Directors Compensation Summary for Outside Directors
This document outlines the compensation structure for outside directors of the company. Outside directors receive an annual retainer of $4,000, additional stipends for serving as Board Chairman ($15,000), Audit Committee Chairman ($15,000), or Compensation Committee Chairman ($3,000), and attendance fees for meetings, with reduced fees for telephonic participation. They are also granted stock options for 5,000 shares upon appointment and annually thereafter. The company reimburses expenses related to meeting attendance.
Exhibit 10.1
DIRECTORS COMPENSATION SUMMARY
Outside directors receive compensation for board service.
That compensation includes:
| Annual Retainer: |
| $4,000 for all outside directors |
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| Annual Stipend: |
| Board Chairman - $15,000 |
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| Audit Committee Chairman - $15,000 |
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| Compensation Committee Chairman - $3,000 |
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| Attendance Fees: |
| $2,500 for each Board meeting |
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| $2,000 for each Audit Committee meeting |
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| $1,000 for each Compensation Committee meeting |
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| Reduced to $500 in all cases for telephonic attendance. |
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| Equity Grants: |
| The Company plans to continue to grant stock options to purchase 5,000 shares (or equivalent value) to each newly appointed outside director and annually to each continuing outside director. |
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| Plus Expenses related to attendance | ||
