Summaryof Compensation Arrangements with Directors 2008Fiscal Year
EX-10.5 4 v141271_ex10-5.htm
Exhibit 10.5
Summary of Compensation Arrangements with Directors
2008 Fiscal Year
Art’s-Way Manufacturing Co., Inc. (the “Company”) currently does not have a written Board compensation plan. For the 2008 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 | First Quarter (December- February) | Second Quarter (March- May) | Third Quarter (June- August) | Fourth Quarter (September- November) | ||||||||||||
| Thomas E. Buffamante | $ | 5,000 | $ | 5,833 | $ | 7,500 | $ | 7,500 | ||||||||
| David R. Castle | $ | 5,000 | $ | 5,833 | $ | 7,500 | $ | 7,500 | ||||||||
| Fred W. Krahmer | $ | 5,000 | $ | 5,833 | $ | 7,500 | $ | 7,500 | ||||||||
| James Lynch | $ | 5,000 | $ | 5,833 | $ | 7,500 | $ | 7,500 | ||||||||
| Douglas McClellan | $ | 5,000 | $ | 5,833 | $ | 7,500 | $ | 7,500 | ||||||||
| Director Name | December | Monthly, January through April | Monthly, May through November | |||||||||
| J. Ward McConnell, Jr. Executive Chairman of the Board | $ | 7,000 | $ | 12,500 | $ | 12,500 | ||||||
| Marc H. McConnell Executive Vice Chairman of the Board | $ | 1,667 | $ | 4,000 | $ | 4,833 | ||||||
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.
