Olympic Steel, Inc. Summary of Non-Employee Director Compensation
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
Olympic Steel, Inc. provides non-employee directors with an annual retainer of $45,000, paid quarterly, plus reimbursement for expenses related to board meetings. The Audit Committee Chairman receives an extra $10,000, while the Chairmen of the Compensation and Nominating Committees each receive an additional $5,000. New non-employee directors are granted stock options for 10,000 shares upon joining the Board. Directors who are also company employees do not receive extra compensation for board service.
EX-10.18 2 l17875aexv10w18.htm EX-10.18 SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION EX-10.18
Exhibit 10.18
SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION
The following is a summary of the compensation provided by Olympic Steel, Inc. to non-employee directors for service as a director.
Each Director who was not an employee of the Company received a $45,000 annual retainer, payable in quarterly installments and reimbursement for out-of-pocket expenses incurred in connection with attending board meetings. The Audit Committee Chairman received an additional $10,000 and the Chairmen of the Compensation and Nominating Committees each received an additional $5,000. Upon appointment to the Board, each outside director is entitled to a stock option grant of 10,000 shares. Directors who are also employees of the Company receive no additional remuneration for serving as Directors.
