CompuCredit Corporation Outside Director Compensation Package Effective January 1, 2009
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Summary
CompuCredit Corporation will compensate each independent outside director with an annual cash retainer of $50,000, plus fees for attending board and committee meetings. Additional annual fees are provided for committee chairpersons. Eligible directors will also receive an annual restricted stock award that vests over two years. The company will reimburse reasonable travel expenses related to board and committee meetings. This package is effective January 1, 2009.
EX-10.9 2 ex109.htm OUTSIDE DIRECTOR COMP ex109.htm
Exhibit 10.9
OUTSIDE DIRECTOR COMPENSATION PACKAGE
Effective January 1, 2009, CompuCredit Corporation (the “Company”) will 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 (including telephonic attendance) | $ | 2,500 | ||
| Attendance Fee for Each Committee Meeting (including telephonic attendance) | $ | 1,000 |
In addition, the Chairman of the Audit Committee will receive an additional annual fee of $25,000. 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 also will receive an annual restricted stock award of 28,000 shares. The restricted stock award will vest in two 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.
