Director Compensation Summary for Non-Executive Directors
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Summary
This document outlines the compensation policy for non-executive directors of the company. Non-executive directors receive an annual retainer, additional fees for chairing certain committees, and a per-meeting fee. Compensation can be paid partly or fully in company shares, at the director's choice. Directors are also reimbursed for reasonable expenses and receive restricted share units upon joining the board. The summary details how compensation was distributed among directors in the last fiscal year.
EX-10.7 3 v19602exv10w7.htm EXHIBIT 10.7 exv10w7
Exhibit 10.7
Director Compensation Summary
Persons elected at our annual meetings as directors and who hold no executive office with us or any of our affiliates are entitled to receive an annual retainer of $20,000 (before May 2005, $15,000) and a further retainer of $10,000 if such director acts as chairman of the Audit Committee or $7,500 if such director acts as chairman of the Compensation Committee or Nominating & Corporate Governance Committee. Also, each non-executive director is entitled to receive a fee of $1,000 per meeting of the directors or any committee thereof, and to be reimbursed for reasonable fees and expenses incurred in connection with their service as directors. During the last fiscal year, six directors received the annual retainer in full, two directors received three-fourths of the annual retainer, one director received approximately one-half of the annual retainer, and two directors received one-quarter of the annual retainer. Such retainers and fees paid to directors will be provided, at the director’s election, 50% in cash compensation with the remaining 50% payable in our common shares, or 100% payable in our common shares. Non-employee directors are granted 12,500 restricted share units when they join the board of directors.
