Summary of Annual Non-Management Director Compensation for TMOK Board
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Summary
This document outlines the annual compensation for non-management directors of TMOK. Regular board members receive a $70,000 cash retainer, with additional retainers for committee chairs. Meeting fees are paid if committee meetings exceed six per year, and directors are reimbursed for reasonable expenses. The Chairman of the Board receives $250,000 annually instead of separate retainers and meeting fees. All directors may receive annual equity grants based on the Compensation Committee's recommendation.
EX-10.27 4 tmok08ex_10-27.htm EXHIBIT 10.27 (ANNUAL DIRECTOR COMPENSATION) tmok08ex_10-27.htm
Exhibit 10.27
SUMMARY OF ANNUAL NON-MANAGEMENT DIRECTOR COMPENSATION
I. Board Members (Other than the Chairman)
A. Annual Cash Compensation
Annual Cash Retainer: $70,000
Additional Cash Retainer for Chairman of Audit Committee: $20,000
Additional Cash Retainer for Chairman of Compensation
Committee: $10,000
Additional Cash Retainer for Chairs of Nominating and
Corporate Governance Committee and Strategy Committee: $ 5,000
| B. | Meeting Fees |
If a Board Committee meets more than six times during a calendar year, then the members thereof shall receive the following fees for attending meetings that exceed six
in number:
| Committee Meeting Fees: | $1,500 per meeting attended in person, on a day other than a day on which the Board meets |
| $1,000 per meeting attended in person, on the same day as a Board meeting | |
| Telephone Committee Meeting Fees: | $750 per meeting attended by conference telephone |
Directors are also reimbursed for reasonable out-of-pocket expenses incurred in attending meetings.
C. Equity Compensation
Annual equity grants are made upon the recommendation of the Compensation Committee.
II. Chairman of the Board
A. Annual Cash Compensation
Annual Cash Compensation (in lieu of annual retainer and meeting fees): $250,000
B. Equity Compensation
Annual equity grants are made upon the recommendation of the Compensation Committee.
