Summary of Non-Employee Director Compensation Effective June 1, 2015
This document outlines the compensation structure for non-employee directors of the company, effective June 1, 2015. It details annual retainers, restricted stock awards with one-year vesting, and meeting fees for board and committee service. Compensation varies based on roles, such as committee chair or member, and includes specific amounts for the Audit, Compensation, and Nominating and Governance Committees. The agreement ensures non-employee directors are compensated for their service and participation in board and committee activities.
Exhibit 10.6
Director Compensation
Effective June 1, 2015, non-employee director compensation is as follows:
| Committee Service | ||||||||||||||||
| Nominating | ||||||||||||||||
| Board | and | |||||||||||||||
| Service | Audit | Compensation | Governance | |||||||||||||
| Annual retainer | $ | 58,500 | $ | - | $ | - | $ | - | ||||||||
| Restricted stock (value), one year vesting | 175,000 | - | - | - | ||||||||||||
| Committee chair annual retainer | - | 25,000 | 15,000 | 15,000 | ||||||||||||
| Committee chair restricted stock (value) | - | 25,000 | 15,000 | 15,000 | ||||||||||||
| Committee member annual retainer | - | 10,000 | 5,000 | 5,000 | ||||||||||||
| Meeting fee | 1,500 | 1,500 | 1,500 | 1,500 | ||||||||||||
