Summary of Non-Employee Director Compensation Effective January 1, 2014
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Summary
This document outlines the compensation structure for non-employee directors of the company, effective January 1, 2014. Non-employee directors receive an annual cash retainer, restricted stock awards with one-year vesting, and additional retainers and stock awards for serving as committee chairs or members. Meeting fees are also provided. The compensation varies depending on the director's role and committee assignments. The agreement ensures transparent and standardized compensation for board service and committee participation.
EX-10.7 2 exhibit10-7.htm SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION exhibit10-7.htm
Exhibit 10.7
Director Compensation
Effective January 1, 2014, non-employee director compensation is as follows:
| Committee Service | ||||||||||||||||
| Board Service | Audit | Compensation | Nominating and Governance | |||||||||||||
| Annual retainer | $ | 58,500 | ||||||||||||||
| Restricted stock (value), one year vesting | $ | 157,500 | ||||||||||||||
| 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 | ||||||||
