Exhibit 10.8
Standard Director Compensation Arrangements. The following table shows the standard compensation arrangements for non-employee directors that were adopted by the Corporate Governance & Nominating Committee of the Board of Directors on May 10, 2006.
| Annual Fees | ||
| Annual Fees | Each Non-Employee Director | |
| $7,500 | ||
| An award (on the date of each Annual Meeting of Stockholders) of restricted stock that has an accounting income charge under FAS 123(R) of $35,000 per grant.* | ||
| Additional Annual Fees for Committee Chairmen | ||
| Chairman of the Audit Committee | $7,500 | |
| Chairman of the Compensation Committee | $2,500 | |
| Chairman of the Corporate Governance & Nominating Committee | $2,500 | |
| Meeting Fees | ||
| In-Person Meetings | Per Director Per Meeting | |
Board Meetings | $1,500 | |
Committee Meetings | ||
| Audit Committee Meetings | ||
| on the same day as a Board meeting | $1,000 | |
| on a day other than a Board meeting day | $1,500 | |
| Other Committee Meetings | ||
| on the same day as a Board meeting | $500 | |
| on a day other than a Board meeting day | $750 | |
Telephonic Meetings (Board & committee meetings) | ||
One hour or longer | $1,000 | |
Less than one hour | $300 | |
| * | The shares awarded are restricted because they may not be sold, assigned, transferred, pledged or otherwise disposed of until the restrictions expire. The restrictions for the award expire on the day before the following year's Annual Meeting of Stockholders, but earlier if the director dies or becomes disabled or if there is a change in control of the Company. The shares are forfeited if before the restrictions expire, the director ceases to be a director other than because of his death or disability. |
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