Summary of Outside Director Compensation Program for Board Members
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 committee chairs and members, all paid quarterly. Directors are also granted $40,000 in stock compensation per year, subject to one-year vesting. Compensation is pro-rated for new directors joining mid-year and for the quarter in which the company completes its initial public offering. All travel expenses are reimbursed based on submitted vouchers.
Exhibit 10.14
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 | ||
| Non-chair committee member | +$5,000 | Paid quarterly | ||
Note: All travel expenses paid based on voucher; pro-rated payment for the quarter during which the initial public offering is consummated.
| STOCK COMPENSATION: | $40,000/year; each grant subject to one year vesting; first year value based on initial public offering price and granted upon consummation of initial public offering; subsequent years’ 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.
