ITLA Capital Corporation 2006 Non-Employee Director Fee Arrangements
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Summary
ITLA Capital Corporation outlines its 2006 compensation for non-employee directors. Directors receive $1,000 for each board or committee meeting attended and a monthly retainer of $2,250. The Audit Committee Chairman, Preston Martin, receives an additional $15,000 annual retainer. The Compensation Committee may also grant honorariums for extra work, as was done in 2005 for specific directors. These arrangements set the pay structure and special compensation for directors' services.
EX-10.20 3 ex10_20.htm EXHIBIT 10.20 Sub Filer Id
Exhibit 10.20
Director Fee Arrangements
Fees for the non-employee directors of ITLA Capital Corporation (the “Company”) for 2006 will continue to be $1,000 per Board or board committee meeting attended, plus a monthly retainer of $2,250. In addition, Preston Martin, the Chairman of the Audit Committee, will receive an annual retainer of $15,000 for his service in that capacity. At the discretion of the Compensation Committee of the Company’s Board of Directors, individual directors may also receive honorariums for additional work performed on behalf of the Company. The honorariums paid to directors for 2005 were as follows: (i) an honorarium of $5,000 to Director Robert Reed for his active assistance with legislative matters; (ii) an honorarium of $5,000 to Director Jeffrey Lipscomb for his active assistance with compensation matters; and (iii) an honorarium of $15,000 to Director Hirotaka Oribe for his extensive work with the Executive Committee.
