IEC Electronics Corp. Summary of Modifications to Independent Director Compensation
IEC Electronics Corp. has approved changes to the compensation for its independent (non-employee) directors, effective at the 2013 annual stockholders meeting. The modifications include increases to the annual cash retainer, annual restricted stock grant, and the committee chair cash retainer, while other compensation elements remain unchanged. These changes were recommended by the Compensation Committee and approved by the Board of Directors. The agreement outlines the new compensation amounts and applies to all non-employee directors of the company.
Exhibit 10.34
IEC Electronics Corp.
Summary of Modifications to Compensation for Independent Directors
On November 21, 2012, upon recommendation of the Compensation Committee the Board of Directors of IEC Electronics Corp. (the “Company”) approved the following increases in the compensation payable to the Company’s non-employee directors, to be effective on the date of the 2013 annual meeting of stockholders:
| Existing Compensation | Modified Compensation | |||||||
| Annual Cash Retainer | $ | 24,000 | $ | 32,000 | ||||
| Telephone Meeting Supplement | $ | 1,000 | $ | 1,000 | ||||
| Annual Restricted Stock Grant | $ | 20,000 | $ | 25,000 | ||||
| Per Quarterly Meeting Stock Grant | $ | 4,000 | $ | 4,000 | ||||
| Total | $ | 49,000 | $ | 62,000 | ||||
| Additional Committee Chair Cash Retainer | $ | 4,000 | $ | 8,000 | ||||
