Interchange Corporation Board of Directors Compensation Plan Effective January 1, 2005
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Summary
This agreement outlines the compensation plan for non-employee directors of Interchange Corporation, effective January 1, 2005. Directors receive an annual retainer, additional fees for attending board and committee meetings (with different rates for in-person and telephonic attendance), and extra compensation for the Audit Committee Chairman. All directors are also granted stock options, with a larger initial grant for new directors. Stock options vest 50% immediately and the rest over the following year.
EX-10.1 2 a09839exv10w1.htm EXHIBIT 10.1 Exhibit 10.1
Exhibit 10.1
INTERCHANGE CORPORATION
Board of Directors Compensation Plan
Effective 1/1/05
Non-employee Director Compensation: | ||
Annual retainer | $20,000.00 | |
Board of Director’s meeting attended in person | $1,500.00 per meeting | |
Board of Director’s meeting attended telephonically | $750.00 per meeting | |
Audit Committee Chairman annual retainer | $10,000.00 | |
Committee meeting attended | $1,200.00 per meeting | |
Stock Option Grants (all Directors): | ||
Annual grant | 15,000 shares | |
Grant to new Director’s (first year) | 20,000 shares |
Stock options vest 50% at the time of grant, and the remaining portions vest in equal amounts over the next twelve months.
