Dominion Homes, Inc. 2005 Director Compensation Plan

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation for outside directors of Dominion Homes, Inc. Outside directors receive an annual fee of $40,000, with additional fees for Audit Committee members, committee chairs, and the Lead Director. Fees are paid quarterly in advance. Each outside director also receives an annual grant of stock options to purchase 2,500 common shares at the market price after the annual meeting.

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EX-10.23 2 dex1023.htm DOMINION HOMES, INC. 2005 DIRECTOR COMPENSATION PLAN Dominion Homes, Inc. 2005 Director Compensation Plan

EXHIBIT 10.23

 

Dominion Homes, Inc. 2005 Director Compensation Plan

 

1. $40,000 annual fee for each outside director ($10,000 per quarter)

 

2. Additional $5,000 annual fee for each Audit Committee member (other than Audit Committee Chair) and each committee Chair (other than Audit Committee Chair) ($1,250 per quarter)

 

3. Additional $10,000 annual fee for Audit Committee Chair ($2,500 per quarter)

 

4. Additional $20,000 annual fee for the Lead Director ($5,000 per quarter)

 

Director and Committee Fees shall be paid quarterly in advance.

 

5. Each outside director also receives, on the first day after the annual meeting, a grant of non-qualified stock options to purchase 2,500 common shares at an exercise price equal to the fair market value of the common shares on the date of grant.