Attached files
file | filename |
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EXCEL - IDEA: XBRL DOCUMENT - MICROFINANCIAL INC | Financial_Report.xls |
EX-23.2 - EX-23.2 - MICROFINANCIAL INC | d274421dex232.htm |
EX-23.1 - EX-23.1 - MICROFINANCIAL INC | d274421dex231.htm |
EX-32.1 - EX-32.1 - MICROFINANCIAL INC | d274421dex321.htm |
EX-31.2 - EX-31.2 - MICROFINANCIAL INC | d274421dex312.htm |
EX-32.2 - EX-32.2 - MICROFINANCIAL INC | d274421dex322.htm |
EX-21.1 - EX-21.1 - MICROFINANCIAL INC | d274421dex211.htm |
EX-10.12 - EX-10.12 - MICROFINANCIAL INC | d274421dex1012.htm |
10-K - FORM 10-K - MICROFINANCIAL INC | d274421d10k.htm |
EX-31.1 - EX-31.1 - MICROFINANCIAL INC | d274421dex311.htm |
Exhibit 10.7
Compensatory Arrangements for Non-Employee Directors
The Board of Directors of MicroFinancial Incorporated (the Company) adopted the following annual compensation package for its non-employee directors, effective for fees and other compensation payable relating to the Companys fiscal year ended December 31, 2012 and, unless later amended, for subsequent periods:
| an annual retainer of $21,000, to be paid at the directors election either entirely in shares of stock or 40% in cash and 60% in shares of stock, in each case with full vesting upon the date of issuance; |
| a cash fee of $1,250 for meetings, including committee meetings, not held by telephone and not held on the same day as a full Board meeting; |
| committee meeting fees of $500 for telephonic meetings and meetings on the same day as Board meetings; |
| fees for the Chair of the Audit Committee ($10,500 per year), the Compensation and Benefits Committee ($5,250 per year) and the Nominating and Governance Committee ($5,250 per year), to be paid either entirely in shares of stock or 40% in cash and 60% in shares of stock, in each case with full vesting upon the date of issuance; |
| a fee for the Chairman of the Board of $10,500 per year, to be paid either entirely in shares of stock or 40% in cash and 60% in shares of stock, in each case with full vesting upon the date of issuance; |
| a stock grant made annually to each non-employee director valued at $44,100 on the date of grant, with all shares of stock fully vested upon the date of issuance; and |
| health insurance benefits for those non-employee directors who elect to participate, with the cost to be borne partially by the Company, consistent with its past practices. |
Committee chairs may decide in their discretion that a meeting is not substantive enough to merit the committee fees described above.