Summary of Changes to Compensation Arrangements with Non-Management Directors
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Summary
This document outlines updates to the compensation for non-management directors of the company. Starting in May 2008, the annual cash retainer increased from $50,000 to $70,000, paid monthly. The portion of the annual retainer paid in restricted stock was $100,000 for fiscal 2008 and will rise to $115,000 after the annual stockholders meeting in February 2009. Further details are available in a referenced prior filing. The agreement is between the company and its non-management directors.
EX-10.2 3 v121762_ex10-2.htm
Exhibit 10.2
Summary of Changes to Compensation Arrangements
With Non-Management Directors
As previously disclosed, each non-management Director is currently paid an annual retainer, a portion of which is paid in cash and a portion of which is paid in restricted stock. The cash portion of the annual retainer, which is paid in cash on a monthly basis, was $50,000 at the beginning of fiscal year 2008 and was increased to $70,000 beginning in May 2008. For fiscal 2008, the amount of the annual retainer paid in restricted stock was $100,000 and will be increased to $115,000 effective as of the Company’s Annual Meeting of Stockholders in February 2009. For additional information regarding compensation arrangements with the Company’s non-management Directors, please see Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, which is incorporated by reference herein.
