Kreisler Manufacturing Corporation Board of Directors Compensation Plan (2007)
Kreisler Manufacturing Corporation's Board of Directors Compensation Plan outlines how non-employee, non-consultant directors are paid. Directors receive an annual fee, additional fees for chairing certain committees, and meeting attendance fees, with specific amounts and payment schedules detailed. Fees may be prorated for partial terms, and directors are reimbursed for reasonable expenses. Directors who are employees or consultants of the company are not eligible for this compensation.
EXHIBIT 10.1
Kreisler Manufacturing Corporation
Board of Directors Compensation Plan
Approved by the Board of Directors February 13, 2007
Members of the Board of Directors of Kreisler Manufacturing Corporation (the "Company") who are not employees of, or consultants to, the Company will be compensated in accordance with the following:
- Board of Directors Annual Fee $10,000
- Committee Chair Annual Fees
- Audit Committee $5,000
- Compensation Committee $2,500
- Nominating and Corporate Governance Committee $2,500
- Attendance at Board of Directors Meetings
- In-person attendance $750
- Telephonic attendance $250
- Maximum annual amount $3,500
Beginning February 13, 2007, Board of Directors and Committee Chair annual fees will be paid in two equal installments on or about January 1 and July 1 of each year. Board of Directors meeting attendance fees will be paid within three weeks of a Board of Directors meeting. If a director serves as a member of the Board of Directors or Committee Chair for less than a full term, fees may be prorated to actual time served.
Each director of the Company who is not an officer is entitled to reimbursement for reasonable out-of-pocket expenses. Directors who are employees of, or consultants to, the Company do not receive additional compensation for their services as directors of the Company.
