Non-Employee Director Compensation Policy
This agreement outlines the compensation structure for non-employee directors of the company. Non-employee directors receive an annual retainer of $20,000, with additional annual payments for committee chairs ($15,000 for Audit Committee Chair and $5,000 for other committee chairs). Directors are also paid meeting fees: $3,000 per day for in-person meetings and $1,000 per day for telephonic meetings over two hours that require significant preparation. Only one meeting fee is paid per day, regardless of the number of meetings attended.
Exhibit 10.7
Director Compensation
We pay each non-employee director as follows:
• Annual retainer: $20,000
• Supplemental annual retainers:
Audit Committee—Chair: $15,000
Other Committee—Chair: $5,000
• Meeting fees (Board or Committee):
• In person: $3,000/day
• Telephonic: $1,000/day for meetings over two hours that involve substantial time and preparation.
• Only one daily meeting fee is paid on days when multiple meetings of separate Committees, or Committee(s) and Board are held on same day.
