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Exhibit 10.3
Summary of Outside Director Compensation Program
Annual Retainers
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Director | $50,000 | Paid quarterly at beginning of quarter |
Chair of Audit Committee | +$20,000 | Paid quarterly |
Chair of Compensation Committee | +$15,000 | Paid quarterly |
Chair of Nominating and Governance Committee | +$12,000 | Paid quarterly |
Non-chair Audit Committee member | +$10,000 | Paid quarterly |
Non-chair Compensation Committee member | +$7,000 | Paid quarterly |
Non-chair Nominating and Governance Committee member | +$7,000 | Paid quarterly |
Note: All travel expenses paid based on voucher.
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STOCK COMPENSATION: | $80,000/year; each grant subject to one year vesting; 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.