Inter-Tel, Incorporated Revised Director Compensation Schedule (May 4, 2006)

Contract Categories: Human Resources › Compensation Agreements
Summary

Inter-Tel, Incorporated updated its director compensation policy on May 4, 2006, to include compensation for the advisory committee to the Board of Directors. The policy outlines payments for attending board and committee meetings, quarterly stipends for committee chairs and members, reimbursement of meeting expenses, and participation in company health plans at employee rates. Directors are also eligible for annual stock option grants and partial reimbursement for continuing education expenses. The revised schedule applies to all non-employee directors and specifies compensation amounts for each type of meeting and role.

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EX-10.3 4 p72338exv10w3.htm EX-10.3 exv10w3  

     EXHIBIT 10.3
DIRECTOR COMPENSATION
On May 4, 2006, Inter-Tel, Incorporated revised its director compensation to add compensation policies for the advisory committee to the Board of Directors. Inter-Tel’s complete director compensation schedule is set forth below as so revised:
         
Description   Before 5/4/06   From 5/4/06
Each regularly scheduled Board of Directors meeting attended
   $2,000   $2,000
 
    
Quarterly stipend for non-chairman committee members
   6,000   6,000
 
    
Quarterly stipend for compensation committee chairman
   6,500   6,500
 
    
Quarterly stipend for governance and nominating committee chairman
   6,500   6,500
 
    
Quarterly stipend for non-employee chairman of the board of directors
   10,500   10,500
 
    
Quarterly stipend for audit committee chairman
   10,500   10,500
 
    
Each regularly scheduled compensation committee meeting attended
   1,500   1,500
 
    
Each regularly scheduled governance and nominating committee meeting attended or any meeting of a subcommittee thereof
   1,500   1,500
 
    
Each regularly scheduled audit committee meeting attended
   2,000   2,000
 
    
Each regularly scheduled or special advisory committee meeting, or a subcommittee thereof, attended
   1,500   1,500
 
    
Attendance at a regularly scheduled or special meeting of the advisory committee, or a subcommittee thereof, by non-member directors
   —   1,500
 
    
Each regularly scheduled or special meeting of a special committee of the Board or a subcommittee thereof attended
   1,500   1,500
 
    
Each special meeting of the Board or committee of the Board, including unanimous written consents in lieu of board meetings
   2,000   2,000
 
    
Expenses of attending Board and Committee meetings
   As incurred   As incurred
 
    
The Company also allows each director to elect to participate in the health benefit plans each year.
   Participation   Participation
Directors are offered participation in the same plans offered to employees, subject to payment by
   offered in Company   offered in Company
each electing director at employee participant rates, plus all applicable co-pays and/or deductibles.
   plans   plans
 
    
 
   50% of eligible   50% of eligible
 
   tuition plus   tuition plus
Director continuing education expenses.
   expenses   expenses
 
    
Annual stock option grants to purchase shares of Common Stock, pursuant to the Company’s Director Stock Option Plan (as amended), at the market price five (5) business days after the date of the annual Board meeting
   7,500   7,500