Iomega Non-Management Director Cash Compensation Policy (as of March 15, 2005)
This document outlines the cash compensation policy for non-management directors of Iomega Corporation. It specifies the annual retainers, committee chair and member fees, and meeting fees paid to non-employee directors for their service on the Board and its committees. The policy also provides for reimbursement of out-of-pocket expenses related to company business. The fee schedule details amounts for various roles and meetings, effective as of March 15, 2005.
EXHIBIT 10.23
CASH COMPENSATION FOR
NON-MANAGEMENT DIRECTORS OF THE REGISTRANT
Iomega’s non-management Directors receive certain fees for their services on the Board of Directors and its committees. In addition, all non-management Directors are reimbursed for out-of-pocket expenses incurred in connection with Iomega’s business activities. The fees paid to non-management Directors are paid pursuant to the fee schedule in effect at March 15, 2005, as set forth below:
| Current Fees | |||
| Annual Retainer: | |||
| Chairman of the Board (receives no other committee or meeting fees) | $ | 100,000 | |
| Other Non-Employee Directors | $ | 20,000 | |
| Committee Fees: | |||
| Chairman of the Audit Committee | $ | 33,000 | |
| Chairman of the Ethics and Compliance Committee | $ | 10,000 | |
| Chairman of the Compensation Committee | $ | 16,667 | |
| Members of the Audit Committee | $ | 6,667 | |
| Members of the Compensation Committee | $ | 5,000 | |
| Other Members of a Standing Committee (other than the Nominating and Governance Committee) | $ | 3,333 | |
| Meeting Fees: | |||
| Board Meeting | $ | 2,000 | |
| Committee Meeting (not paid if meeting fees exceed $3,667for same two-day period) | $ | 1,667 | |
| Per Board or Committee Meeting by Teleconference | $ | 500 | |
There are no committee or meeting fees with respect to the Nominating and Governance Committee.
