Exhibit 10.1
Summary of Non-Employee Directors’ Compensation Program
Annual Retainer | $56,500 | |
Committee Chair Retainer | Audit Committee -$10,000 | |
Compensation Committee -$7,500 | ||
Other Committees -$5,000 | ||
Stock-based Awards | $50,000 annual value | |
(to be granted at each reorganization | 80% allocated to restricted shares | |
meeting or pro-rated for any mid-year | that vest on the first re-election of a | |
director appointment) | director following the award date | |
20% allocated to stock options with an | ||
exercise price equal to the fair market value | ||
of Company stock on the date of grant and | ||
vesting on the first re-election of a director | ||
following the award date |