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EX-10.16 3 c57448exv10w16.htm EX-10.16 exv10w16
Exhibit 10.16
ValueVision Media, Inc.
Compensation of Directors*
| 1. | Compensation for service on the Board: |
| • | $65,000 per annum cash compensation | ||
| • | Annual grant of 8,000 shares of restricted stock (vesting on the day immediately prior the next following annual shareholders meeting after the date of grant); grant is made immediately following each annual shareholders meeting | ||
| • | New directors receive a one-time grant of 30,000 stock options upon joining the Board. |
| 2. | Additional Compensation for Chairman of the Board: |
| • | Additional cash compensation of $65,000 per annum | ||
| • | Annual grant of 20,000 stock options per annum, with the option grant made immediately following the annual shareholders meeting |
| 3. | Additional Cash Compensation for service on Committees of the Board: |
| • | $12,000 per annum for serving as Chairman of Compensation or Governance Committee | ||
| • | $20,000 per annum for serving as Chairman of Audit Committee; and | ||
| • | $10,000 for other members of the Audit Committee |
| 4. | Per Meeting Fees: |
| • | No per meeting fees |
| * | Directors who are a member of ValueVision Media, Inc. management or who are elected by the holders of the Series B Preferred Stock (currently the sole holder is GE Equity Investments, Inc.) do not receive any compensation for their service on the Board of Directors or the Committees thereof. |
