Summary of Compensation Arrangements for Non-Employee Directors (Effective January 1, 2014)

Summary

This document outlines the compensation plan for non-employee directors serving on the company's Board of Directors as of January 1, 2014. Non-employee directors receive an annual grant of company stock valued at $30,000 and an annual cash retainer of $25,000, both paid in installments. Additional cash retainers are provided for committee chairs and members, with specific amounts for roles on the Audit, Nominating and Governance, Compensation, and Strategic Planning Committees. Compensation is paid quarterly and is intended to reward directors for their service and committee participation.

EX-10.24 2 ex10_24.htm EXHIBIT 10.24

EXHIBIT 10.24

SUMMARY OF

COMPENSATION ARRANGEMENTS FOR NON-EMPLOYEE DIRECTORS

As of January 1, 2014, non-employee directors are entitled to receive stock-based and cash compensation for their service on the Board of Directors as follows:

Stock-based Compensation:

Each non-employee director receives an annual grant of shares of our common stock with a fair value of $30,000 upon election at the Annual Meeting of Shareholders.

Cash Compensation:

Each non-employee director is entitled to receive an annual cash retainer of $25,000, paid quarterly.

The Chair of the Audit Committee is entitled to receive an additional cash retainer of $15,000, while each other member of the Audit Committee is entitled to receive $4,000. The Chairs of each of the Nominating and Governance, Compensation, and Strategic Planning Committees are entitled to receive an additional cash retainer of $10,000, while all other committee members are entitled to receive a payment of $2,000 for each committee position. Committee compensation is paid quarterly.