Summary of Non-Employee Director Compensation for Board Members
This document outlines the compensation policy for non-executive members of the company's Board of Directors. Non-employee directors receive an annual fee of $8,000, plus $600 for each Board or committee meeting attended. Committee chairmen receive an additional $1,500 per year. Directors who are also company employees do not receive extra compensation for their Board service. The policy sets clear terms for how non-employee directors are paid for their participation and leadership roles.
Exhibit 10.16
SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION
Each of the non-executive members of the Board of Directors of the Company currently receives a fee of $8,000 annually. Additionally, each non-executive Board member receives $600 for each Board and committee meeting they attend while each Committee chairman also receives an additional $1,500 annually. Directors who are also salaried employees of the Company do not receive any separate compensation for services as a Director of the Company or of its subsidiaries.
