Summary of 2008 Director Compensation Arrangements for Art’s-Way Manufacturing Co., Inc.
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Summary
Art’s-Way Manufacturing Co., Inc. set out its director compensation for the 2008 fiscal year, specifying cash retainer fees for each director, with amounts varying by quarter. Executive Chairman and Vice Chairman received different monthly payments. Directors are also reimbursed for expenses related to board duties. Additionally, under the 2007 Non-Employee Directors’ Stock Option Plan, each director receives stock options to purchase 2,000 shares annually. There is no formal written board compensation plan in place.
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.
