Non-Employee Director Compensation Policy (January 2013)
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Summary
This document outlines the compensation structure for non-employee directors of the company as of January 2013. Directors receive an annual cash retainer of $60,000 and an annual equity award valued at $90,000 in restricted stock, with a target value of $150,000. Additional fees are provided for serving as Lead Director, committee chairs, and for attending more than 24 meetings per year. New directors receive an initial equity grant based on the company's stock price at the time of their election.
EX-10.V 3 a2013ivcex10v.htm EXHIBIT 2013 IVC EX 10 v
Exhibit 10 (v)
Non-Employee Director Compensation
January 2013
Board Members:
Annual Retainer: $ 60,000
Annual Equity Award: $ 90,000*
*Target Value of restricted stock
$150,000
Lead Director Fee: $ 20,000
Committee Chair Fees:
Audit $ 15,000
Compensation $ 15,000
Governance $ 10,000
Nominating $ 10,000
Investment $ 10,000
Meeting Fees: $ 1,500**
**For meetings attended in excess of 24 in a year
Initial Equity Grant:
Number of restricted shares equal to $150,000 divided by closing price of Company's stock on the date of election to the Board
