Summary of Board of Director Compensation Effective January 1, 2006
This document outlines the compensation plan for the company's Board of Directors, effective January 1, 2006. Directors receive an annual retainer, meeting fees, and stock awards, including an initial grant of restricted stock and annual formula-based and discretionary stock awards. Committee chairmen receive higher meeting fees and stock awards. Directors are 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 granted is based on the stock's market price at the time of the award.
Exhibit 10.1
Summary of Board of Director Compensation Effective January 1, 2006
Annual retainer of $50,000;
Meeting fees of $2,000/meeting;
Meeting fees of $1,500/committee meeting or $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 formula-based award of 1,500 shares of restricted stock and an additional discretionary, non-formula based award of 2,000 shares (6,000 shares for the Chairman of the Board) of restricted stock to be awarded the first trading day of January each year;
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.
