CompuCredit Corporation Outside Director Compensation Package Effective January 1, 2007
CompuCredit Corporation has established a compensation package for its independent outside directors, effective January 1, 2007. Eligible directors receive an annual cash retainer of $50,000, fees for attending board and committee meetings, and additional annual fees for committee chairpersons. Each eligible director is also granted restricted stock valued at $50,000, vesting over three years. The company reimburses reasonable travel expenses related to board duties.
Exhibit 10.1
OUTSIDE DIRECTOR COMPENSATION PACKAGE
Effective January 1, 2007, CompuCredit Corporation (the “Company”) shall pay each outside director who is independent in accordance with the Nasdaq and SEC rules governing director independence (an “Eligible Director”) the following for service to the Company:
| Annual Cash Retainer | $ | 50,000 | |
| Attendance Fee for Each Board Meeting (includes telephonic attendance) | $ | 2,500 | |
| Attendance Fee for Each Committee Meeting (includes telephonic attendance) | $ | 1,000 |
In addition, the Chairman of the Audit Committee will receive an additional annual fee of $15,000. The Chairman of each of the Nominating and Corporate Governance Committee and the Compensation Committee will receive an additional annual fee of $5,000.
Each Eligible Director will also receive an annual restricted stock award with a value of $50,000 on the grant date. The restricted stock award will vest in three equal annual installments beginning on the first anniversary of the grant date.
The Company will also reimburse all reasonable out-of-pocket travel expenses that are incurred in connection with board and committee meetings.
