Non-Employee Director Compensation Adjustment Approved by Board of Directors
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Summary
The company's Board of Directors approved an increase in compensation for non-employee directors, effective January 1, 2010. Non-employee directors will now receive a base annual compensation of $30,000 (up from $25,000), a $1,000 attendance fee per meeting, and additional annual compensation for chairing key committees. The Chairman of the Audit Committee will continue to receive $5,000, while the Chairmen of the Compensation and Nominating and Corporate Governance Committees will each receive $2,500. These changes were approved at the Board meeting on November 16, 2009.
EX-10.11 2 ex10_11.htm EXHIBIT 10.11 ex10_11.htm
EXHIBIT 10.11
During the Company’s Board of Directors meeting held on November 16, 2009, the Board approved compensation increases paid to non-employee directors. The following table reflects the compensation effective January 1, 2010, and the compensation previously paid to non-employee Directors.
| Compensation Effective January 1, 2010 | Previous Compensation | |||||||
| Base compensation, per annum | $ | 30,000 | $ | 25,000 | ||||
| Attendance fee per meeting | 1,000 | -- | ||||||
| Additional annual compensation for Chairman of the Audit Committee | 5,000 | 5,000 | ||||||
| Additional annual compensation for Chairman of the Compensation Committee | 2,500 | -- | ||||||
| Additional annual compensation for Chairman of the Nominating and Corporate Governance Committee | 2,500 | -- | ||||||
