Exhibit 10.1
DIRECTORS COMPENSATION SUMMARY
Outside directors receive compensation for board service.
That compensation includes:
Annual Retainer: |
| $4,000 for all outside directors |
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Annual Stipend: |
| Board Chairman - $15,000 |
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| Audit Committee Chairman - $15,000 |
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| Compensation Committee Chairman - $3,000 |
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Attendance Fees: |
| $2,500 for each Board meeting |
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| $2,000 for each Audit Committee meeting |
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| $1,000 for each Compensation Committee meeting |
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| Reduced to $500 in all cases for telephonic attendance. |
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Equity Grants: |
| The Company plans to continue to grant stock options to purchase 5,000 shares (or equivalent value) to each newly appointed outside director and annually to each continuing outside director. |
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Plus Expenses related to attendance | ||