Nonemployee Directors Compensation Policy
This document outlines the compensation policy for nonemployee directors of the company. Nonemployee directors receive an annual retainer of $51,000, additional stipends for serving as committee chairs or lead independent director, attendance fees for board and committee meetings, reimbursement for related expenses, and an annual equity-based compensation award of $45,000. Payments are made quarterly at the end of March, June, September, and December.
EXHIBIT 10.5
DIRECTORS COMPENSATION
Nonemployee directors receive compensation for board service. Payment dates are the last working day of March, June, September, and December. That compensation includes:
| Annual Retainer: | $51,000 |
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| Committee Chair Stipend: | $20,000 annually for Audit Committee chair and lead independent director |
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| $10,000 annually for all other committee chairs |
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| Attendance Fees: | $2,000 for each board meeting (attended in person, conducted by telephone, or written consent in lieu of meeting) |
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| $1,000 for each committee meeting (attended in person, conducted by telephone, or written consent in lieu of meeting) |
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| Expenses related to attendance |
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| Equity Based Comp Award: | $45,000 annually |
