Summary of Audit Committee Chairman Compensation for Fieldstone Investment Corporation (Effective January 1, 2006)
This document outlines the compensation structure for the Audit Committee Chairperson of Fieldstone Investment Corporation, effective January 1, 2006. The Chairperson receives an annual retainer of $40,000, an additional $10,000 for serving as Audit Committee Chairman, and higher fees for attending board and committee meetings, whether in person or by phone. Non-employee directors are also reimbursed for reasonable travel expenses related to board meetings.
Exhibit 10.5
Summary of Audit Committee Chairman Compensation
(Effective January 1, 2006)
The Audit Committee Chairperson of Fieldstone Investment Corporation is paid the following fees:
| Annual retainer |
| $40,000 |
| Annual retainer for Audit Committee Chairman |
| $10,000 |
| Fee for each board and committee meeting attended in person |
| $2,500 ($5,000 per meeting for the Chairman of the Board or of the Committee) |
| Fee for each board and committee meeting attended telephonically |
| $1,250 ($2,500 per meeting for the Chairman of the Board or of the Committee) |
Non-employee directors are reimbursed for their reasonable travel expenses incurred in connection with their attendance at board meetings.
