Summary of Non-Employee Director Compensation Plan (as Amended December 2012)
This document outlines the compensation plan for non-employee directors, last amended in December 2012. Under the plan, each non-employee director receives a cash retainer of $6,000 per month ($72,000 annually) instead of other director fees. Additionally, each director is granted restricted stock valued at $100,000 annually, which vests in equal one-third increments beginning on the first anniversary of the grant date.
Exhibit 10.9
Summary of Non-Employee Director Compensation
The director compensation plan, as last amended in December 2012, provides that each non-employee director shall receive a cash retainer in the amount of $6,000 per month ($72,000 per year) in lieu of all other non-employee director fees and an annual grant of time/service based restricted stock valued at $100,000 on the grant date and vesting ratably in one-third increments starting on the first anniversary of the grant date.
