SUMMARY OF COMPENSATION ARRANGEMENTS WITH NON-EMPLOYEE DIRECTORS AS OF FEBRUARY 28, 2007
EX-10.18 5 ex10-18.htm EXHIBIT 10.18 Exhibit 10.18
EXHIBIT 10.18
SUMMARY OF COMPENSATION ARRANGEMENTS WITH NON-EMPLOYEE DIRECTORS AS OF FEBRUARY 28, 2007
The following summarizes the current compensation and benefits received by the Company’s non-employee directors as of February 28, 2007. This document is intended to be a summary of existing oral, at will arrangements, and in no way is intended to provide any additional rights to any non-employee director.
Retainer
Non-employee directors each receive an annual retainer fee of $20,000. The Chairman of the Audit Committee receives an annual retainer of $14,000, the Chairman of the Compensation Committee receives an annual retainer of $8,000 and the Chairman of each of the Corporate Governance/Nominating Committee and Diversity Committee receives an annual retainer of $5,000. A director that chairs more than one committee receives a retainer with respect to each Committee he chairs. All of the retainers are paid on a quarterly basis.
Meeting Fees
Per meeting fees for non-employee directors are as follows:
| - | For meetings of the Board of Directors, Compensation Committee, Corporate Governance/Nominating Committee and Diversity Committee, $1,250. |
| - | For meetings of the Audit Committee, $2,250. In addition, the Chairman gets an additional $1,250 for preparing to conduct each quarterly meeting. |
Equity Compensation
Under the terms of the Company’s 2004 Stock Incentive Plan, directors are eligible to receive stock options, stock awards, and other types of equity-based compensation awards. However, the Company does not make any such awards to non-employee directors under its current compensation practices.
All non-employee directors are entitled to reimbursement of expenses for all services as a director, including committee participation or special assignments.
