Non-Employee Director Compensation Adjustment Approved by Board of Directors

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       --