Summary of Board and Committee Compensation for Non-Management Directors
This document outlines the compensation structure for non-management directors of the company for the 2014 fiscal year. Non-management directors receive $15,000 per board meeting attended, up to $60,000 annually. Those serving on board committees receive $1,250 per committee meeting, up to $5,000 per year. Committee chairpersons receive an additional $625 per meeting, up to $2,500 per year. All payments are made quarterly. Management directors are not eligible for these fees.
Exhibit 10.3
Summary of Board and Committee Compensation
The Board of Directors of the Company approved cash director fees, committee member fees and chairperson fees to be paid to non-management directors of the Company in the 2014 fiscal year. Director fees, committee fees and chairperson fees are only paid to non-management directors as summarized below:
Each non-management director will receive a director fee of $15,000 per Board meeting attended in person or by tele-conference, paid quarterly and not to exceed $60,000 per year.
Each non-management director who serves on a committee of the Board of Directors will receive a fee of $1,250 per committee meeting attended in person or by tele-conference, paid quarterly and not to exceed $5,000 per year.
Each non-management director who serves as the chairperson of a committee of the Board of Directors shall receive a fee of $625 per committee meeting attended in person or by tele-conference, paid quarterly and not to exceed $2,500 per year.
