SMTC Corporation Board of Directors Compensation Summary (Effective January 1, 2005)
SMTC Corporation has set out revised compensation terms for its non-executive Board members, effective January 1, 2005. Non-executive directors receive an annual retainer, with a portion required in company stock or deferred share units until a $100,000 ownership threshold is met. Additional fees are provided for committee membership, chair roles, and meeting attendance, with specific amounts for in-person and telephone meetings. The compensation structure aims to align directors' interests with shareholders and compensate for their service and responsibilities.
EXHIBIT 10.65
SMTC CORPORATION BOARD COMPENSATION
On September 29, 2004, the Board of Directors (“Board”) of SMTC Corporation revised the fees payable to non-executive directors serving on the Board, effective as of January 1, 2005, as follows:
| $US | |||
| Annual Board retainer | $ | 40,000 | |
| Minimum portion of retainer in form of stock or deferred share units (“DSU’s”) until threshold* attained | $ | 25,000 | |
| Annual Audit Committee Member retainer | $ | 4,000 | |
| Annual other Committee Member retainer | $ | 2,000 | |
| Non-Executive Chairman of the Board additional compensation (no meeting fees) | $ | 35,000 | |
| Chairman of the Audit Committee – additional annual retainer | $ | 6,000 | |
| Chairman of all other committees – additional annual retainer | $ | 3,000 | |
| Board meeting fee — per meeting | $ | 1,200 | |
| Committee meeting fee — per meeting | $ | 1,200 | |
| Telephone meetings-Board — per meeting | $ | 600 | |
| Telephone meetings-Committee — per meeting | $ | 600 | |
| * Threshold of mandatory stock ownership after four years (in shares or DSU’s) | $ | 100,000 | |
