Titan Machinery Inc. Non-Employee Director Compensation Plan
This agreement outlines the compensation for non-employee directors of Titan Machinery Inc. Each non-employee director will receive an annual cash retainer of $12,000, paid quarterly, an annual grant of stock options valued at $12,000 based on the fair market value at the time of the annual stockholders' meeting, and reimbursement for reasonable expenses related to their director duties.
Exhibit 10.4
Titan Machinery Inc. Non-Employee Director Compensation Plan
Each non-employee director of Titan Machinery Inc. shall receive:
• an annual retainer of $12,000, payable quarterly;
• an annual grant of options to purchase a number of shares of common stock equal to $12,000, based upon the fair market value of the common stock on the date of grant, granted at the time of the annual meeting of stockholders; and
• reimbursement of reasonable expenses incurred in connection with their services as directors.
