Non-Employee Director Compensation and Reimbursement Policy for [Company Name]

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation and reimbursement policy for non-employee directors of the company. It specifies annual retainers for the Chairman, Vice Chairman, and other directors, as well as additional fees for committee participation and chair roles. Directors receive meeting attendance fees and a grant of restricted stock upon election. The company also reimburses directors for expenses related to board membership. The policy is designed to compensate non-employee directors for their service and participation in board and committee activities.

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EX-10.71 2 v083453_ex10-71.htm Unassociated Document
EXHIBIT 10.71
 
The following table provides information on the Company’s compensation and reimbursement practices for non-employee directors.
 
 
 
 
 
 
 
 
 
 
Annual Retainer, Chairman
 
$
45,000
 
 
  
 
Annual Retainer, Vice Chairman
 
$
30,000
 
    
 
 
 
 
 
 
 
 
 
Annual Director Retainer
 
$
20,000
 
 
  
 
 
 
 
 
 
 
 
 
Annual Committee Retainer (except Audit Committee)
 
$
1,000
 
 
  
 
 
 
 
 
 
 
 
 
Annual Committee Retainer (Audit Committee)
 
$
2,000
 
 
  
 
 
 
 
 
 
 
 
 
Additional Annual Retainer: Committee Chair (except Audit and Compensation Committees)
 
$
1,000
 
 
 
 
 
             
Additional Annual Retainer: Audit Committee Chair
 
$
15,000
      
             
Additional Annual Retainer: Compensation Committee Chair
 
$
6,000
      
             
Meeting Attendance Fees (per day)
 
$
1,500
 
 
(in person)
 
 
$
500
 
 
(by telephone)
 
 
 
 
 
 
 
 
 
Value of Restricted Stock Granted upon Election at Annual Meeting
 
$ 
25,000
 
 
(1)
 
 
 
 
 
 
 
 
 
 
 
Reimbursement for Expenses Attendant to Board Membership
 
Yes
 
 
 
 
             

(1)
 
Consists of a grant of the number of shares of Restricted Stock under the Company’s 1996 Long-Term Performance Plan determined by dividing $25,000 by the Fair Market Value of the Company’s Common Stock on the NASDAQ Global Market on the date of grant..