Non-Employee Director Compensation Plan
This agreement outlines the compensation structure for non-employee directors of the company. Directors receive restricted stock grants and/or cash payments based on their roles, such as Board membership, committee membership, or chairmanship. Compensation includes annual restricted stock grants with a one-year vesting period and quarterly cash payments for committee service. The plan specifies different amounts for Board members, committee members, and chairpersons, with additional compensation for certain roles. The agreement ensures directors are compensated fairly for their service and responsibilities.
Exhibit 10.1
NON-EMPLOYEE DIRECTOR COMPENSATION
| • Board membership |
| $50,000 restricted stock grant with a 1 year vesting period |
| • Board Chairman |
| $20,000 restricted stock grant with a 1 year vesting period. In addition, if the Chairman is not the Chairman of the Corporate Governance Committee the Chairman will receive an additional $20,000 per year (paid $5,000 per quarter) cash compensation. |
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| • Corporate Governance Members |
| $20,000 per year (paid $5,000/quarter) cash compensation |
| • Corporate Governance Chairman |
| $60,000 per year (paid $15,000/quarter) cash compensation |
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| • Audit Members |
| $20,000 per year (paid $5,000/quarter) cash compensation |
| • Audit Chairman |
| $40,000 per year (paid $10,000/quarter) cash compensation |
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| • Compensation Members |
| $8,000 per year (paid $2,000/quarter) cash compensation |
| • Compensation Chairman |
| $20,000 per year (paid $5,000/quarter) cash compensation |
