Summary of Compensation for Non-Employee Directors
This document outlines the compensation structure for non-employee directors of the company. Directors receive an annual retainer fee of $25,000 and 500 units, with additional units and fees for serving on or chairing various committees. Meeting attendance is compensated separately, with specific fees for board and committee meetings. Retainer fees and unit awards are distributed quarterly or upon election to the board, and all compensation is clearly defined for both chair and non-chair roles.
EXHIBIT 10.1
DIRECTORS' FEES
|
| Annual Fees & | Payable as Follows* | For Each Meeting |
| Annual Retainer Fee | $25,000 + 500 units | $6,250 quarterly; 500 units awarded on election to the Board and annually on the date of the Annual Stockholders' meeting; retainer fees awarded for the quarter when director is elected to the board | -- |
| Retainer Fee for the Compensation & Corporate Governance Committees (non-chair) | Zero cash payments, units totaling $6,000 in value | $1,500 in units quarterly | -- |
| Retainer Fee for the Audit Committee (non-chair) | Zero cash payments, units totaling $9,000 in value | $2,250 in units quarterly | -- |
| Retainer Fee for the Compensation & Corporate Governance Committees (chair) | Zero cash payments, units totaling $9,000 in value | $2,250 in units quarterly | -- |
| Retainer Fee for the Audit Committee (chair) | Zero cash payments, units totaling $12,000 in value | $3,000 in units quarterly | -- |
| Board of Directors Meeting Fee | -- | -- | $2,000 paid for each meeting attended |
| Committee Meeting Fee for the Compensation, Corporate Governance & Audit Committees (non-chair) | -- | -- | $1,000 paid for each meeting attended |
| Committee Meeting Fee for the Compensation, Corporate Governance & Audit Committees (chair) | -- | -- | $1,500 paid for each meeting attended |
*Retainer fees are paid during the months of January, April, July & October
