Summary of Board of Director Compensation Effective January 1, 2009
This document outlines the compensation plan for the Board of Directors of the company, effective January 1, 2009. Directors receive an annual retainer, meeting fees, and stock awards, with higher compensation for the Chairman and committee chairmen. Directors are also reimbursed for travel and lodging, can participate in the company's health insurance plan, and may convert cash compensation into restricted stock. The number of shares awarded is based on the market price of the company's Class A common stock on the grant date.
Exhibit 10.28
Summary of Board of Director Compensation Effective January 1, 2009
Annual retainer of $55,500 ($110,000 for the Chairman of the Board);
Meeting fees of $2,000/meeting;
Meeting fees of $1,500/committee meeting ($3,000/committee meeting for Committee Chairmen);
Award of 5,000 shares of restricted Class A common stock upon initial election to the Board of Directors;
After initial election, annual discretionary award of $125,000 in restricted Class A stock, the number of shares to be determined based on the closing market price of the Company’s Class A common stock on the grant date, which is the first business day of January, unless otherwise determined by the Board of Directors;
Reimbursement for travel and lodging expenses incurred in attending meetings;
Eligibility to participate in the Company’s group health insurance plan, a portion of the premiums for which are paid by the Company; and
Ability to convert annual cash compensation into restricted stock under the Company’s 1998 Non-Employee Director Stock Award Plan, as amended and restated. The number of shares of restricted stock granted is determined based on the closing market price of the Company’s Class A common stock as of the grant date.
