FRIENDLY ICE CREAM CORPORATION
Exhibit 10.23
FRIENDLY ICE CREAM CORPORATION
BOARD OF DIRECTORS COMPENSATION
The 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 |
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| $ | 30,000 |
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| Chairman |
| Additional |
| $ | 100,000 |
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| B. Regularly Scheduled Board of |
| Directors |
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| $ | 1,500 |
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| C. Regularly Scheduled |
| Members |
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| $ | 1,000 |
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| D. Special |
| Directors |
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| $ | 750 |
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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.
