Summary of Compensation Arrangements for Cooperative Executive Officer and Directors
This document outlines the compensation for Stephen R. Wright, the Cooperative’s Named Executive Officer, who receives a $160,000 annual base salary starting August 19, 2007, under his employment agreement. It also details the annual retainers for the Cooperative’s directors: member-grower directors receive $8,000, the Chairman receives $12,000, and non-member grower directors receive $20,000 each. The agreement specifies the pay structure for these key individuals but does not include additional terms or conditions.
Exhibit 10.16
SUMMARY OF COMPENSATION ARRANGEMENTS FOR THE
COOPERATIVE’S NAMED EXECUTIVE OFFICER AND DIRECTORS
Compensation Arrangement for the Cooperative’s Named Executive Officer
Following is a description of the compensation arrangement for Stephen R. Wright, the Cooperative’s Named Executive Officer:
| Stephen R. Wright | $160,000 annual base salary beginning August 19, 2007, | |
| pursuant to the terms of his employment agreement with | ||
| the Cooperative. |
Compensation Arrangements for Directors
Directors of the Cooperative are paid an annual retainer. Each director who is a member-grower receives an annual retainer of $8,000, except Mr. Call, who also serves as Chairman of the Board of Directors of the Cooperative, receives an annual retainer of $12,000. Each non-member grower director, namely Mr. Harrington Jr., Mr. Lipinski and Mr. Stotz receive a retainer at an annual rate of $20,000.
