Friendly Ice Cream Corporation Board of Directors Compensation Policy
This document outlines the compensation policy for non-employee directors of Friendly Ice Cream Corporation. Directors receive a combination of cash payments and equity awards. Cash compensation includes an annual retainer, fees for attending board and committee meetings, and additional compensation for the Chairman. Directors are also granted stock options or restricted stock units each year under the company's equity incentive plans.
Exhibit 10.23
FRIENDLY ICE CREAM CORPORATION
BOARD OF DIRECTORS COMPENSATIONThe non-employee directors of the Company are compensated through a combination of cash and equity-based compensation.
The following is a summary of the cash compensation paid to the Company’s non-employee directors.
| A. Annual Retainer |
| Directors |
|
|
| $ | 30,000 |
|
|
| Chairman |
| Additional |
| $ | 100,000 |
| |
|
|
|
|
|
|
|
|
| |
| B. Regularly Scheduled Board of |
| Directors |
|
|
| $ | 1,500 |
|
|
|
|
|
|
|
|
|
| |
| C. Regularly Scheduled |
| Members |
|
|
| $ | 1,000 |
|
|
|
|
|
|
|
|
|
| |
| D. Special |
| Directors |
|
|
| $ | 750 |
|
A. Each director, including the Chairman, of the Company receives a fee of $2,500 per month.
Mr. Donald Smith receives additional compensation of $8,333.34 per month for serving as Chairman of the Board.
B. Each director of the Company receives $1,500, plus expenses, for each regularly scheduled meeting of the Board of Directors attended.
C. Each member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee receives a fee of $1,000, plus expenses, for each regularly scheduled committee meeting attended. Each member of the Audit Committee receives a fee of $1,500, plus expenses, for attendance at the annual Audit Committee meeting.
D. Each director receives a fee of $750 for participating in special teleconference meetings.
In addition to cash compensation, on annual basis, the non-employee directors are awarded stock options and/or restricted stock units under the Company’s equity incentive plans.
