Board of Directors Cash Compensation Plan (Effective June 1, 2007)
This agreement outlines the cash compensation plan for the company's Board of Directors, effective June 1, 2007. All directors receive a $15,000 annual retainer, with higher amounts for board and committee chairs. Additional fees are paid for attending board and committee meetings, either in person or by phone. The plan specifies the exact amounts for each role and type of meeting. The agreement ensures directors are compensated for their service and participation.
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Exhibit 10.16
Board of Directors Cash Compensation Plan
(effective June 1, 2007)
Cash Compensation
All directors receive a $15,000 annual cash retainer, paid quarterly. Board and committee chairs, and audit committee members, receive an additional annual cash retainer so that total annual retainers are:
| | Annual Retainer | ||
|---|---|---|---|
| Chairman | $ | 40,000 | |
| Audit Chair | $ | 30,000 | |
| Nominating/Governance Chair | $ | 22,000 | |
| Compensation Chair | $ | 25,000 | |
| Director | $ | 15,000 | |
| Non-Chair Audit Committee | Additional | ||
| Member | $ | 5,000 | |
Meeting fees:
- •
- $3,000 for participation in a physical Board meeting, either in person or telephonically.
- •
- $1,000 for participation in a physical committee meeting, either in person or telephonically.
- •
- $500 for participation in any telephonic meeting—either Board or committee.
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- Exhibit 10.16
