Summaryof Compensation Arrangements with Directors 2009Fiscal Year
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.
