Non-Employee Director Compensation Schedule Effective April 27, 2005
This document outlines the compensation structure for non-employee directors of the company, effective April 27, 2005. It specifies annual retainers for directors, the chairman, and vice chairman, as well as fees for attending board meetings. Committee members receive an additional annual retainer, but no separate meeting fees. Directors also receive an annual grant of 1,500 shares of restricted stock, which vests after three years but allows for dividends and voting rights during the restricted period.
EXHIBIT 10.1(bv)
Non-employee Director Compensation
Effective April 27, 2005
| Annual Retainer (other than Chairman and Vice Chairman) |
| $ | 26,000 |
|
| Chairman Annual Retainer |
| $ | 80,000 |
|
| Vice Chairman Annual Retainer |
| $ | 40,000 |
|
| Committee Member Annual Retainer (including Chair) |
| $ | 7,000 |
|
| Board Meeting Fee |
| $ | 1,500 |
|
| Telephonic Board Meeting Fee |
| $ | 750 |
|
| Committee Meeting Fee |
| None |
| |
| Annual Equity Grant (1) |
| 1,500 shares of Restricted Stock |
| |
(1) The Restricted Stock vests after three years, but the directors are entitled to receive dividends and may exercise full voting rights with respect to the Restricted Stock during the restricted period.
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