Summary of Non-Employee Director Compensation, effective May 22, 2006
Exhibit 10.89
Summary of Non-Employee Director Compensation, effective May 22, 2006
| Cash Compensation | |||
| Annual Retainer for the Lead Director | $ | 25,000 | |
| Annual Retainer for Directors | $ | 18,000 | |
| Fee per Board Meeting* | $ | 750 | |
| Fee per Committee Meeting* | |||
| Audit Committee | |||
| Chairperson | $ | 2,000 | |
| Member | $ | 750 | |
| Compensation Committee | |||
| Chairperson | $ | 1,000 | |
| Member | $ | 750 | |
| Nominating and Corporate Governance Committee | |||
| Chairperson | $ | 1,000 | |
| Member | $ | 750 | |
| * | Board and Committee Meeting Fees are capped at a maximum of $2,750 per day for each Director who serves on multiple committees. |
Payment of Cash Compensation
The Annual Retainer will be paid in two installments in May and November. Board and Committee Meeting Fees will be paid in arrears for the prior quarter’s meetings.
Equity Compensation
The Lead Director will be granted restricted stock awards with a grant date value of $55,000. All other Directors will be granted restricted stock awards with a grant date value of $50,000. The restricted stock awards will vest upon completion of service on the Board from the 2006 annual shareholders meeting until the 2007 annual shareholders meeting.
