Director Compensation Summary for Board and Committee Service
This document outlines the compensation structure for directors of the company. Directors receive an annual retainer of $20,000, with $5,000 paid in company shares. They are also paid $700 per half day for board meetings and $175 per hour for committee meetings. Additional annual retainers are provided: $10,000 for the chairman of the board and the audit committee chairman, and $5,000 for other committee chairmen. Directors are reimbursed for expenses related to their duties.
Exhibit 10.11
DIRECTOR COMPENSATION SUMMARY
The annual retainer for the directors is $20,000. Of this amount, $5,000 is paid in common shares of the Company.
In addition to the annual retainer, the directors are also paid $700 per half day for each board meeting and $175 per hour for each committee meeting attended during the calendar year. 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 the audit committee, receive an additional annual retainer of $10,000. The chairmen of all other committees receive an additional retainer of $5,000.
