Director Compensation Policy for Board of Directors
This document outlines the compensation policy for the company's Board of Directors. Outside directors receive an annual retainer of $40,000, with additional retainers for committee chairpersons and the lead director. Outside directors are also paid $1,500 for each committee meeting attended and receive an annual stock grant valued at $70,000. Directors who are also company employees do not receive separate compensation for board service.
Exhibit 10.12
DIRECTOR COMPENSATION
The following compensation arrangements have been established for the Board of Directors of the Company: All outside directors will receive an annual retainer of $40,000. The chairpersons of Strategic Markets, the Audit Committee, the Compensation Committee, the Risk Oversight Committee, and the Nominating/Governance Committee will for these services receive retainers of $70,000, of $20,000, of $20,000, of $15,000, and of $12,500 respectively. Additionally, the individual filling the lead director role will receive a retainer of $50,000. Outside directors also receive a meeting fee of $1,500 for each Committee meeting attended. Outside directors also receive an annual grant of $70,000 of stock. No separate compensation is paid to directors who are also employees of the Company.
