Directors Compensation Summary Sheet for Independent Directors
This document outlines the compensation structure for independent directors of the company. Independent directors receive an annual cash retainer of $165,000, with additional cash retainers for committee chairs ($15,000 for Audit, $10,000 for Compensation and Nominating/Governance). Each director also receives an annual stock retainer of $35,000. Directors are paid meeting attendance fees of $2,000 for board meetings and $1,500 for committee meetings. Compensation is paid quarterly, within 45 days after each quarter ends.
DIRECTORS COMPENSATION SUMMARY SHEET
Exhibit 10.10
Independent directors receive compensation for board service, paid in arrears on a quarterly basis within 45 days of the end of each quarter. The compensation consists of an annual cash retainer, additional annual cash retainers for committee chairs, annual stock retainer, and fees for meeting attendance, as follows:
Annual cash retainers
Each director $165,000
Committee Chairs (in addition to regular director retainer)
Audit Committee $15,000
Compensation Committee $10,000
Nominating and Corporate Governance Committee $10,000
Annual stock retainer
Each director $35,000
Meeting attendance fees
Board Meetings $2,000 per meeting
Committee Meetings (paid to committee members only) $1,500 per meeting
