Wuhan General Group (China), Inc. Outside Director Compensation Package Effective January 1, 2007
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
Wuhan General Group (China), Inc. will compensate its independent outside directors with an annual cash retainer, meeting attendance fees, and stock options. Directors receive $15,000 per year, with additional fees for attending meetings, and the Audit Committee Chairman receives an extra $5,000 annually. Each director is also granted options to purchase 20,000 shares of company stock per year, vesting quarterly. Reasonable expenses are reimbursed. If the company's stock is listed on NASDAQ, the annual retainer increases to $20,000.
EX-10.4 5 v096365_ex10-4.htm
Exhibit 10.4
OUTSIDE DIRECTOR COMPENSATION PACKAGE
Effective January 1, 2007, Wuhan General Group (China), Inc. (the “Company”) shall pay each outside director who is independent in accordance with the Nasdaq and SEC rules governing director independence (an “Eligible Director”) the following for service to the Company:
| Annual Cash Retainer | $ | 15,000 | ||
| Attendance Fee for Each Board or Committee Meeting attended by Eligible Directors residing in Wuhan, China or attended by telephone for Eligible Directors residing outside of Wuhan, China | $ | 1,000 | ||
| Attendance Fee for Each Board or Committee Meeting attended in person by an Eligible Director residing outside of Wuhan, China | $ | 5,000 |
In addition, the Chairman of the Company’s Audit Committee will receive an additional annual fee of $5,000.
In addition, each Eligible Director will receive the option to purchase 20,000 shares of the Company’s Common Stock per year. The stock options will vest in four equal quarterly installments over one year.
The Company will also reimburse all reasonable out-of-pocket expenses that are incurred in connection with service to the Company.
If the Company’s Common Stock becomes listed on NASDAQ, the annual cash retainer will increase to $20,000 per year.
