Summary of Officer and Director Compensation for 2020 – Utah Medical Products, Inc.

Summary

This document outlines the compensation arrangements for the executive officers and directors of Utah Medical Products, Inc. for 2020. The CEO and Principal Financial Officer are scheduled to receive base salaries, 401(k) and Section 125 plan matching contributions, potential management bonuses, health benefits, and travel expense reimbursements. Directors receive annual base compensation, with additional amounts for committee roles and travel reimbursements. All compensation is subject to the terms of the referenced employment agreement and company policies.

EX-10.6 2 exh10_6.htm SUMMARY OF OFFICER AND DIRECTOR COMPENSATION
Exhibit 10.6
SUMMARY of OFFICER and DIRECTOR COMPENSATION


The Employment Agreement in Exhibits 7 & 8 of this report is the only written contractual compensation arrangement the Company has with any of its Directors and Executive Officers.

During 2020, the Company’s Chief Executive and Principal Financial Officer (the Company’s “Named Executive Officers”) are scheduled to receive the following compensation from the Company:

Compensation Arrangement
2020 Scheduled Amount
   
Base salary
$  156,000 (CEO); $111,000 (PFO)
401(k) matching contributions
6,408 (maximum)
Section 125 plan matching contributions (1)
500 (maximum)
Management bonus
will be determined at year-end
Pet health benefits (1)
500 (maximum)
Family medical benefits (1)
will depend on future events
Travel expense reimbursement (2)
20,000 (CEO); 500 (PFO)


During 2020, the Company’s Directors are scheduled to receive the following compensation from the Company:

Compensation Arrangement
 
Ernst Hoyer
   
Barbara Payne
   
James Beeson
   
Paul Richins
 
Base
 
$
26,000
   
$
26,000
   
$
26,000
   
$
26,000
 
Executive Committee
   
4,000
     
-
     
-
     
-
 
Audit Committee Chairman
   
3,000
     
-
     
-
     
-
 
Travel Expense Reimbursement (2)
   
500
     
500
     
500
     
50
 

(1)
  CEO and PFO participate on the same basis as other eligible employees.
   
(2)
  Estimated 2020 travel expenses on behalf of UTMD business.  The Company reimburses its employees and directors for authorized business expenses.