Summary of 2009 Director Compensation Arrangements for Art’s-Way Manufacturing Co., Inc.
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Summary
Art’s-Way Manufacturing Co., Inc. set director compensation for the 2009 fiscal year without a formal written plan. Directors received annual cash retainers ranging from $30,000 to $150,000, depending on their roles. Directors were also reimbursed for expenses related to board duties. Additionally, under the 2007 Non-Employee Directors’ Stock Option Plan, each director was granted options to purchase 2,000 shares of company stock annually at the time of the Annual Meeting of Stockholders.
EX-10.7 3 v175069_ex10-7.htm
Exhibit 10.7
Summary of Compensation Arrangements with Directors
2009 Fiscal Year
Art’s-Way Manufacturing Co., Inc. (the “Company”) currently does not have a written Board compensation plan. For the 2009 fiscal year, the Board determined that each of the Company’s directors would receive a cash retainer fee for his service, paid as follows:
Director Name | Compensation during Fiscal Year 2009 | |||
J. Ward McConnell, Jr. Executive Chairman of the Board | $ | 150,000 | ||
Marc H. McConnell Executive Vice Chairman of the Board | $ | 58,000 | ||
Thomas E. Buffamante | $ | 30,000 | ||
David R. Castle | $ | 30,000 | ||
Fred W. Krahmer | $ | 30,000 | ||
James Lynch | $ | 30,000 | ||
Douglas McClellan | $ | 30,000 |
The Company also reimburses directors for out-of-pocket expenses related to their attendance at board meetings and performance of other services as Board members.
In addition, pursuant to the Company’s 2007 Non-Employee Directors’ Stock Option Plan, each director is automatically granted non-qualified stock options to purchase 2,000 (post-split) shares of the Company’s common stock each year on the date of the Annual Meeting of Stockholders.