Summary of Independent Director Compensation for Board and Committee Service
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Summary
This document outlines the compensation structure for independent directors of the company. Independent directors receive an annual retainer of $20,000, a $100,000 annual restricted stock award, and additional fees for attending board and committee meetings, both regularly scheduled and special meetings. Extra compensation is provided for serving as Lead Independent Director or as chair of the Audit, Compensation, or Nominating/Corporate Governance Committees. Only independent directors are eligible for this compensation.
EX-10.12 3 ex10-12.htm SUMMARY OF DIRECTOR COMPENSATION ex10-12.htm
Exhibit 10.12
Summary of Director Compensation
| Description | Amount* |
| Annual Retainer | $20,000 |
| Fee per meeting for attendance (in person or telephonically) at any of the five (5) regularly scheduled Board meetings | $3,000 |
| Annual Restricted Stock Award | $100,000 |
| Lead Independent Director | $ 12,500 |
| Annual Audit Committee Chair Fee | $10,000 |
| Annual Compensation Committee Chair Fee | $5,000 |
| Annual Nominating/Corporate Governance Committee Chair Fee | $2,500 |
| Fee per meeting for attendance (in person or telephonically) at any meeting of the Board called to address a significant issue(s) outside of the normal course of business | $2,500 per meeting |
| Fee per meeting for attendance (in person or telephonically) at any committee meeting called to address a significant issue(s) outside of the normal course of business | $1,250 per meeting |
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* The compensation referred to in the above table is only available to independent directors.
