EFJ, Inc. Schedule of Non-Employee Director Annual Compensation (2007–2008)
This document outlines the compensation structure for non-employee directors of EFJ, Inc. for 2007 and 2008. Directors receive annual and quarterly retainers for board and committee service, with additional compensation for committee chairpersons. Directors may also choose to receive company stock instead of cash compensation under the 1999 Non-Employee Director Stock Purchase Plan. In 2008, the board approved an updated annual retainer of $42,000 for each director, with extra payments for chairs of key committees. The plan details payment amounts and eligibility.
EXHIBIT 10.28
SCHEDULE OF NON-EMPLOYEE DIRECTORS’ ANNUAL COMPENSATION
EFJ, INC. BOARD OF DIRECTORS 2007 AND 2008
| Board of Directors’ Quarterly Retainer | $7,500 | |
| Audit Committee Quarterly Retainer | $1,750 | |
| Audit Committee Chairperson Quarterly Retainer | $1,250 | |
| Non-Audit Committee Quarterly Retainer | $1,250 | |
| Non-Audit Committee Chairperson Quarterly Retainer | $750 | |
| 1999 Non-Employee Director Stock Purchase Plan | Each Eligible Non-Employee Director may elect to receive EFJ, Inc. common stock in lieu of cash board compensation, under the 1999 Non-Employee Director Stock Purchase Plan. The amount of common stock is determined upon the means the average of the closing price of a share of Common Stock during the last 10 trading days preceding the last business day of the Quarter. | |
On March 7, 2008, the Board of Directors of the Company approved a new schedule of director fees.
Each director shall receive an annual retainer of $42,000.00. In addition, the Chair of the Audit Committee, Compensation Committee and Nominating and Governance Committee shall receive as additional annual compensation, $7,000.00, $5,000.00 and $5,000.00, respectively.
