Summary of Board of Director Compensation

EX-10.16 4 c23819exv10w16.htm SUMMARY OF BOARD OF DIRECTOR COMPENSATION exv10w16

Exhibit 10.16

Board of Director Compensation, approved July 27, 2007

Board Fees.

Each director shall receive the following annual fee:

Equity Compensation.

Each director shall receive the following equity grants:

	1.		Non-qualified stock option grant — 10,000 shares (post-split)

	2.		Deferred compensation incentive match — 15% of the Board retainer deferred

Committee Fees.

Each member of the following committees shall receive the following annual fees:

	1.		Audit Committee — $9,000 per year, with supplement of $20,000 for the Committee chair

	2.		Other Committees — $4,000 per year for each Committee, with supplement of $10,000 for the Compensation Committee chair and $5,000 for each of the Governance Committee chair and the International Committee chair

Meeting Fees.

Each director shall receive the following fees for each meeting attended:

	1.		Board meetings — $2,000 per meeting if in person or $500 if by phone conference

	2.		Committee meetings — $1,500 ($2,000 for Committee Chairs) per meeting if in person or $500 if by phone conference

	3.		Committee meeting supplements — if committee meeting lasts over 2 hours, increase of meeting fee to $2,500 ($3,000 for Committee Chairs) if in person or to $1,000 if by phone conference

Effective Dates.

	1.		Compensation Committee chair supplemental retainer, increase from $5,000 to $10,000, effective August 1, 2007.

	2.		Governance Committee chair and International Committee chair supplemental retainer, effective August 1, 2007.