meetings. Chairmen of the board and committees receive an extra $5,000 annually. Directors are also reimbursed for expenses related to their duties. Officer positions are held by directors without additional salary or compensation.
Exhibit 10.18
DIRECTOR COMPENSATION SUMMARY
Our directors who are not employed by USA Risk Group (Bermuda), Ltd., the management company, receive an annual retainer of $15,000. They are also paid $700 per half day for each board meeting and $175 per hour for each committee meeting attended during the calendar year. All of our officer positions are filled by directors without any salary or other compensation. Directors are entitled to receive compensation and reimbursement for expenses incurred in attending board or committee meetings or when otherwise acting on our behalf. The chairman of the board, as well as the chairman of each committee, receive an additional annual retainer of $5,000.
