Summary of Compensation for Non-Employee Directors of PC Connection, Inc. (2004)
This document outlines the compensation structure for non-employee directors of PC Connection, Inc. as of January 1, 2004. Non-employee directors receive a monthly cash retainer of $1,833, fees for attending board and committee meetings, and reimbursement for reasonable expenses. They are also eligible to participate in the company's 1997 Stock Incentive Plan, though no stock options were granted in 2004. The non-employee directors covered are Bruce Barone, Joseph Baute, and Peter Baxter.
Exhibit 10.59
Summary Compensation for Non-Employee Directors
Effective January 1, 2004, directors who are not employees of PC Connection, Inc receive a $1,833 monthly cash retainer. In addition to this retainer, non-employee directors receive a fee of $1,500 for each Board and committee meeting attended, unless the committee meeting is attended on a day of the Board meeting, in which case they receive $1,000 for each committee meeting attended. In addition, these directors receive reimbursement for all reasonable expenses incurred in attending Board and committee meetings. Non-employee directors are also eligible to participate in our 1997 Stock Incentive Plan. Our non-employee directors are Bruce Barone, Joseph Baute, and Peter Baxter.
We did not issue any stock option grants to non-employee directors in 2004. The following table describes the cash payments made to non-employee directors during 2004:
| Director | Cash Payments for Annual Retainer | Cash Payments for Board and Committees | ||||
| Bruce Barone | $ | 22,000 | $ | 31,500 | ||
| Joseph Baute | 22,000 | 31,500 | ||||
| Peter Baxter | 22,000 | 30,000 | ||||
