2008 Non-Employee Director Compensation Plan Summary Sheet

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the 2008 compensation plan for non-employee directors of the company. Directors receive an annual cash stipend of $15,000, plus additional cash payments for attending board and committee meetings. The audit committee chairman receives a higher cash stipend and extra restricted stock, while other committee chairmen receive a smaller additional stipend. All directors also receive $60,000 in company stock each year, with the number of shares based on the stock price at the annual meeting.

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EX-10.12 13 d56727exv10w12.htm SUMMARY SHEET - 2008 DIRECTOR COMPENSATION exv10w12
EXHIBIT 10.12
SUMMARY SHEET: 2008 NON-EMPLOYEE DIRECTOR COMPENSATION PLAN
1.   Each director shall receive an aggregate annual cash stipend of $15,000 to be paid in quarterly installments.
 
2.   Each director shall receive $2,000 cash for each face-to-face meeting of the Board attended.
 
3.   Each director shall receive $1,500 cash for each telephonic meeting of the Board attended.
 
4.   Each board committee member shall receive $500 cash for each board committee meeting attended in conjunction with a face-to-face board meeting.
 
5.   Each board member shall receive $1,500 cash for each board committee meeting attended, whether stand alone, telephonic or face-to-face, except as noted in paragraph (4) above.
 
6.   The audit committee chairman shall receive an additional aggregate cash stipend of $50,000 to be paid in quarterly installments and an additional 1,000 shares of restricted stock.
 
7.   The chairman of each other committee shall receive an additional aggregate cash stipend of $3,000 to be paid in quarterly installments.
 
8.   Each director shall receive annually an aggregate of $60,000 in shares of immediately vested common stock with the number of shares to be issued being determined by the closing price on the date of the 2008 annual meeting.