Board Compensation Summary Sheet Effective October 1, 2006
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Summary
This document outlines the compensation structure for directors of the company who are not compensated officers or employees. Effective October 1, 2006, eligible directors receive annual retainers, meeting fees, and additional compensation for serving as committee chairs or members. Directors also receive annual equity compensation valued at $100,000, based on a twelve-month average share price. The agreement specifies the amounts for each role and meeting attended, ensuring transparency in board compensation.
EX-10.26 2 d40720exv10w26.htm BOARD COMPENSATION SUMMARY SHEET exv10w26
Exhibit 10.26
Board Compensation Summary Sheet
Effective October 1, 2006 each director of the Company who is not a compensated officer or employee of the Company will receive cash compensation as follows:
| • | Board member annual retainer of $50,000 | ||
| • | Presiding Director — annual retainer of $5,000 | ||
| • | Board meeting fee for each meeting attended-$1,500 | ||
| • | Audit Committee Chairman — annual retainer of $15,000 | ||
| • | Member of the Audit Committee — $2,000 for each meeting attended | ||
| • | Human Resources Committee Chairman — annual retainer of $7,500 | ||
| • | Chairman of other Board Committees — annual retainer of $5,000 | ||
| • | Member of other Board Committees — $1,500 for each meeting attended |
The Board has also established a cash equivalent value for annual equity compensation for directors of $100,000 and will use a twelve month average share price as the basis for the awards.
