Summary of Executive and Director Compensation Arrangements

The Company has an arrangement to pay non-employee members of the Company’s board of directors compensation for their service on the board. Effective for 2020, each non-employee member of the Company’s board of directors receives an annual retainer of $200,000, $90,000 of which is paid in cash and $110,000 of which is paid in phantom shares of our common stock upon the director’s termination of service as a director. The non-executive chairman of the board receives an additional quarterly fee of $22,500 for his service in that capacity and for his service as chairman of the Nominating and Corporate Governance Committee, the chairman of the Audit and Risk Management Committee receives an additional annual fee of $20,000, and the chairman of the Compensation and Human Resources Committee receives an annual fee of $15,000.

The Company’s chief executive officer and its other most highly compensated current executive officers who are named executive officers in the Company's proxy statement for its 2020 annual meeting of shareholders are all “at-will” employees who serve at the pleasure of the board of directors. The board of directors sets the annual base salary for each of the named executive officers and has the discretion to change the salary of any of the officers at any time. Effective as of April 1, 2020, the annual base salaries for these named executive officers are as follows: