Director Compensation Summary for Non-Employee Directors (Effective January 1, 2008)
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Summary
This document outlines the compensation policy for directors of the company, effective January 1, 2008. Employee directors receive only their regular salary, while non-employee directors are paid an annual fee, meeting fees, and additional compensation for committee roles and as lead director. Non-employee directors also receive company stock grants valued at approximately $200,000 upon appointment and annually. The company covers or reimburses business travel expenses for directors.
EX-10.11 5 h54469exv10w11.htm DIRECTOR COMPENSATION SUMMARY exv10w11
EXHIBIT 10.11
Director Compensation Summary
(effective as of January 1, 2008)
(effective as of January 1, 2008)
Employee directors receive no additional compensation other than their normal salary for serving on the Board or its committees. Non-employee directors receive $50,000 annually and $2,000 for each Board meeting attended. In addition, they are paid $10,000 per year for chairing a committee (other than the chairman of the Audit Committee who is paid $15,000 per year) and $2,000 for each committee meeting attended. The lead director receives $15,000 per year. Expenses for Company-related business travel are either paid or reimbursed by the Company. Outside directors also receive an initial grant, upon first election or appointment, and an annual grant of shares of Common Stock with a value of approximately $200,000.
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