Attached files
Exhibit 10.14
Summary of Outside Director Compensation Program
Annual Retainers
| Director | $40,000 | Paid quarterly at beginning of quarter | ||
| Chair of Audit Committee | +$15,000 | Paid quarterly | ||
| Chair of Compensation Committee | +$10,000 | Paid quarterly | ||
| Non-chair committee member | +$5,000 | Paid quarterly | ||
Note: All travel expenses paid based on voucher; pro-rated payment for the quarter during which the initial public offering is consummated.
| STOCK COMPENSATION: | $40,000/year; each grant subject to one year vesting; first year value based on initial public offering price and granted upon consummation of initial public offering; subsequent years’ stock compensation granted in May of year. |
Note: For subsequent new Board members who join Board mid-year, cash and stock compensation is pro-rated.