Summary of Outside Director Compensation Program
This document outlines the compensation program for outside directors of the company. Directors receive an annual cash retainer of $40,000, with additional payments for serving as committee chairs or members. Compensation is paid quarterly. Directors also receive $57,000 in stock each year, subject to a one-year vesting period, with grants made in May. Travel expenses are reimbursed. New directors joining mid-year receive pro-rated cash and stock compensation.
Exhibit 10.1
Summary of Outside Director Compensation Program
Annual Retainers
Director
$40,000
Paid quarterly at beginning of
quarter
Chair of Audit Committee
+$15,000
Paid quarterly
Chair of Compensation Committee
+$10,000
Paid quarterly
Chair of Nominating and Governance
+$7,500
Paid quarterly
Committee
Non-chair Audit Committee member
+$5,000
Paid quarterly
Non-chair Compensation Committee
+$7,800
Paid quarterly
member
Non-chair Nominating and Governance
+$5,000
Paid quarterly
Committee member
Note: All travel expenses paid based on voucher.
STOCK COMPENSATION:
$57,000/year; each grant subject to one year vesting; stock compensation granted in May of year.
Note: For subsequent new Board members who join Board mid-year, cash and stock compensation is pro-rated.
