Non-Employee Director Compensation and Reimbursement Policy for Board and Committee Service

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation and reimbursement policy for non-employee directors of the company. Non-employee directors receive annual retainers for board and committee service, additional retainers for committee chairs, and meeting attendance fees. Upon election at the annual meeting, each director is granted 10,000 shares of restricted stock under the company's long-term performance plan. Directors are also reimbursed for expenses related to board membership. The policy specifies different compensation amounts for various roles and meeting participation methods.

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EX-10.64 4 v043596_ex10-64.htm Unassociated Document
Exhibit 10.64

 
The following table provides information on the Company’s compensation and reimbursement practices for non-employee directors.
 
 
  
 
  
 
  
Annual Retainer, Chairman and Vice Chairman
  
$
40,000
        
 
          
Annual Director Retainer
  
$
15,000
        
 
          
Annual Committee Retainer
  
$
1,000
        
 
          
Additional Annual Retainer: Committee Chair (except Audit Committee)
  
$
1,000
      
               
Additional Annual Retainer: Audit Committee Chair
 
$
5,000
        
               
Meeting Attendance Fees (per day)
  
$
1,500
    
(in person)
 
 
  
$
500
    
(by telephone)
 
 
          
Shares of Restricted Stock Granted upon Election at Annual Meeting
    
10,000
    
(1)
 
 
          
Reimbursement for Expenses Attendant to Board Membership
    
Yes
      
               

(1)
 
Consists of a grant of 10,000 shares of Restricted Stock under the Company’s 1996 Long-Term Performance Plan.