Directors' Compensation Agreement for Board and Committee Service

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation structure for directors serving on the Board and its committees. Each director receives an annual retainer of $15,000, with the Chairman of the Audit Committee receiving an additional $18,000 annually. Directors are also paid $1,000 for each Board meeting attended and between $500 and $750 for each committee meeting attended, depending on the committee. The agreement specifies the payment amounts but does not include additional conditions or time limits.

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EX-10.2 3 c96476exv10w2.htm DIRECTORS' FEES exv10w2  

Exhibit 10.2

Directors’ Compensation

Each director receives as compensation for serving on the Board of Directors and committees of the Board:

  •   An annual retainer of $15,000;
 
  •   An annual retainer of $18,000 for the Chairman of the Audit Committee;
 
  •   A per meeting fee of $1,000 for attendance at regular and special meetings of the Board; and
 
  •   A per meeting fee for attendance at meetings of the following committees:
         
Audit
   $ 750  
Compensation
     500  
Corporate Governance and Nomination
     500  
Investment
     500  
Risk Management and Compliance
     500  
Strategic Opportunities
     500