Summary of Non-Employee Director Compensation Effective May 19, 2006
This document outlines the compensation plan for non-employee directors of the company, effective May 19, 2006. Directors receive an annual compensation of $40,000, which can be paid in cash or restricted stock. The Chairman of the Audit Committee receives an additional $10,000 in restricted stock. Directors may also receive stock grants equal to one-third of the purchase price of stock they buy, up to $15,000 per year, under the company's 2001 Non-Employee Director Stock Incentive Plan. Compensation is subject to vesting if the director attends at least 60% of board meetings through the 2007 annual meeting.
Exhibit 10.1
Summary of Non-Employee Director Compensation*
Effective May 19, 2006
| Annual Compensation | $ | 40,000 | ** | |
| Fees for Chairman of Audit Committee | $ | 10,000 | *** | |
Stock Purchase Participation Grants
-Grant of shares in the amount equal to 1/3 of the purchase price of stock purchased by each Director
-Grants not to exceed $15,000 in stock per year per Director
-Subject to and in accordance with the Company’s 2001 Non-Employee Director Stock Incentive Plan
*Subject to vesting upon Director attending 60% of all regular and special Board meetings through the Company’s 2007 annual meeting of shareholders
**Payable in cash or restricted stock of the Company
***Payable in restricted stock of the Company
