Summary of Amendments to Insteel Industries, Inc. Director Compensation Plan (2004–2007)

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Summary

This document outlines changes to the compensation plan for non-employee directors of Insteel Industries, Inc. between 2004 and 2007. The Board of Directors approved increases to the base annual retainer, committee chair retainers, and the value of annual restricted share grants. Meeting fees were eliminated, and compensation is now paid quarterly. The annual grant of restricted shares is made under the company's Equity Incentive Plan on the Annual Meeting Date. These amendments set out the updated compensation structure and payment schedule for non-employee directors.

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EX-10.23 3 g16704kexv10w23.htm EX-10.23 EX-10.23
Exhibit 10.23
Summary of Amendments to Insteel Industries, Inc. Director Compensation Plan
July 20, 2004. At its meeting on this date, the Board of Directors implemented the following compensatory arrangements for non-employee directors:
  •   Base annual retainer: $20,000, paid quarterly.
 
  •   Annual retainer for committee chairs and members: $2,000, paid quarterly.
 
  •   Committee chair meeting fee: $750.
 
  •   Committee member meeting fee: $500.
February 15, 2005. At its meeting on this date, the Board of Directors implemented the following compensatory arrangements for non-employee directors:
  •   Base annual retainer: $30,000, paid quarterly.
 
  •   Committee chair annual retainer: $3,000, paid quarterly.
 
  •   Annual grant of restricted shares having a fair value of $30,000 on the date of grant. The grants are made pursuant to the 2005 Equity Incentive Plan, as amended, and are to be made on the Annual Meeting Date.
 
  •   All meeting fees are eliminated.
February 13, 2007. At its meeting on this date, the Board of Directors implemented the following compensatory arrangements for non-employee directors:
  •   Base annual retainer: $40,000, paid quarterly.
 
  •   Committee chair annual retainer: $5,000, paid quarterly.
 
  •   Annual grant of restricted shares having a fair value of $40,000 on the date of grant.