Compensation Schedule for Outside Directors (2005–2006)
This document outlines the compensation structure for outside directors of the company for 2005 and 2006. Outside directors receive an annual retainer of $25,000, an additional $5,000 for serving as a committee chair, $2,500 for attending board meetings, and $1,000 for attending committee meetings, with all reasonable travel expenses reimbursed. In 2005, outside directors also received $50,000 in stock grants for prior service, and future stock grants are planned.
Exhibit 10.13
COMPENSATION TO OUTSIDE DIRECTORS
| 2006 | 2005 | |||||
| Annual Retainer Fee: | $ | 25,000 | $ | 25,000 | ||
| Annual Fee for Committee Chairmanships: | $ | 5,000 | $ | 5,000 | ||
| Attendance Fee for Board Meetings (includes telephonic attendance): | $ | 2,500 | $ | 2,500 | ||
| Attendance Fee by Committee Member at Committee Meeting (includes telephonic attendance): | $ | 1,000 | $ | 1,000 | ||
All reasonable out-of-pocket travel expenses, which are incurred in connection with Board and Committee meetings will be reimbursed. In addition, the Outside Directors received $50,000 in stock grants in 2005 for prior service. The Outside Directors will receive stock grants in the future.
