EXHIBIT 10.13
NON EMPLOYEE DIRECTOR COMPENSATION PLAN
2011/2012 SERVICE YEAR
Retainer: | $36,000 per year (paid in twelve equal installments of $3,000 subsequent to shareholder approval of nomination) |
Attendance: | $20,000; $5,000 paid following attendance (in person or via conference call) at the regular quarterly board and committee meetings, or upon an excused absence. |
Award of Restricted |
Share Units*: | $50,000** |
Total Compensation | $106,000 |
Mid-Term Appointments
The cash retainer and RSU awards will be prorated for the service year with a new director given full credit for a partial month’s service. The market value used to calculate the number of shares to be awarded will be the closing stock price the day before the mid-year appointment.