Director Compensation Program Chart for Board and Committee Service
This document outlines the compensation structure for directors serving on the board after the company's emergence from a specific event. Directors receive an annual cash retainer of $75,000 and an annual equity grant of $75,000, with additional compensation for serving as Chairman or as a committee chair. There are no meeting fees. Directors are also required to maintain share ownership equal to three times the annual cash retainer, with specific rules on how shares and equity awards count toward this requirement.
Exhibit 10.36
DIRECTOR COMPENSATION
| All compensation values are in US $ | Proposed AFTER EMERGENCE | |||
| Board Service | ||||
| Annual Cash Retainer | $ | 75,000 | ||
| Board Meeting Fees | $ | 0 | ||
| Annual Equity Grant | $ | 75,000 | ||
| Chairman | $ | 150,000 | (additional) | |
| Audit Committee Service | ||||
| Chair Retainer | $ | 25,000 | ||
| Member Retainer | $ | 0 | ||
| Meeting Fee | $ | 0 | ||
| Other Committee Service | ||||
| Chair retainer | $ | 15,000 | ||
| Member Retainer | $ | 0 | ||
| Meeting Fee | $ | 0 | ||
| Total Direct Compensation Simulations | ||||
| Typical Director | $ | 150,000 | ||
| Typical Committee Chair | $ | 165,000 | ||
| Typical Audit Committee Chair | $ | 175,000 | ||
| Share Ownership guideline | 3 X Annual Cash Retainer, to be calculated at market value at time of testing.
Shares owned, unvested RSUs, and DSUs to count toward compliance
Requirement to hold on to shares received until target is met:
• Vested RSUs settled in shares (net shares)
• Shares equivalent to 50% of gain realized on exercised options |
